Bloomin' Brands Reports Strong Q4 2023 Results

Bloomin’ Brands, Inc. (NASDAQ: BLMN) has released its financial results for the fourth quarter of 2023 and the fiscal year ended December 31, 2023. The company also provided its full-year 2024 financial outlook.

Financial Highlights:

Q4 2023 diluted EPS of $0.45 and adjusted diluted EPS of $0.75 Total revenues for Q4 2023 were $1,194.2 million, representing a 9.1% increase from Q4 2022. The company announced a $350 million share repurchase authorization. CEO Comments:

David Deno, CEO of Bloomin’ Brands, expressed satisfaction with the fourth quarter, particularly during the holiday season. He emphasized the company's focus on enhancing the guest experience to drive sales and profit growth.

Financial Outlook:

For fiscal 2024, the company expects flat to +2% U.S. comparable restaurant sales and an effective income tax rate of 14% to 16%. The 2024 share repurchase program, which will expire on August 13, 2025, includes capacity above the normal share repurchases activity to provide flexibility in retiring the company's convertible senior notes at or before their May 2025 maturity. 2023 Closure Initiative:

In Q4 2023, Bloomin’ Brands made the decision to close 36 predominantly older, underperforming restaurants and recognized asset impairments and net closure charges of $32.3 million. The company expects to complete these closures during Q1 2024 and incur charges of between $8 million and $11 million.

As a result of these announcements, the company's shares have moved 5.8% on the market, and are now trading at a price of $28.14. For more information, read the company's full 8-K submission here.

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