{"id":483997,"date":"2021-04-29T07:03:54","date_gmt":"2021-04-29T11:03:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bloomin-brands-announces-2021-q1-financial-results-and-strong-operating-margin-expansion\/"},"modified":"2021-04-29T07:03:54","modified_gmt":"2021-04-29T11:03:54","slug":"bloomin-brands-announces-2021-q1-financial-results-and-strong-operating-margin-expansion","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bloomin-brands-announces-2021-q1-financial-results-and-strong-operating-margin-expansion\/","title":{"rendered":"Bloomin\u2019 Brands Announces 2021 Q1 Financial Results and Strong Operating Margin Expansion"},"content":{"rendered":"

<\/p>\n

Bloomin\u2019 Brands Announces 2021 Q1 Financial Results and Strong Operating Margin Expansion<\/b><\/p>\n

Q1 Diluted EPS of $0.63 and Adjusted Diluted EPS of $0.72<\/b><\/p>\n

Q1 Comparable Restaurant Sales Growth of 4.1% at Outback Steakhouse and 3.3% Combined U.S.<\/b><\/p>\n

U.S. Digital Revenue Increased 147% Versus 2020<\/b><\/p>\n

Strengthening Second Quarter-to-Date Sales Trends<\/b><\/p>\n

TAMPA, Fla.–(BUSINESS WIRE<\/a>)–
\nBloomin\u2019 Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2021 (\u201cQ1 2021\u201d) compared to the first quarter 2020 (\u201cQ1 2020\u201d).\n<\/p>\n

CEO Comments<\/span><\/b><\/p>\n

\n\u201cThe first quarter was a strong start to the year. We are well positioned to grow sales, and capture additional market share as the economic recovery continues,\u201d said David Deno, Chief Executive Officer. \u201cAs a result of investments made over the last few years we are making great progress in growing off-premises sales, improving margins, and increasing cash flow as dining rooms reopen. Our sales momentum has continued through the first four weeks of the second quarter with U.S. comp sales up 12.6% on a two-year basis versus 2019.\u201d\n<\/p>\n

Diluted EPS and Adjusted Diluted EPS<\/span><\/b><\/p>\n

\nThe following table reconciles Diluted earnings (loss) per share attributable to common stockholders to Adjusted diluted earnings per share for the periods indicated:\n<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q1<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

CHANGE<\/b><\/p>\n<\/td>\n

\n

Q1 2019 (1)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted earnings (loss) per share attributable to common stockholders\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.63\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.44)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.07\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.69\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjustments (2)\n<\/p>\n<\/td>\n

\n

\n0.09\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.58\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.49)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.06\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted diluted earnings per share (2)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.72\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.14\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.58\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.75\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n___________________\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(1) Presented for improved comparability.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2) See Non-GAAP Measures later in this release.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

First Quarter Financial Results<\/span><\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(dollars in millions)<\/b><\/p>\n<\/td>\n

\n

Q1 2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q1 2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

CHANGE<\/b><\/p>\n<\/td>\n

\n

Q1 2019 (1)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenues (2)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n987.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,008.3\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2.1)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,128.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestaurant-level operating margin\n<\/p>\n<\/td>\n

\n

\n18.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n17.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted restaurant-level operating margin (3)\n<\/p>\n<\/td>\n

\n

\n18.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n17.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP operating income (loss) margin\n<\/p>\n<\/td>\n

\n

\n9.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4.1)\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n7.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted operating income margin (3)\n<\/p>\n<\/td>\n

\n

\n9.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n

\n7.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n___________________\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(1) Presented for improved comparability.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2) Outback Steakhouse Brazil results are reported on a one-month lag and are presented on a calendar basis. Restaurant sales for Brazil during the first quarter of 2020 (through February 29, 2020) were not materially impacted by the COVID-19 pandemic.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(3) See Non-GAAP Measures later in this release.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n