NASDAQ$BLMN
Bloomin Brands Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Bloomin' Brands reported a good finish to 2023, with Q4 diluted EPS of $0.45 and adjusted diluted EPS of $0.75. The company announced a $350 million share repurchase authorization and provided full year 2024 financial outlook.
Bloomin' Brands reported a 9.1% increase in total revenues to $1,194.2 million for Q4 2023, driven by the 53rd week, foreign currency translation, and net impact of restaurant openings and closures. Diluted EPS was $0.45, and adjusted diluted EPS was $0.75. The company's Board of Directors approved a new $350 million share repurchase authorization.
- Total revenues increased by 9.1% to $1,194.2 million compared to Q4 2022.
- Q4 2023 diluted EPS was $0.45, while adjusted diluted EPS was $0.75.
- The Board of Directors declared a quarterly cash dividend of $0.24 per share.
- A new $350.0 million share repurchase program was approved.
Headline financials
Revenue & EPS history
Bloomin' Brands · Revenue · Quarterly
$1.19B
Revenue by segment
Bloomin' Brands · $1.08B total across 2 segments · Q3 2023
- Restaurant sales$1.06B+2.3%98.6%
- Franchise and other$15.4M+0.2%1.4%
Forward guidance
Fiscal 2024 U.S. comparable restaurant sales are expected to be flat to +2%. GAAP diluted earnings per share are projected to be $2.27 to $2.46, and adjusted diluted earnings per share are expected to be $2.51 to $2.66. Commodity inflation is anticipated to be 3% to 4%, and capital expenditures are estimated at $270M to $290M. The number of new system-wide restaurants is planned to be 40 to 45.
Tailwinds
- U.S. comparable restaurant sales are expected to be flat to +2%.
- Adjusted diluted earnings per share are expected to be $2.51 to $2.66.
- Effective income tax rate is projected to be 14% to 16%.
- 40 to 45 new system-wide restaurants are planned to open.
- Share repurchase program of $350 million
Headwinds
- Fiscal 2024 adjusted diluted earnings per share will exclude the Brazil tax legislation benefit.
- Fiscal 2024 adjusted diluted earnings per share will exclude the 53rd week that were included in the 2023 financial results.
- The first three weeks of Q1 2024 were negatively impacted by weather.
- Q1 2024 will be lapping the Brazil tax legislation benefit.
- Commodity inflation is expected to be 3% to 4%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+1.2%
Avg return
Earnings day
+0.1%
Avg return
5 days after
-1.2%
Avg return
30 days after
58%
35 / 60 earnings
Positive
+17.3%
Q3 2014
Best reaction
-19.3%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.1% | +2.3% | -10.5% | |
| Q4 2025 | -2.9% | +7.7% | -10.4% | |
| Q3 2025 | +5.1% | -7.1% | -2.0% | |
| Q1 2025 | -8.4% | +11.1% | -4.4% | |
| Q4 2024 | -16.8% | -29.1% | -37.7% | |
| Q3 2024 | -18.0% | -19.2% | -23.2% | |
| Q2 2024 | -7.3% | -14.5% | -7.4% | |
| Q1 2024 | -4.3% | -7.7% | -19.4% | |
| Q4 2023 | +4.8% | +4.1% | +2.7% | |
| Q3 2023 | -1.9% | -3.4% | +2.1% | |
| Q2 2023 | -5.4% | -6.9% | +4.4% | |
| Q1 2023 | +4.7% | +4.4% | +5.4% | |
| Q4 2022 | +10.5% | +12.9% | +2.4% | |
| Q3 2022 | +6.5% | +2.9% | +1.2% | |
| Q2 2022 | +3.6% | +7.5% | +8.1% | |
| Q1 2022 | +4.9% | +4.3% | -2.0% | |
| Q4 2021 | +8.6% | +6.6% | -3.0% | |
| Q3 2021 | -5.1% | -2.3% | -17.1% | |
| Q2 2021 | +1.1% | +1.5% | +9.8% | |
| Q1 2021 | +9.7% | +7.2% | +2.6% | |
| Q4 2020 | +10.5% | +13.7% | +26.3% | |
| Q3 2020 | -14.1% | -20.8% | -3.7% | |
| Q2 2020 | +7.5% | +10.8% | +13.8% | |
| Q1 2020 | +15.5% | -7.2% | +38.9% | |
| Q4 2019 | +7.0% | +8.9% | -72.6% | |
| Q3 2019 | +10.6% | +9.9% | +7.4% | |
| Q2 2019 | -3.8% | -5.1% | +1.2% | |
| Q1 2019 | +4.6% | +0.3% | -6.4% | |
| Q4 2018 | +12.2% | +10.1% | +5.9% | |
| Q3 2018 | +8.0% | +11.1% | +10.5% | |
| Q2 2018 | -1.1% | -7.3% | -1.1% | |
| Q1 2018 | +2.7% | +4.4% | -8.9% | |
| Q4 2017 | +9.5% | +6.5% | +8.2% | |
| Q3 2017 | -2.1% | -2.1% | +23.9% | |
| Q2 2017 | -11.7% | -16.1% | -16.3% | |
| Q1 2017 | +6.3% | +10.6% | +3.1% | |
| Q4 2016 | +5.1% | -0.2% | +3.9% | |
| Q3 2016 | +2.2% | +1.1% | +16.2% | |
| Q2 2016 | -5.2% | -5.3% | +1.4% | |
| Q1 2016 | +9.9% | — | — | |
| Q4 2015 | -9.5% | — | — | |
| Q3 2015 | -2.4% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | -7.0% | — | — | |
| Q4 2014 | -0.2% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q3 2014 | +17.3% | — | — | |
| Q2 2014 | -19.3% | — | — | |
| Q1 2014 | +0.8% | — | — | |
| Q4 2013 | -1.8% | — | — | |
| Q3 2013 | -4.1% | — | — | |
| Q2 2013 | +6.3% | — | — | |
| Q1 2013 | -3.6% | — | — | |
| Q4 2010 | +2.1% | — | — | |
| Q1 2011 | +2.1% | — | — | |
| Q4 2012 | -5.9% | — | — | |
| Q3 2012 | +10.0% | — | — | |
| Q2 2011 | +7.1% | — | — | |
| Q4 2011 | +7.1% | — | — | |
| Q2 2012 | +6.8% | — | — | |
| Q3 2011 | — | — | — |
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