Bloomin' Brands, Inc. has reported its financial results for the fourth quarter of 2024 (Q4 2024) and the fiscal year ended December 29, 2024, compared to the same periods in 2023. The company's CEO, Mike Spanos, acknowledged that the current results do not meet their expectations but expressed confidence in the potential of their iconic brands.
In Q4 2024, Bloomin' Brands reported a diluted earnings per share (EPS) of $(0.93) and an adjusted diluted EPS of $0.38. This represents a significant change from Q4 2023, which had a diluted EPS of $0.45 and an adjusted diluted EPS of $0.71. The adjusted diluted EPS on a comparable period basis decreased from $0.56 in Q4 2023 to $0.38 in Q4 2024.
The total revenues from continuing operations decreased by 9.3% from Q4 2023 to Q4 2024, primarily due to the 53rd week included in 2023 and the net impact of restaurant closures and openings. The company also experienced a decline in restaurant-level operating margin, which decreased from 15.9% in Q4 2023 to 12.4% in Q4 2024.
In terms of comparable restaurant sales, for the thirteen weeks ended December 29, 2024, the company's U.S. company-owned locations experienced declines across its brands, with Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill all reporting negative comparable sales.
Looking ahead to fiscal 2025, Bloomin' Brands provided its financial outlook, expecting U.S. comparable restaurant sales to decrease by 2.0% to flat. The company anticipates diluted EPS of $1.08 to $1.28 and adjusted diluted EPS of $1.20 to $1.40 for the fiscal year.
Additionally, the company declared a quarterly cash dividend of $0.15 per share and repurchased 10.1 million shares for a total of $265.7 million during 2024. It also provided guidance for the first quarter of 2025, expecting U.S. comparable restaurant sales to decline by 1.5% to 0.5% and projecting a diluted EPS of $0.48 to $0.53 and an adjusted diluted EPS of $0.55 to $0.60.
The sale of 67% of the company's Brazil operations was completed in December 2024, and Bloomin' Brands retained a 33% interest in the business.
Bloomin' Brands, Inc. is a major casual dining restaurant company, with a portfolio that includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. The company operates and franchises more than 1,450 restaurants in 46 states, Guam, and 12 countries.
The company will be hosting a conference call to discuss these financial results and outlook further. The market has reacted to these announcements by moving the company's shares -17.9% to a price of $9.78. For more information, read the company's full 8-K submission here.
