This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bloomin' Brands, Inc. Announces Fourth Quarter Adjusted Diluted Earnings Per Share Of $0.20, An Increase Of $0.10; Fourth Quarter GAAP Diluted Earnings Per Share Of $0.15, A Decrease Of $0.13; Eleventh Consecutive Quarter Of Growth For Core Domestic Comparable Sales

Fourth Quarter 2012 Financial Results

The following summarizes the Company's results for the fourth quarter ended December 31, 2012 compared to the same quarter in the prior year:
  • Total revenues increased by 4.5% to $998.4 million versus the same quarter in 2011. This increase was primarily due to increases in customer traffic and modest menu price increases. Traffic increases were driven by menu enhancements and promotions throughout the Company's concepts, innovations and improvements in customer service and a holiday shift, partially offset by unfavorable weather in the Northeast, including the impact of Superstorm Sandy. In addition, traffic benefited from ongoing daypart expansion and additional renovations at Outback Steakhouse restaurants. Restaurant sales also increased due to the addition of 11 new Company-owned restaurants that were not included in the comparable restaurant sales base. This was partially offset by the sale (and franchise conversion) of nine Company-owned Outback Steakhouse restaurants in Japan in October 2011 and the closure of two Company-owned restaurants. 
  • Blended domestic comparable restaurant sales for Company-owned restaurants grew by 3.5% for the Company's four core concepts. Results for Company-owned restaurants, by concept, were as follows:
Domestic comparable restaurant sales (stores open 18 months or more)  
Outback Steakhouse 5.3%
Carrabba's Italian Grill (0.4)%
Bonefish Grill 1.0%
Fleming's Prime Steakhouse and Wine Bar 4.0%
  • The number of weekdays and weekend days in a given reporting period can impact the Company's reported comparable restaurant sales. During the fourth quarter of 2012, there was no material trading day impact on blended domestic comparable restaurant sales for Company-owned restaurants.
  • Restaurant level operating margins were 15.4% in the current quarter as compared with 15.6% in the fourth quarter of 2011, or a 20 basis point decrease.  This decrease was primarily attributable to increased food costs driven by inflation, additional labor expense associated with increased employee wages for training related to the roll-out of lunch and new restaurant openings and higher occupancy costs. The decrease was mostly offset by increased leveraging of average unit volumes and productivity initiative savings.
  • Adjusted operating income margin for the fourth quarter increased 110 basis points to 5.1% as compared to 3.9% in the fourth quarter of 2011. The improvement was driven primarily by lower General and administrative expense and reduced impairment expense, partially offset by a modest decrease in restaurant level operating margin.

Other Fourth Quarter 2012 Events

On October 26, 2012, our wholly-owned subsidiary, OSI Restaurant Partners, LLC ("OSI") completed a refinancing of its 2007 senior secured credit facilities. The new facilities provide for senior secured financing of a $1.0 billion term loan B and a $225.0 million revolving credit facility. The new term loan and revolver mature in October 2019 and 2017, respectively. 

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs