Q3 2024 Bloomin' Brands Inc Earnings Call Transcript
Key Points
- Bloomin Brands Inc (BLMN) has iconic brands with strong growth potential, particularly in the steak and Italian casual dining categories.
- The company has a strategic partnership with Vinci Partners for its Brazil operations, retaining a 33% ownership, which is expected to drive future growth.
- Despite challenges, the company has a good balance sheet with ample cash flows, providing financial stability.
- The company is focused on improving the guest experience and operational excellence, which is expected to drive traffic and profitability.
- Bloomin Brands Inc (BLMN) has demonstrated resilience and community support, notably donating $500,000 to the American Red Cross for hurricane recovery efforts.
- Total revenues in Q3 2024 were down 4% from 2023, primarily due to a decline in comparable restaurant sales and FX translation impacts.
- US comparable restaurant sales were negative 150 basis points, with traffic down 440 basis points, reflecting broader industry challenges.
- Q3 adjusted diluted earnings per share decreased to $0.21 from $0.41 in 2023, impacted by asset impairment and closure-related charges.
- Restaurant-level margins declined by 150 basis points, driven by labor wage inflation and higher operating expenses.
- The company is not satisfied with its 2024 performance and acknowledges the need for improvement in execution and traffic growth.
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Thank you, and good morning, everyone. With me on today's call are Mike Spanos, our Chief Executive Officer; and Michael Healy, Chief Financial Officer and Executive Vice President. By now, you should have access to our fiscal third quarter 2024 earnings release. It can also be found on our website at www.bloominbrands.com in the investor section.
Throughout this conference call, we will be presenting results on an adjusted basis. An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release on our website as previously described.
Before we begin formal remarks, I'd like to remind everyone that part of our discussion today will include forward-looking statements, including a discussion of recent trends. These statements are subject to numerous risks and uncertainties that could cause actual results to differ in a
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