Q2 2024 Bloomin' Brands Inc Earnings Call Transcript
Key Points
- Adjusted Q2 2024 diluted earnings per share was $0.51, showing resilience despite industry challenges.
- Signs of inflation returning to normal and potential decline in interest rates could create a more favorable environment.
- Significant improvements in customer satisfaction metrics, with steak accuracy and consistency of experience both up 500 basis points.
- Strong off-premises business, accounting for 24% of US sales, with catering business expanding significantly.
- Robust cash flow and solid balance sheet enable continued investment in marketing, operations, and asset improvements.
- Total revenues in Q2 were down 3% from 2023, primarily due to a decline in comparable restaurant sales and other factors.
- US comparable restaurant sales were negative 10 basis points, with traffic down 380 basis points.
- Adjusted operating margins declined to 5.7% from 7.8% last year, impacted by various factors including labor and advertising costs.
- Higher construction costs are impacting the returns on new restaurant openings and remodels.
- Fine dining segment, particularly Fleming's, faced more significant traffic challenges compared to casual dining.
Greetings and welcome to the Bloomin' Brands fiscal second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
It is now my pleasure to introduce your host, Tara Kurian, Vice President, Corporate Finance and Investor Relations. You may begin.
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Thank you and good morning, everyone. With me on today's call are David Deno, our Chief Executive Officer, and Michael Healy, Chief Financial Officer and Executive Vice President. By now you should have access to our fiscal second quarter 2024 earnings release. It can also be found on our website at www.bloominbrands.com, in the Investors section.
Throughout this conference call, we will be presenting results on an adjusted basis and explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP
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