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Bloomin' Brands, Inc. Announces Fiscal 2014 First Quarter Adjusted Diluted Earnings Per Share Of $0.46 And GAAP Diluted Earnings Per Share Of $0.42; Reaffirms Full-Year 2014 Guidance Including Adjusted Diluted Earnings Per Share Of At Least $1.21

Stocks in this article: BLMN

TAMPA, Fla., May 9, 2014 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the thirteen weeks ended March 30, 2014.

Key highlights for the thirteen weeks ended March 30, 2014 include the following:

  • Total revenues increased 6.0% to $1.2 billion and include the impact of one less operating day due to the change in the Company's fiscal year end from a calendar year ending on December 31 to a 52-53 week fiscal year
  • Comparable sales for Company-owned core domestic concepts were flat while traffic decreased 1.6% driven by an estimated (1.7%) of aggregate impact from unfavorable weather and a shift in the timing of holidays
  • Adjusted operating income margin* was 8.4% versus 8.9% in the first quarter of 2013 and U.S. GAAP operating income margin was 7.8% versus 8.9% in the first quarter of 2013
  • Effective income tax rate of 24.8% versus 14.1% in the first quarter of 2013
  • Adjusted EBITDA* was $143.1 million versus $140.9 million in the first quarter of 2013
  • Adjusted net income* was $58.5 million versus $63.2 million in the first quarter of 2013 and U.S. GAAP Net income attributable to Bloomin' Brands was $53.7 million versus $63.2 million in the first quarter of 2013
  • Adjusted diluted earnings per share* were $0.46 per share, a decrease of $0.04 from the first quarter of 2013, and GAAP Diluted earnings per share were $0.42 per share, a decrease of $0.08 from the first quarter of 2013

The following table reconciles Adjusted diluted earnings per share to Diluted earnings per share for the periods as indicated below:

Adjusted diluted earnings per share*  $ 0.46  $ 0.50  $ (0.04)
Adjustments* (0.04) (0.04)
Diluted earnings per share  $ 0.42  $ 0.50  $ (0.08)
* Denoted items are non-GAAP measurements, which include adjustments to the financial results as determined under U.S. GAAP. See Reconciliations of Non-GAAP Measures to U.S. GAAP Results included later in this release.      

"Our brands held up well in a challenging environment and we continued to gain share," said Elizabeth Smith, CEO. "First quarter results were consistent with our expectations and we remain on track to deliver our sales and earnings guidance for the year."

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