The following is a summary of the Bloomin' Brands, Inc. (BLMN) Q4 2023 Earnings Call Transcript:
Financial Performance:
Bloomin' Brands reported Q4 2023 earnings per share of $0.75, reflecting a growth of 10% year-over-year.
Total revenues for Q4 2023 were $1.19 billion, up 9% from 2022 due to favorable foreign exchange translation, additional week, and the net impact of restaurant openings and closures.
U.S. comparable restaurant sales were slightly below expectations.
Average check was up 2.9% in Q4 compared to the previous year.
GAAP diluted earnings per share for the quarter was $0.45.
Adjusted diluted earnings per share was $0.75.
Q4 adjusted restaurant level operating margins were 15.9%.
Total debt stood at $786 million at the end of Q4.
The company repurchased 2.8 million shares of stock in 2023.
Business Progress:
Bloomin' Brands saw sequential improvement in U.S. comp sales and traffic from Q3 to Q4 2023, with Carrabba's outperforming the industry.
The company launched new campaign for Outback and plans to increase advertising spend in 2024.
Technological upgrades such as handhelds and grills have positively impacted the customer service.
They are reevaluating their advertisement spending and exploring lower-priced menu items.
Guidance for 2024 suggests flat to 2% U.S. comparable restaurant sales growth.
The company plans to open approximately 40-45 new restaurants in 2024.
They aim for an 8% operating margin target and expects margin improvements.
The company aims to maintain its marketing spend in the range of 2.5%-3% of sales moving forward.
More details: Bloomin Brands IR
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