Bloomin' Brands, Inc. (BLMN) 10-Q Quarterly Report Tue May 08 2018

TAMPA, Fla., April 26, 2018 - Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2018 (“Q1 2018”) compared to the first quarter 2017 (“Q1 2017”).

Highlights for Q1 2018 include the following:


•	Comparable restaurant sales were up 4.3% at U.S. Outback Steakhouse with traffic up 2.2%⁽¹⁾;


•	Combined U.S. comparable restaurant sales were up 2.8%⁽¹⁾;


•	Comparable restaurant sales were up 1.1% for Outback Steakhouse in Brazil; and


•	Opened 12 new restaurants, including 9 in international markets.

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(1)	For Q1 2018, comparable restaurant sales and traffic compare the thirteen weeks from January 1, 2018 through April 1, 2018 to the thirteen weeks from January 2, 2017 through April 2, 2017.

Impact of the Adoption of New Revenue Recognition Standard

Beginning with Q1 2018, our financial statements include the impact of our adoption of the new revenue recognition standard. We have restated historical periods to reflect the impact of this new standard. For Q1 2018 and Q1 2017, there was an approximate $0.04 increase to Adjusted Diluted EPS. For the full year Fiscal 2017, there was an approximate ($0.05) decrease to Adjusted Diluted EPS. We anticipate the impact to Fiscal 2018 to also approximate a ($0.05) decrease to Adjusted Diluted EPS, consistent with Fiscal 2017.

In the following table, Q1 2018 and Q1 2017 include the $0.04 increase to Adjusted Diluted EPS as described above.

Diluted EPS and Adjusted Diluted EPS

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



	Q1
	2018		2017		CHANGE
Diluted earnings per share	$	0.68	$	0.46	$	0.22
Adjustments	0.03		0.12		(0.09		)
Adjusted diluted earnings per share	$	0.71	$	0.58	$	0.13

___________________

See Non-GAAP Measures later in this release.

The following information was filed by Bloomin' Brands, Inc. (BLMN) on Thursday, April 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bloomin' Brands, Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
was primarily due to: i certain impairment charges and restaurant closing costs, ii labor, operating expense and commodity inflation, iii changes in product mix and iv increases in advertising expense.

Financial - Expense Highlight
primarily due to: i 0.7% from operating expense inflation, ii 0.4% from the impact of the write-off of deferred rent liabilities in 2017 and iii 0.2% from an increase in amortization of deferred gift card sales commissions.
Financial - Expense Highlight
General and administrative expense includes salaries and benefits, management incentive programs, related payroll tax and benefits, other employee-related costs and professional services.
Revenue - Product Highlight
new restaurants not included in our comparable restaurant sales base and higher comparable restaurant sales.
Financial - Income Highlight
The effective income tax rate for the
Revenue - Product
Comparable Restaurant Sales, Traffic and...Read more
Revenue - Product
Following is a summary of...Read more
Legal - Other
Our ability to comply with...Read more
Revenue - Product
, primarily due to domestic...Read more
Other - Other
of outstanding borrowings under our...Read more
Revenue - Product
The increase in Restaurant sales...Read more
M & A - Other
Strategic actions, including acquisitions and...Read more
Other - Other
A violation of these covenants...Read more
Financial - Expense
General and administrative expense which...Read more
Financial - Expense
primarily due to: i 0.5%...Read more
Other - Other
Net cash used in financing...Read more
Other - Other
Key measures that we use...Read more
Other - Other
Following is a summary of...Read more
Financial - Income
The increase in U.S. income...Read more
Financial - Expense
These increases were partially offset...Read more
Financial - Dividend
Following is a summary of...Read more
Financial - Expense
These decreases were partially offset...Read more
Revenue - Product
The following table does not...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Bloomin' Brands, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BLMN
CIK: 1546417
Form Type: 10-Q Quarterly Report
Accession Number: 0001546417-18-000103
Submitted to the SEC: Tue May 08 2018 4:09:13 PM EST
Accepted by the SEC: Tue May 08 2018
Period: Sunday, April 1, 2018
Industry: Retail Eating Places

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Bloomin' Brands, Inc. (BLMN) SEC Filing 10-Q Quarterly report for the period ending Sunday, April 1, 2018

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