Bloomin Brands Inc (BLMN) Q3 2023 Earnings: Diluted EPS Up 32% YoY, Total Revenues Increase by 2.3%
Bloomin Brands Inc (NASDAQ:BLMN) reports Q3 2023 diluted EPS of $0.45, marking a 32% increase from Q3 2022.
Total revenues for Q3 2023 reached $1,079.8 million, a 2.3% increase from Q3 2022.
BLMN repurchased 2.4 million shares for a total of $61 million through October 31, 2023.
The company updates its 2023 guidance for U.S. Comparable Restaurant Sales and EPS.
On November 3, 2023, Bloomin Brands Inc (NASDAQ:BLMN) released its Q3 2023 earnings report, highlighting a 32% year-over-year increase in diluted EPS and a 2.3% increase in total revenues compared to Q3 2022. The company also updated its 2023 guidance for U.S. Comparable Restaurant Sales and EPS.
Financial Performance and Highlights
BLMN reported a Q3 2023 diluted EPS of $0.45, up from $0.34 in Q3 2022. Adjusted diluted EPS for Q3 2023 was $0.44, marking a 26% increase from Q3 2022. Total revenues for the quarter reached $1,079.8 million, a 2.3% increase from $1,055.8 million in Q3 2022.
CEO David Deno commented on the results, stating,
We saw strong earnings per share growth in the quarter. We remain focused on driving traffic and maintaining margins as we navigate the near-term sales environment. We are confident that the investments we made in food, service and technology will elevate the guest experience and lead to sustainable, long-term sales and profit growth."
Financial Outlook
BLMN updated its 2023 financial outlook, adjusting its expectations for U.S. comparable restaurant sales, diluted earnings per share, and effective income tax rate. The company now expects U.S. comparable restaurant sales to be between 1.5% and 2%, down from the previous outlook of 2% to 4%. Adjusted diluted earnings per share are now expected to be between $2.80 and $2.90, down from the previous range of $2.91 to $3.00.
Share Repurchases and Dividends
During 2023, BLMN repurchased 2.4 million shares for a total of $61 million. The company's Board of Directors also declared a quarterly cash dividend of $0.24 per share, payable on November 29, 2023, to stockholders of record at the close of business on November 14, 2023.
Restaurant Performance
BLMN reported mixed results for its U.S. comparable restaurant sales. Outback Steakhouse saw a decrease of 1.1%, Bonefish Grill decreased by 0.5%, and Flemings Prime Steakhouse & Wine Bar decreased by 4.1%. However, Carrabbas Italian Grill saw an increase of 3.0%. Internationally, Outback Steakhouse in Brazil reported a 4.1% increase in comparable restaurant sales.
For more detailed financial information, please visit www.bloominbrands.com.
Explore the complete 8-K earnings release (here) from Bloomin Brands Inc for further details.
This article first appeared on GuruFocus.
