TAMPA, Fla., Feb. 17, 2017
/PRNewswire/ -- Bloomin' Brands, Inc. (Nasdaq: BLMN) today reported
results for the fourth quarter ("Q4 2016") and fiscal year ended
December 25, 2016 ("Fiscal Year 2016") compared to the fourth
quarter ("Q4 2015") and fiscal year ended December 27, 2015
("Fiscal Year 2015").
Highlights for Q4 2016 include the following:
- Repurchased 1.8 million shares of common stock for a total of
$35 million;
- Reported combined U.S. comparable restaurant sales down
3.5%;
- Reported comparable restaurant sales for Outback Steakhouse in
Brazil up 6.1%; and
- Opened 16 new restaurants, including ten in international
markets.
Highlights for Fiscal Year 2016 include the following:
- Repurchased 16.6 million shares of common stock for a total of
$310 million;
- Generated $560 million in gross
sale-leaseback proceeds;
- Reported combined U.S. comparable restaurant sales down
1.9%;
- Reported comparable restaurant sales for Outback Steakhouse in
Brazil up 6.7%; and
- Opened 42 new restaurants, including 30 in international
markets.
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted (loss) earnings per share
to Adjusted diluted earnings per share for the periods as indicated
below.
|
Q4
|
|
|
|
FISCAL
YEAR
|
|
|
|
2016
|
|
2015
|
|
CHANGE
|
|
2016
|
|
2015
|
|
CHANGE
|
Diluted (loss)
earnings per share
|
$
|
(0.04)
|
|
|
$
|
0.14
|
|
|
$
|
(0.18)
|
|
|
$
|
0.37
|
|
|
$
|
1.01
|
|
|
$
|
(0.64)
|
|
Adjustments
|
0.35
|
|
|
0.16
|
|
|
0.19
|
|
|
0.92
|
|
|
|
0.26
|
|
|
|
0.66
|
|
Adjusted diluted
earnings per share
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
$
|
0.01
|
|
|
$
|
1.29
|
|
|
$
|
1.27
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________________
See Non-GAAP Measures
later in this release.
|
CEO Comments
"Although 2016 was a challenging year for both Bloomin' Brands
and the industry, we made real progress on our strategy to
reallocate spending away from discounting toward investments to
strengthen brand health, " said Liz
Smith, CEO. "We are pleased with how our brands are
performing so far in 2017, particularly at Outback where we believe
our investments are beginning to gain traction."
Fourth Quarter Financial Results
(dollars in
millions)
|
Q4
2016
|
|
Q4
2015
|
|
%
Change
|
Total
revenues
|
$
|
1,004.1
|
|
|
$
|
1,049.3
|
|
|
(4.3)%
|
|
|
|
|
|
|
U.S. GAAP
restaurant-level operating margin
|
15.2%
|
|
|
16.1%
|
|
|
(0.9)%
|
Adjusted
restaurant-level operating margin (1)
|
15.1%
|
|
|
16.5%
|
|
|
(1.4)%
|
|
|
|
|
|
|
U.S. GAAP operating
income margin
|
(0.4)%
|
|
|
3.0%
|
|
|
(3.4)%
|
Adjusted operating
income margin (1)
|
5.7%
|
|
|
6.0%
|
|
|
(0.3)%
|
_________________
(1) See Non-GAAP
Measures later in this release.
|
- The decrease in Total revenues was primarily due to the sale of
Outback Steakhouse South Korea restaurants in July 2016 and lower comparable restaurant sales,
partially offset by the effect of foreign currency translation and
the net benefit of new restaurant openings and closings.
- The decrease in U.S. GAAP restaurant-level operating margin was
primarily due to: (i) higher labor costs due to higher wage rates
and investments in our service model, (ii) higher rent expense due
to the sale-leaseback of certain properties, (iii) commodity
inflation and (iv) lower traffic. These decreases were partially
offset by increases in average check and productivity savings.
- Adjusted restaurant-level operating margin excludes the impact
from: (i) the write-off of deferred rent in connection with the
2017 Closure Initiative and (ii) expenses associated with certain
legal and contingent matters.
- The decrease in U.S. GAAP operating margin was primarily due to
impairment charges related to the 2017 Closure Initiative and lower
U.S. GAAP restaurant-level margin. These decreases were partially
offset by lower incentive compensation expense.
- Adjusted operating margin excludes the impact of our 2017
Closure Initiative and certain other adjustments. See table five
later in this release for more information.
Fourth Quarter Comparable Restaurant Sales
THIRTEEN WEEKS
ENDED DECEMBER 25, 2016
|
|
COMPANY-OWNED
|
Comparable restaurant
sales (stores open 18 months or more) (1) (2):
|
|
|
U.S.
|
|
|
Outback
Steakhouse
|
|
(4.8)%
|
Carrabba's Italian
Grill
|
|
(2.3)%
|
Bonefish
Grill
|
|
(1.9)%
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
0.2%
|
Combined
U.S.
|
|
(3.5)%
|
|
|
|
International
|
|
|
Outback Steakhouse -
Brazil
|
|
6.1%
|
_________________
(1)
|
Comparable restaurant
sales exclude the effect of fluctuations in foreign currency
rates.
|
(2)
|
Relocated
international restaurants closed more than 30 days and relocated
U.S. restaurants closed more than 60 days are excluded from
comparable restaurant sales until at least 18 months after
reopening.
|
Sale Leaseback Initiative
In fiscal 2016, we sold 159 restaurant properties for gross
proceeds of $560 million. We used a
portion of these proceeds to pay down substantially all of our
bridge loan, of which $28 million
remains outstanding as of February 17, 2017.
Dividend Declaration and Share Repurchases
In February 2017, our Board of
Directors declared a quarterly cash dividend of $0.08 per share to be paid on March 10, 2017
to all stockholders of record as of the close of business on
February 27, 2017.
We repurchased 1.8 million shares of common stock in Q4 2016 for
a total of $35 million. Subsequent to
Q4, we have repurchased an additional 1.1 million shares of common
stock through February 17, 2017 for
$20 million under a rule 10b5-1 plan.
As of February 17, 2017 there is
$110 million remaining under our
existing repurchase authorization, which expires on
January 26, 2018.
2017 Closure Initiative
On February 15, 2017, we decided
to close 43 underperforming restaurants. In connection with these
closures, we recognized pre-tax asset impairments of $46.5 million during Q4 2016, which includes
three restaurants that closed in the fourth quarter. We expect to
incur charges between $16 million to $19
million in fiscal year 2017 with the majority of these
expenses occurring in the first quarter.
Non-GAAP Financial Measures Update
Commencing with our results for the first fiscal quarter of
2017, when presenting non-GAAP measures we will no longer include
adjustments for the following:
- Expenses incurred in connection with our remodel program;
and
- Intangible amortization recorded as a result of the 2013
acquisition of our Brazil
operations.
Although our fourth quarter and fiscal year 2016 results
announced in today's earnings release are reported in accordance
with our existing methodology, we will be reporting our non-GAAP
measures for all periods in fiscal year 2017 in accordance with the
revised methodology. Therefore, the adjusted measures included in
our Fiscal 2017 Financial Outlook table that follows are estimated
based on the revised methodology.
The combined pre-tax impact of these two items to our fiscal
year 2016 financial results was $6.2
million. Refer to Exhibit 99.2 to the Form 8-K furnished to
the SEC today for a complete recasting of the impacted non-GAAP
measures to conform with the revised methodology for fiscal years
2016, 2015 and 2014.
Fiscal 2017 Financial Outlook
The table below presents our current expectations for selected
2017 financial and operating results.
Financial
Results:
|
|
Current
Outlook
|
U.S. GAAP diluted
earnings per share (1) (2)
|
|
$1.34 to
$1.41
|
|
|
|
Adjusted diluted
earnings per share (1) (2)
|
|
$1.40 to
$1.47
|
|
|
|
U.S. GAAP and
adjusted effective income tax rate (3)
|
|
25% to 26%
|
|
|
|
Other Selected
Financial Data (dollars in millions, or as otherwise
indicated):
|
|
|
Combined U.S.
comparable restaurant sales
|
|
Flat to slightly
down
|
|
|
|
Commodity inflation /
(deflation)
|
|
Flat to
(1%)
|
|
|
|
Capital
expenditures
|
|
$260 -
$280
|
|
|
|
Number of new
system-wide restaurants
|
|
40 - 50
|
_________________
(1)
|
Includes the addition
of a 53rd week at the end of fiscal 2017.
|
(2)
|
The primary
difference between our U.S. GAAP diluted earnings per share outlook
and our adjusted diluted earnings per share outlook is between $16
million and $19 million of restaurant closing expenses related to
the 2017 Closure Initiative.
|
(3)
|
The primary
difference between the U.S. GAAP and the Adjusted effective income
tax rate relates to the tax impact of our 2017 Closure
Initiative.
|
Conference Call
The Company will host a conference call today, February 17th at 9:00 AM
ET. The conference call can be accessed live over the
telephone by dialing (877) 407-9039, or (201) 689-8470 for
international participants. A replay will be available beginning
two hours after the call and can be accessed by dialing (844)
512-2921 or (412) 317-6671 for international callers; the
conference ID is 13653382. The replay will be available through
Friday, February 24, 2017. The call
will also be webcast live from the Company's website at
http://www.bloominbrands.com under the Investors section. A
replay of this webcast will be available on the Company's website
after the call.
Non-GAAP Measures
In addition to the results provided in accordance with U.S.
GAAP, this press release and related tables include certain
non-GAAP measures, which present operating results on an adjusted
basis. These are supplemental measures of performance that are not
required by or presented in accordance with U.S. GAAP and include
the following: (i) Adjusted restaurant-level operating margin, (ii)
Adjusted income from operations and the corresponding margin, (iii)
Adjusted net income, (iv) Adjusted diluted earnings per share, (v)
Adjusted segment restaurant-level operating margin and (vi)
Adjusted segment income from operations and the corresponding
margin.
We believe that our use of non-GAAP financial measures permits
investors to assess the operating performance of our business
relative to our performance based on U.S. GAAP results and relative
to other companies within the restaurant industry by isolating the
effects of certain items that may vary from period to period
without correlation to core operating performance or that vary
widely among similar companies. However, our inclusion of these
adjusted measures should not be construed as an indication that our
future results will be unaffected by unusual or infrequent items or
that the items for which we have made adjustments are unusual or
infrequent or will not recur. We believe that the disclosure of
these non-GAAP measures is useful to investors as they form part of
the basis for how our management team and Board of Directors
evaluate our operating performance, allocate resources and
establish employee incentive plans.
These non-GAAP financial measures are not intended to replace
U.S. GAAP financial measures, and they are not necessarily
standardized or comparable to similarly titled measures used by
other companies. We maintain internal guidelines with respect to
the types of adjustments we include in our non-GAAP measures. These
guidelines endeavor to differentiate between types of gains and
expenses that are reflective of our core operations in a period,
and those that may vary from period to period without correlation
to our core performance in that period. However, implementation of
these guidelines necessarily involves the application of judgment,
and the treatment of any items not directly addressed by, or
changes to, our guidelines will be considered by our disclosure
committee. You should refer to the reconciliations of non-GAAP
measures later in this release for descriptions of the actual
adjustments made in the current period and the corresponding prior
period.
In this release, we have also included forward-looking non-GAAP
information under the caption "Fiscal 2017 Financial Outlook". This
information relates to our current expectations for fiscal 2017
adjusted diluted EPS and adjusted effective income tax rate. We
have also provided information with respect to our expectations for
the corresponding GAAP measures.
The differences between our disclosed GAAP and non-GAAP
expectations are described and quantified to the extent available
without unreasonable efforts under "Fiscal 2017 Financial Outlook".
However, in addition to the general cautionary language regarding
all forward-looking statements included elsewhere in this release,
we note that, because the items we adjust for in our non-GAAP
measures may vary from period to period without correlation to our
core performance, they are by nature more difficult to predict and
estimate, so we cannot guarantee that additional adjustments will
not occur in the remainder of the fiscal year or that they will not
significantly impact our GAAP results.
For reconciliations of the non-GAAP measures used in this
release, refer to tables four, five and six included later in this
release.
As indicated above and in the Form 8-K we furnished to the SEC
today, based on a review of our non-GAAP presentations, we have
determined that, commencing with our results for the first fiscal
quarter of 2017, when presenting the non-GAAP measures Adjusted
income from operations and the corresponding margins, Adjusted net
income and Adjusted diluted earnings per share, we will no longer
adjust for expenses incurred in connection with our remodel program
or intangible amortization recorded as a result of the acquisition
of our Brazil operations. Although
our fourth quarter and fiscal year 2016 results announced in this
release (and reconciled in table five included below) are reported
in accordance with our existing methodology, because we will be
reporting our non-GAAP measures for all periods in fiscal 2017 in
accordance with the revised methodology, the adjusted measures
included in our Fiscal 2017 Financial Outlook are estimated based
on the revised methodology. In order to assist investors in
understanding the impact of this change and for comparability
purposes, Exhibit 99.2 to the Form 8-K furnished to the SEC today
contains a recasting of the impacted non-GAAP measures to conform
to the revised methodology for fiscal years 2016, 2015 and 2014. In
future earnings releases that report non-GAAP measures in
accordance with the revised methodology, the prior comparable
periods presented will be recast to conform to the revised
methodology.
About Bloomin' Brands, Inc.
Bloomin' Brands, Inc. is one of the largest casual dining
restaurant companies in the world with a portfolio of leading,
differentiated restaurant concepts. The Company has four
founder-inspired brands: Outback Steakhouse, Carrabba's Italian
Grill, Bonefish Grill and Fleming's Prime Steakhouse
& Wine Bar. The Company operates approximately 1,500
restaurants in 48 states, Puerto Rico, Guam and 20
countries, some of which are franchise locations. For more
information, please visit www.bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein, including statements under
the headings "CEO Comments", "2017 Closure Initiative" and "Fiscal
2017 Financial Outlook" are not based on historical fact and are
"forward-looking statements" within the meaning of applicable
securities laws. Generally, these statements can be identified by
the use of words such as "guidance," "believes," "estimates,"
"anticipates," "expects," "on track," "feels," "forecasts,"
"seeks," "projects," "intends," "plans," "may," "will," "should,"
"could," "would" and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from the Company's forward-looking statements. These risks and
uncertainties include, but are not limited to: our ability to
preserve the value of and grow our brands; local, regional,
national and international economic conditions; consumer confidence
and spending patterns; the cost and availability of credit;
interest rate changes; competition; consumer reaction to public
health and food safety issues; government actions and policies;
increases in unemployment rates and taxes; increases in labor
costs; price and availability of commodities; challenges associated
with our expansion, remodeling and relocation plans; interruption
or breach of our systems or loss of consumer or employee
information; foreign currency exchange rates; the seasonality
of the Company's business; weather, acts of God and other
disasters; changes in patterns of consumer traffic, consumer tastes
and dietary habits; the effectiveness of our strategic actions;
compliance with debt covenants and the Company's ability to make
debt payments and planned investments; and our ability to continue
to pay dividends and repurchase shares of our common stock. Further
information on potential factors that could affect the financial
results of the Company and its forward-looking statements is
included in its most recent Form 10-K and subsequent filings with
the Securities and Exchange Commission. The Company assumes no
obligation to update any forward-looking statement, except as may
be required by law. These forward-looking statements speak only as
of the date of this release. All forward-looking statements are
qualified in their entirety by this cautionary statement.
Note: Numerical figures included in this release have been
subject to rounding adjustments.
TABLE
ONE
|
BLOOMIN' BRANDS,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL YEAR
ENDED
|
(dollars in
thousands, except per share data)
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
Revenues
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
996,680
|
|
|
$
|
1,042,221
|
|
|
$
|
4,226,057
|
|
|
$
|
4,349,921
|
|
Franchise and other
revenues
|
7,469
|
|
|
7,078
|
|
|
26,255
|
|
|
27,755
|
|
Total
revenues
|
1,004,149
|
|
|
1,049,299
|
|
|
4,252,312
|
|
|
4,377,676
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
sales
|
310,674
|
|
|
335,766
|
|
|
1,354,853
|
|
|
1,419,689
|
|
Labor and other
related
|
289,258
|
|
|
293,957
|
|
|
1,211,250
|
|
|
1,205,610
|
|
Other restaurant
operating
|
244,968
|
|
|
244,844
|
|
|
992,157
|
|
|
1,006,772
|
|
Depreciation and
amortization
|
48,632
|
|
|
49,083
|
|
|
193,838
|
|
|
190,399
|
|
General and
administrative
|
59,318
|
|
|
68,782
|
|
|
267,981
|
|
|
287,614
|
|
Provision for
impaired assets and restaurant closings
|
55,444
|
|
|
24,952
|
|
|
104,627
|
|
|
36,667
|
|
Total costs and
expenses
|
1,008,294
|
|
|
1,017,384
|
|
|
4,124,706
|
|
|
4,146,751
|
|
(Loss) income from
operations
|
(4,145)
|
|
|
31,915
|
|
|
127,606
|
|
|
230,925
|
|
Loss on defeasance,
extinguishment and modification of debt
|
—
|
|
|
(318)
|
|
|
(26,998)
|
|
|
(2,956)
|
|
Other (expense)
income, net
|
(450)
|
|
|
417
|
|
|
1,609
|
|
|
(939)
|
|
Interest expense,
net
|
(12,332)
|
|
|
(15,260)
|
|
|
(45,726)
|
|
|
(56,176)
|
|
(Loss) income before
provision for income taxes
|
(16,927)
|
|
|
16,754
|
|
|
56,491
|
|
|
170,854
|
|
(Benefit) provision
for income taxes
|
(14,228)
|
|
|
(2,263)
|
|
|
10,144
|
|
|
39,294
|
|
Net (loss)
income
|
(2,699)
|
|
|
19,017
|
|
|
46,347
|
|
|
131,560
|
|
Less: net income
attributable to noncontrolling interests
|
1,584
|
|
|
1,315
|
|
|
4,599
|
|
|
4,233
|
|
Net (loss) income
attributable to Bloomin' Brands
|
$
|
(4,283)
|
|
|
$
|
17,702
|
|
|
$
|
41,748
|
|
|
$
|
127,327
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.04)
|
|
|
$
|
0.15
|
|
|
$
|
0.37
|
|
|
$
|
1.04
|
|
Diluted
|
$
|
(0.04)
|
|
|
$
|
0.14
|
|
|
$
|
0.37
|
|
|
$
|
1.01
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
104,867
|
|
|
119,398
|
|
|
111,381
|
|
|
122,352
|
|
Diluted
|
104,867
|
|
|
122,273
|
|
|
114,311
|
|
|
125,585
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.07
|
|
|
$
|
0.06
|
|
|
$
|
0.28
|
|
|
$
|
0.24
|
|
TABLE
TWO
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESULTS
|
(UNAUDITED)
|
(dollars in
thousands)
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL YEAR
ENDED
|
U.S.
Segment
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
Revenues
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
895,816
|
|
|
$
|
926,518
|
|
|
$
|
3,777,907
|
|
|
$
|
3,857,162
|
|
Franchise and other
revenues
|
4,827
|
|
|
5,780
|
|
|
19,402
|
|
|
22,581
|
|
Total
revenues
|
$
|
900,643
|
|
|
$
|
932,298
|
|
|
$
|
3,797,309
|
|
|
$
|
3,879,743
|
|
Restaurant-level
operating margin
|
14.5%
|
|
|
15.8%
|
|
|
15.4%
|
|
|
16.0%
|
|
Income from
operations
|
$
|
17,929
|
|
|
$
|
60,795
|
|
|
$
|
286,683
|
|
|
$
|
348,731
|
|
Operating income
margin
|
2.0%
|
|
|
6.5%
|
|
|
7.5%
|
|
|
9.0%
|
|
International
Segment
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
100,864
|
|
|
$
|
115,703
|
|
|
$
|
448,150
|
|
|
$
|
492,759
|
|
Franchise and other revenues
|
2,642
|
|
|
1,298
|
|
|
6,853
|
|
|
5,174
|
|
Total
revenues
|
$
|
103,506
|
|
|
$
|
117,001
|
|
|
$
|
455,003
|
|
|
$
|
497,933
|
|
Restaurant-level
operating margin
|
21.6%
|
|
|
20.0%
|
|
|
18.8%
|
|
|
19.3%
|
|
Income (loss) from
operations
|
$
|
8,993
|
|
|
$
|
10,221
|
|
|
$
|
(5,954)
|
|
|
$
|
34,597
|
|
Operating income
(loss) margin
|
8.7%
|
|
|
8.7%
|
|
|
(1.3)%
|
|
|
6.9%
|
|
Reconciliation of
Segment Income from Operations to Consolidated Income (Loss) from
Operations
|
|
|
|
|
|
|
|
Segment income (loss)
from operations
|
|
|
|
|
|
|
|
U.S.
|
$
|
17,929
|
|
|
$
|
60,795
|
|
|
$
|
286,683
|
|
|
$
|
348,731
|
|
International
|
8,993
|
|
|
10,221
|
|
|
(5,954)
|
|
|
34,597
|
|
Total segment income
from operations
|
26,922
|
|
|
71,016
|
|
|
280,729
|
|
|
383,328
|
|
Unallocated corporate
operating expense
|
(31,067)
|
|
|
(39,101)
|
|
|
(153,123)
|
|
|
(152,403)
|
|
Total (loss) income
from operations
|
$
|
(4,145)
|
|
|
$
|
31,915
|
|
|
$
|
127,606
|
|
|
$
|
230,925
|
|
TABLE
THREE
|
BLOOMIN' BRANDS,
INC.
|
SUPPLEMENTAL
BALANCE SHEET INFORMATION
|
(UNAUDITED)
|
(dollars in
thousands)
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
Cash and cash
equivalents (1)
|
$
|
127,176
|
|
|
$
|
132,337
|
|
Net working capital
(deficit) (2)
|
$
|
(432,889)
|
|
|
$
|
(395,522)
|
|
Total
assets
|
$
|
2,642,279
|
|
|
$
|
3,032,569
|
|
Total debt,
net
|
$
|
1,089,485
|
|
|
$
|
1,316,864
|
|
Total stockholders'
equity
|
$
|
195,353
|
|
|
$
|
421,900
|
|
_________________
(1)
|
Excludes restricted
cash.
|
(2)
|
The Company has, and
in the future may continue to have, negative working capital
balances (as is common for many restaurant companies). The Company
operates successfully with negative working capital because cash
collected on Restaurant sales is typically received before payment
is due on its current liabilities and its inventory turnover rates
require relatively low investment in inventories. Additionally,
ongoing cash flows from restaurant operations and gift card sales
are used to service debt obligations and to make capital
expenditures.
|
TABLE
FOUR
|
BLOOMIN' BRANDS,
INC.
|
RESTAURANT-LEVEL
OPERATING MARGIN NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE
IN ADJUSTED
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
Consolidated:
|
U.S.
GAAP
|
|
ADJUSTED
(1)
|
|
U.S.
GAAP
|
|
ADJUSTED
(2)
|
|
QUARTER TO
DATE
|
Restaurant
sales
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
31.2%
|
|
31.2%
|
|
32.2%
|
|
32.2%
|
|
1.0%
|
Labor and other
related
|
29.0%
|
|
29.0%
|
|
28.2%
|
|
28.2%
|
|
(0.8)%
|
Other restaurant
operating
|
24.6%
|
|
24.7%
|
|
23.5%
|
|
23.1%
|
|
(1.6)%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
15.2%
|
|
15.1%
|
|
16.1%
|
|
16.5%
|
|
(1.4)%
|
|
|
|
|
|
|
|
|
|
|
Segments:
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin - U.S.
|
14.5%
|
|
14.4%
|
|
15.8%
|
|
15.8%
|
|
(1.4)%
|
Restaurant-level
operating margin - International
|
21.6%
|
|
21.5%
|
|
20.0%
|
|
20.0%
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL YEAR
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE
IN ADJUSTED
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
Consolidated:
|
U.S.
GAAP
|
|
ADJUSTED
(3)
|
|
U.S.
GAAP
|
|
ADJUSTED
(4)
|
|
YEAR TO
DATE
|
Restaurant
sales
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
32.1%
|
|
32.1%
|
|
32.6%
|
|
32.6%
|
|
0.5%
|
Labor and other
related
|
28.7%
|
|
28.7%
|
|
27.7%
|
|
27.8%
|
|
(0.9)%
|
Other restaurant
operating
|
23.5%
|
|
23.5%
|
|
23.1%
|
|
23.1%
|
|
(0.4)%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
15.8%
|
|
15.7%
|
|
16.5%
|
|
16.5%
|
|
(0.8)%
|
|
|
|
|
|
|
|
|
|
|
Segments:
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin - U.S.
|
15.4%
|
|
15.4%
|
|
16.0%
|
|
16.0%
|
|
(0.6)%
|
Restaurant-level
operating margin - International
|
18.8%
|
|
18.8%
|
|
19.3%
|
|
19.3%
|
|
(0.5)%
|
_________________
(1)
|
Includes adjustments
for the reversal of $3.2 million of deferred rent liabilities,
primarily related to the 2017 Closure Initiative, partially offset
by $2.3 million of legal settlement costs related to the Sears
matter. The reversal of the deferred rent liabilities and the legal
settlement were recorded in U.S segment Other restaurant operating.
Also includes adjustments for the reversal of $0.1 million of
deferred rent liabilities related to the 2017 Closure Initiative,
recorded in International segment Other restaurant
operating.
|
(2)
|
Includes legal
settlement costs of $4.0 million, primarily related to the Cardoza
litigation. The legal settlement was recorded in Other restaurant
operating.
|
(3)
|
Includes adjustments
for the reversal of $5.8 million of deferred rent liabilities,
primarily related to the 2017 Closure Initiative and the Bonefish
Restructuring partially offset by: (i) $2.3 million of legal
settlement costs related to the Sears matter and (ii) losses of
$0.3 million on the sale of certain properties related to our
sale-leaseback initiative. The reversal of the deferred rent
liabilities, legal settlement and losses on sale of certain
properties were recorded in U.S segment Other restaurant
operating.
|
(4)
|
Includes adjustments
for the favorable resolution of payroll tax audit contingencies of
$5.6 million, partially offset by legal settlement costs of $4.0
million, primarily related to the Cardoza litigation. The payroll
audit adjustment was recorded in Labor and other related and the
legal settlement was recorded in Other restaurant
operating.
|
TABLE
FIVE
|
BLOOMIN' BRANDS,
INC.
|
(LOSS) INCOME FROM
OPERATIONS, NET (LOSS) INCOME AND DILUTED (LOSS) EARNINGS PER SHARE
NON-GAAP RECONCILIATIONS
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL YEAR
ENDED
|
(in thousands,
except per share data)
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
(Loss) income from
operations
|
$
|
(4,145)
|
|
|
$
|
31,915
|
|
|
$
|
127,606
|
|
|
$
|
230,925
|
|
Operating (loss)
income margin
|
(0.4)%
|
|
|
3.0%
|
|
|
3.0%
|
|
|
5.3%
|
|
Adjustments:
|
|
|
|
|
|
|
|
Restaurant
impairments and closing costs (1)
|
44,371
|
|
|
24,515
|
|
|
45,806
|
|
|
33,507
|
|
Asset impairments and
related costs (2)
|
1,449
|
|
|
—
|
|
|
44,680
|
|
|
746
|
|
Restaurant
relocations, remodels and related costs (3)
|
7,758
|
|
|
462
|
|
|
11,330
|
|
|
3,625
|
|
Severance
(4)
|
3,591
|
|
|
—
|
|
|
5,463
|
|
|
—
|
|
Purchased intangibles
amortization (5)
|
1,044
|
|
|
881
|
|
|
3,885
|
|
|
4,334
|
|
Legal and contingent
matters (6)
|
2,340
|
|
|
4,604
|
|
|
2,340
|
|
|
5,843
|
|
Transaction-related
expenses (7)
|
397
|
|
|
229
|
|
|
1,910
|
|
|
1,294
|
|
Payroll tax audit
contingency (8)
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,587)
|
|
Total (loss) income
from operations adjustments
|
60,950
|
|
|
30,691
|
|
|
115,414
|
|
|
43,762
|
|
Adjusted income from
operations
|
$
|
56,805
|
|
|
$
|
62,606
|
|
|
$
|
243,020
|
|
|
$
|
274,687
|
|
Adjusted operating
income margin
|
5.7%
|
|
|
6.0%
|
|
|
5.7%
|
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Bloomin' Brands
|
$
|
(4,283)
|
|
|
$
|
17,702
|
|
|
$
|
41,748
|
|
|
$
|
127,327
|
|
Adjustments:
|
|
|
|
|
|
|
|
Income from
operations adjustments
|
60,950
|
|
|
30,691
|
|
|
115,414
|
|
|
43,762
|
|
Loss on defeasance,
extinguishment and modification of debt (9)
|
—
|
|
|
318
|
|
|
26,998
|
|
|
2,956
|
|
Loss (gain) on
disposal of business (10)
|
452
|
|
|
—
|
|
|
(1,632)
|
|
|
1,328
|
|
Total adjustments,
before income taxes
|
61,402
|
|
|
31,009
|
|
|
140,780
|
|
|
48,046
|
|
Adjustment to
provision for income taxes (8) (11)
|
(24,229)
|
|
|
(12,069)
|
|
|
(35,336)
|
|
|
(15,314)
|
|
Net
adjustments
|
37,173
|
|
|
18,940
|
|
|
105,444
|
|
|
32,732
|
|
Adjusted net
income
|
$
|
32,890
|
|
|
$
|
36,642
|
|
|
$
|
147,192
|
|
|
$
|
160,059
|
|
|
|
|
|
|
|
|
|
Diluted (loss)
earnings per share
|
$
|
(0.04)
|
|
|
$
|
0.14
|
|
|
$
|
0.37
|
|
|
$
|
1.01
|
|
Adjusted diluted
earnings per share
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
$
|
1.29
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares outstanding
|
104,867
|
|
|
119,398
|
|
|
111,381
|
|
|
122,352
|
|
Diluted weighted
average common shares outstanding (12)
|
107,696
|
|
|
122,273
|
|
|
114,311
|
|
|
125,585
|
|
_________________
(1)
|
Represents expenses
incurred for the 2017 Closure Initiative, Bonefish Restructuring
and the International and Domestic Restaurant Closure
Initiatives.
|
(2)
|
Represents asset
impairment charges and related costs primarily related to: (i) the
sale of Outback Steakhouse South Korea and our Puerto Rico
subsidiary in 2016 and (ii) the sale of corporate aircraft in
2015.
|
(3)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation and remodel programs.
|
(4)
|
Relates primarily to
the following: (i) restructuring of certain functions and (ii) the
relocation of our Fleming's operations center to the corporate home
office.
|
(5)
|
Represents intangible
amortization recorded as a result of the acquisition of our Brazil
operations.
|
(6)
|
Represents fees and
expenses related to certain legal and contingent matters, including
the Sears litigation in 2016 and the Cardoza litigation in
2015.
|
(7)
|
Relates primarily to
the following: (i) costs incurred with our sale-leaseback
initiative in 2016 and 2015 and (ii) costs incurred with the
secondary offering of our common stock in March 2015. For the
fiscal year ended December 25, 2016, includes an adjustment of $0.3
million for amortization of deferred gains related to our
sale-leaseback initiative from our second fiscal quarter.
Subsequent to the second quarter, based on an ongoing review of our
non-GAAP presentations, we determined not to adjust for this item.
We do not consider this change material to the historical periods
presented.
|
(8)
|
Relates to a payroll
tax audit contingency adjustment for the employer's share of FICA
taxes related to cash tips allegedly received and unreported by our
employees during calendar year 2011, which is recorded in Labor and
other related expenses. In addition, a deferred income tax
adjustment has been recorded for the allowable income tax credits
for the employer's share of FICA taxes expected to be paid, which
is included in Provision for income taxes and offsets the
adjustment to Labor and other related expenses. As a result, there
is no impact to Net income from this adjustment.
|
(9)
|
Relates to: (i) the
amendment of the PRP Mortgage Loan and defeasance of the 2012 CMBS
loan in 2016 and (ii) the refinancing of our Senior Secured Credit
Facility in 2015.
|
(10)
|
Primarily relates to
the sale of Outback Steakhouse South Korea in 2016 and Roy's in
2015.
|
(11)
|
Represents income tax
effect of the adjustments, on a jurisdiction basis. Included in the
adjustment for fiscal year 2016 is $2.4 million for a tax
obligation related to the Outback Steakhouse South Korea sale.
Additionally, for fiscal year 2015, a deferred income tax
adjustment has been recorded for the allowable income tax credits
for the employer's share of FICA taxes expected to be paid. See
footnote 8 to this table.
|
(12)
|
Due to the GAAP net
loss, the effect of dilutive securities was excluded from the
calculation of GAAP diluted (loss) earnings per share for the
thirteen weeks ended December 25, 2016. For adjusted diluted
earnings per share, the calculation includes dilutive shares of
2,829 for the thirteen weeks ended December 25, 2016.
|
Following is a summary of the financial statement line item
classification of the net income adjustments:
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL YEAR
ENDED
|
(dollars in
thousands)
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
Labor and other
related
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5,587)
|
|
Other restaurant
operating
|
(1,070)
|
|
|
3,991
|
|
|
(3,010)
|
|
|
3,891
|
|
Depreciation and
amortization
|
2,913
|
|
|
1,309
|
|
|
9,512
|
|
|
5,111
|
|
General and
administrative
|
3,998
|
|
|
998
|
|
|
7,956
|
|
|
5,015
|
|
Provision for
impaired assets and restaurant closings
|
55,109
|
|
|
24,393
|
|
|
100,956
|
|
|
35,332
|
|
Loss on defeasance,
extinguishment and modification of debt
|
—
|
|
|
318
|
|
|
26,998
|
|
|
2,956
|
|
Other income
(expense), net
|
452
|
|
|
—
|
|
|
(1,632)
|
|
|
1,328
|
|
Provision for income
taxes
|
(24,229)
|
|
|
(12,069)
|
|
|
(35,336)
|
|
|
(15,314)
|
|
Net
adjustments
|
$
|
37,173
|
|
|
$
|
18,940
|
|
|
$
|
105,444
|
|
|
$
|
32,732
|
|
TABLE
SIX
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT INCOME
(LOSS) FROM OPERATIONS NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
U.S.
Segment
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL YEAR
ENDED
|
(dollars in
thousands)
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
Income from
operations
|
$
|
17,929
|
|
|
$
|
60,795
|
|
|
$
|
286,683
|
|
|
$
|
348,731
|
|
Operating income
margin
|
2.0%
|
|
|
6.5%
|
|
|
7.5%
|
|
|
9.0%
|
|
Adjustments:
|
|
|
|
|
|
|
|
Restaurant
impairments and closing costs (1)
|
43,599
|
|
|
24,632
|
|
|
45,138
|
|
|
25,948
|
|
Restaurant
relocations, remodels and related costs (2)
|
7,758
|
|
|
462
|
|
|
11,330
|
|
|
3,625
|
|
Legal and contingent
matters (3)
|
2,340
|
|
|
—
|
|
|
2,340
|
|
|
—
|
|
Transaction-related
expenses (4)
|
314
|
|
|
—
|
|
|
989
|
|
|
—
|
|
Asset impairments and
related costs (5)
|
252
|
|
|
—
|
|
|
3,459
|
|
|
—
|
|
Severance
(6)
|
—
|
|
|
—
|
|
|
1,276
|
|
|
—
|
|
Adjusted income from
operations
|
$
|
72,192
|
|
|
$
|
85,889
|
|
|
$
|
351,215
|
|
|
$
|
378,304
|
|
Adjusted operating
income margin
|
8.0%
|
|
|
9.2%
|
|
|
9.2%
|
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
International
Segment
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
$
|
8,993
|
|
|
$
|
10,221
|
|
|
$
|
(5,954)
|
|
|
$
|
34,597
|
|
Operating income
(loss) margin
|
8.7%
|
|
|
8.7%
|
|
|
(1.3)%
|
|
|
6.9%
|
|
Adjustments:
|
|
|
|
|
|
|
|
Asset impairments and
related costs (7)
|
1,198
|
|
|
—
|
|
|
41,221
|
|
|
—
|
|
Purchased intangibles
amortization (8)
|
1,044
|
|
|
882
|
|
|
3,885
|
|
|
4,335
|
|
Restaurant
impairments and closing costs (9)
|
771
|
|
|
(118)
|
|
|
668
|
|
|
7,558
|
|
Transaction-related
expenses (10)
|
—
|
|
|
—
|
|
|
161
|
|
|
—
|
|
Adjusted income from
operations
|
$
|
12,006
|
|
|
$
|
10,985
|
|
|
$
|
39,981
|
|
|
$
|
46,490
|
|
Adjusted operating
income margin
|
11.6%
|
|
|
9.4%
|
|
|
8.8%
|
|
|
9.3%
|
|
_________________
(1)
|
Represents expenses
incurred for the 2017 Closure Initiative in 2016 and the Bonefish
Restructuring and Domestic Restructuring Initiative in
2015.
|
(2)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation and remodel programs.
|
(3)
|
Represents fees and
expenses related to certain legal and contingent matters, including
the Sears litigation.
|
(4)
|
Relates to costs
incurred with our sale-leaseback initiative, including an
adjustment of $0.3 million for amortization of deferred gains
related to our sale-leaseback initiative from our second fiscal
quarter. Subsequent to the second quarter, based on an ongoing
review of our non-GAAP presentations, we determined not to adjust
for this item on a prospective basis. We do not consider this
change material to the historical periods presented.
|
(5)
|
Represents asset
impairment charges and related costs associated with our Puerto
Rico subsidiary.
|
(6)
|
Relates primarily to
the relocation of our Fleming's operations center to the corporate
home office.
|
(7)
|
Represents asset
impairment charges and related costs primarily for the Outback
Steakhouse South Korea sale.
|
(8)
|
Represents intangible
amortization recorded as a result of the acquisition of our Brazil
operations.
|
(9)
|
Represents expenses
incurred primarily for the 2017 Closure Initiative in 2016 and
International Restaurant Closure Initiative in 2016 and
2015.
|
(10)
|
Represents expenses
incurred in connection with our sale of Outback Steakhouse South
Korea.
|
TABLE
SEVEN
|
BLOOMIN' BRANDS,
INC.
|
COMPARATIVE
RESTAURANT INFORMATION
|
(UNAUDITED)
|
Number of
restaurants (at end of the period):
|
SEPTEMBER 25,
2016
|
|
OPENINGS
|
|
CLOSURES
|
|
OTHER
|
|
DECEMBER 25,
2016
|
U.S.
|
|
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
|
|
|
|
|
|
|
|
|
Company-owned
|
651
|
|
|
3
|
|
|
(2)
|
|
|
(2)
|
|
|
650
|
|
Franchised
|
105
|
|
|
1
|
|
|
(1)
|
|
|
—
|
|
|
105
|
|
Total
|
756
|
|
|
4
|
|
|
(3)
|
|
|
(2)
|
|
|
755
|
|
Carrabba's Italian
Grill
|
|
|
|
|
|
|
|
|
|
Company-owned
|
243
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
242
|
|
Franchised
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Total
|
245
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
244
|
|
Bonefish
Grill
|
|
|
|
|
|
|
|
|
|
Company-owned
|
204
|
|
|
1
|
|
|
(1)
|
|
|
—
|
|
|
204
|
|
Franchised
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
Total
|
210
|
|
|
1
|
|
|
(1)
|
|
|
—
|
|
|
210
|
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
|
|
|
|
|
|
|
|
Company-owned
|
67
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
68
|
|
International
|
|
|
|
|
|
|
|
|
|
Company-owned
|
|
|
|
|
|
|
|
|
|
Outback
Steakhouse—Brazil (1)
|
81
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
83
|
|
Other
|
24
|
|
|
6
|
|
|
(1)
|
|
|
—
|
|
|
29
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
South Korea
|
72
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
73
|
|
Other
|
52
|
|
|
1
|
|
|
(1)
|
|
|
2
|
|
|
54
|
|
Total
|
229
|
|
|
10
|
|
|
(2)
|
|
|
2
|
|
|
239
|
|
System-wide total
(2)
|
1,507
|
|
|
16
|
|
|
(7)
|
|
|
—
|
|
|
1,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
(1)
|
The restaurant counts
for Brazil are reported as of August 31, 2016 and November 30,
2016, respectively, to correspond with the balance sheet dates of
this subsidiary.
|
(2)
|
The restaurant count
as of December 25, 2016 includes 43 locations scheduled to close in
connection with the 2017 Closure Initiative.
|
TABLE EIGHT
|
BLOOMIN' BRANDS,
INC.
|
COMPARABLE
RESTAURANT SALES INFORMATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL YEAR
ENDED
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
|
DECEMBER 25,
2016
|
|
DECEMBER 27,
2015
|
Year over year
percentage change:
|
|
|
|
|
|
|
|
Comparable restaurant
sales (stores open 18 months or more) (1)(2):
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
(4.8)%
|
|
|
(2.2)%
|
|
(2.3)%
|
|
|
1.8%
|
Carrabba's Italian
Grill
|
(2.3)%
|
|
|
(4.0)%
|
|
(2.7)%
|
|
|
(0.7)%
|
Bonefish
Grill
|
(1.9)%
|
|
|
(5.4)%
|
|
(0.5)%
|
|
|
(3.3)%
|
Fleming's Prime
Steakhouse & Wine Bar
|
0.2%
|
|
|
(0.3)%
|
|
(0.2)%
|
|
|
1.3%
|
Combined
U.S.
|
(3.5)%
|
|
|
(2.8)%
|
|
(1.9)%
|
|
|
0.5%
|
International
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil (3)
|
6.1%
|
|
|
7.3%
|
|
6.7%
|
|
|
6.3%
|
|
|
|
|
|
|
|
|
Traffic:
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
(7.7)%
|
|
|
(4.9)%
|
|
(5.7)%
|
|
|
(1.5)%
|
Carrabba's Italian
Grill
|
(3.8)%
|
|
|
(1.9)%
|
|
(2.7)%
|
|
|
(0.1)%
|
Bonefish
Grill
|
(5.2)%
|
|
|
(8.4)%
|
|
(3.7)%
|
|
|
(6.2)%
|
Fleming's Prime
Steakhouse & Wine Bar
|
(2.9)%
|
|
|
(2.6)%
|
|
(2.2)%
|
|
|
(0.2)%
|
Combined
U.S.
|
(6.4)%
|
|
|
(4.6)%
|
|
(4.7)%
|
|
|
(1.8)%
|
International
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil
|
0.4%
|
|
|
(0.6)%
|
|
0.2%
|
|
|
0.5%
|
|
|
|
|
|
|
|
|
Average check per
person increases (decreases) (4):
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
2.9%
|
|
|
2.7%
|
|
3.4%
|
|
|
3.3%
|
Carrabba's Italian
Grill
|
1.5%
|
|
|
(2.1)%
|
|
—%
|
|
|
(0.6)%
|
Bonefish
Grill
|
3.3%
|
|
|
3.0%
|
|
3.2%
|
|
|
2.9%
|
Fleming's Prime
Steakhouse & Wine Bar
|
3.1%
|
|
|
2.3%
|
|
2.0%
|
|
|
1.5%
|
Combined
U.S.
|
2.9%
|
|
|
1.8%
|
|
2.8%
|
|
|
2.3%
|
International
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil
|
5.7%
|
|
|
7.8%
|
|
6.5%
|
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
(1)
|
Comparable restaurant
sales exclude the effect of fluctuations in foreign currency rates.
Relocated international restaurants closed more than 30 days and
relocated U.S. restaurants closed more than 60 days are excluded
from comparable restaurant sales until at least 18 months after
reopening.
|
(2)
|
Fiscal year 2015
includes $24.3 million higher restaurant sales due to a change in
our fiscal year end.
|
(3)
|
Includes the trading
day impact from calendar period reporting of 0.0% and 0.1% for the
thirteen weeks ended December 25, 2016 and December 27, 2015,
respectively and 0.0% and (0.2)% for fiscal years 2016 and 2015,
respectively.
|
(4)
|
Average check per
person increases (decreases) includes the impact of menu pricing
changes, product mix and discounts.
|
Mark Graff
Vice President, IR & Finance
(813) 830-5311
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bloomin-brands-announces-2016-q4-diluted-eps-of-004-and-adjusted-diluted-eps-of-031-provides-2017-financial-outlook-300409326.html
SOURCE Bloomin' Brands, Inc.