Bloomin' Brands Announces 2014 Second Quarter Adjusted Diluted EPS Of $0.27 And Diluted EPS Of $0.21; Provides Updated Guidance For Full Year 2014 Including Adjusted Diluted EPS Of Between $1.05 And $1.10; Announces Plans To Expand Carrabba's To Brazil

TAMPA, Fla., Aug. 5, 2014 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the thirteen weeks ended June 29, 2014.

Key highlights for the thirteen weeks ended June 29, 2014 include the following:
  • Total revenues increased 9.0% to $1.1 billion  
  • Comparable sales for Company-owned core domestic concepts increased 0.6% while traffic was flat  
  • The Company plans to expand Carrabba's Italian Grill in Brazil with first opening in the first half of 2015  
  • Total system-wide development was six new restaurants including three Brazilian Outback Steakhouse locations  
  • Restaurant-level operating margin was 16.1% versus 16.0% for the second quarter of 2013  
  • Adjusted operating income margin* was 5.8% versus 6.7% in the second quarter of 2013 and U.S. GAAP operating income margin was 5.6% versus 6.7% in the second quarter of 2013  
  • Adjusted net income* was $34.2 million versus $31.8 million in the second quarter of 2013 and U.S. GAAP Net income attributable to Bloomin' Brands was $26.4 million versus $74.9 million in the second 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* $ 0.27 $ 0.25 $ 0.02
Adjustments* (0.06) 0.33 (0.39)
Diluted earnings per share $ 0.21 $ 0.58 $ (0.37)
*     Denoted items are non-GAAP measurements, which include adjustments to the financial results as determined under U.S. GAAP. Adjustments primarily relate to the: (i) loss on extinguishment and modification of debt for the May 2014 refinancing and the April 2013 repricing of our Senior Secured Credit Facility and (ii) the release of the U.S. valuation allowance in the three months ended June 30, 2013. See Reconciliations of Non-GAAP Measures to U.S. GAAP Results included later in this release for more details.

"In the second quarter we maintained our outperformance versus Knapp with a 250 basis point positive traffic gap; however, dinner traffic did not recover as expected following the weather events of the first quarter," said Elizabeth Smith, CEO. "We have responded with marketing innovation in the second half that is focused on dinner. In addition, in Korea, we continue to face significant macro issues and an increasingly competitive environment. Given these challenges, our second quarter results were softer than expected and we have revised our 2014 total year outlook down from our original estimates. Adjusted diluted earnings per share are now expected to be between $1.05 to $1.10 while domestic comp sales are expected to be 0.0% to 1.0%."

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