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Bloomin' Brands, Inc. Announces Second Quarter EPS Of $0.16 Or 23% Above A Year Ago; Reports Ninth Consecutive Quarter Of Positive Comparable Restaurant Sales Growth For All Core Domestic Concepts; And Provides Full-Year Guidance For 2012

TAMPA, Fla., Sept. 4, 2012 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the second quarter ended June 30, 2012.

Key highlights for the quarter include the following:
  • Second quarter Adjusted diluted earnings per share increased 20.0% to $0.18. Diluted earnings per share increased 23.1% to $0.16.
  THREE MONTHS ENDED JUNE 30,  
  2012 2011 % change
Diluted earnings per share  $ 0.16  $ 0.13 23.1%
Adjustments (1) 0.02 0.02
Adjusted diluted earnings per share  $ 0.18  $ 0.15  20.0%
_________________       
(1) See Reconciliations of Non-GAAP Measurements to U.S. GAAP Results included later in this release. 
  • Total revenues increased by 2.7% to $980.9 million.  
  • Blended domestic comparable restaurant sales for Company-owned restaurants grew by 2.4% for the Company's four core concepts.  
  • Restaurant operating margins (calculated as restaurant sales less cost of sales, labor and other related costs and other restaurant operating expenses) were 15.7%, an increase of 0.8% over the second quarter of 2011.   
  • Adjusted income from operations increased 17.0% to $51.0 million as compared to $43.6 million in the second quarter of 2011. Income from operations increased 19.5% to $48.7 million as compared to $40.8 million in the same quarter in the prior year.  
  • Adjusted net income attributable to Bloomin' Brands, Inc. increased 18.0% to $19.3 million as compared to $16.4 million in the same period in 2011. Net income attributable to Bloomin' Brands, Inc. increased 24.5% to $17.4 million as compared to $14.0 million in the same period in 2011.  
  • The Company continued to focus on brand investments, completing 48 renovations at its Outback Steakhouse concept and opening four new Bonefish Grill restaurants. In addition, the Company opened two Company-owned Outback Steakhouse restaurants in South Korea and two Outback Steakhouse restaurants in Brazil with its joint venture partner.

Elizabeth Smith, Chairman of the Board and CEO remarked, "We are very pleased to report strong sales and profit growth for the second quarter of 2012. We enjoyed our ninth consecutive quarter of comparable restaurant sales growth for all of our core domestic concepts. Our efforts in building sustainable traffic growth, investing and updating our restaurants, and providing outstanding service are resonating with our customers.

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