Bloomin' Brands Q4 2024 Financial Results
Bloomin' Brands, Inc., one of the largest casual dining restaurant companies globally, has released its financial results for the fourth quarter of 2024 and the fiscal year ended December 29, 2024. The company operates well-known brands such as Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar.
Financial Highlights
For Q4 2024, Bloomin' Brands reported a diluted EPS of $(0.93) and an adjusted diluted EPS of $0.38. The company’s total revenues for the quarter were $972.0 million, a decrease from $1,071.7 million in Q4 2023. The fiscal year 2024 saw total revenues of $3.95 billion, down from $4.17 billion in 2023. The decrease in revenues was primarily attributed to the absence of the 53rd week that was included in 2023 and the net impact of restaurant closures and openings.
Business and Operational Highlights
During Q4 2024, Bloomin' Brands completed the sale of 67% of its Brazil operations to a fund managed by Vinci Partners, retaining a 33% interest. Post-sale, the Brazil restaurants began operating as unconsolidated franchises. The company’s restaurant-level operating margin decreased to 12.4% from 15.9% in Q4 2023, primarily due to higher labor, operating, and commodity costs driven by inflation.
Strategic Initiatives and Corporate Developments
In 2024, Bloomin' Brands repurchased 10.1 million shares for a total of $265.7 million and declared a quarterly cash dividend of $0.15 per share, payable on March 26, 2025. The company also provided a financial outlook for 2025, projecting U.S. comparable restaurant sales to range from a decline of 2.0% to flat, and adjusted diluted EPS to be between $1.20 and $1.40.
Management's Perspective
CEO Mike Spanos commented, “In my first six months, I have become even more confident that we have iconic brands with a strong right to succeed in on-trend, large scale categories. I am also aware that our current results are not what we expect and are not representative of our potential. We are making changes to address our near-term execution as well as drive sustainable sales and profit growth.”
Future Outlook
For Q1 2025, Bloomin' Brands expects U.S. comparable restaurant sales to range from a decline of 1.5% to 0.5%, with diluted EPS projected between $0.48 and $0.53, and adjusted diluted EPS between $0.55 and $0.60. The company anticipates commodity inflation of 2.5% to 3.5% and labor inflation of 4% to 5% for the full year 2025.
SEC Filing: Bloomin' Brands, Inc. [ BLMN ] - 8-K - Feb. 26, 2025