Bloomin' Brands Q1 Earnings Exceed Expectations; Reaffirms FY23 Guidance

Bloomin' Brands, Inc. BLMN reported first-quarter FY23 sales growth of 9.1% year-on-year to $1.24 billion, beating the consensus of $1.22 billion.
The company's combined U.S. comparable restaurant sales growth was 5.1%.
Adjusted EPS of $0.98 beat the analyst consensus of $0.81.
The increase in total revenues was primarily due to - higher comparable restaurant sales, the net impact of restaurant openings and closures, the benefit of Brazil value-added tax exemptions, and the effect of foreign currency translation.
Segment Details: Restaurant sales rose 9.3% Y/Y to $1.23 billion. Franchise and other revenues fell 2.6% to $16.51 million.
The operating income margin in the quarter was 9.7%, up 30 basis points Y/Y. This was driven by an increase in menu pricing and lapping the impact of COVID-19 in Brazil and Hong Kong.
The company held $94.44 million in cash and equivalents as of March 26, 2023. The company had a net debt of $767.97 million.
"Our Q1 results reflected the work we are doing to elevate the customer experience and drive healthy top-line growth. These efforts have resulted in enhanced sales and profits, which set us up well to achieve our 2023 goals," said David Deno, CEO.
Dividend: On April 18, 2023, Bloomin' Brands declared a quarterly cash dividend of $0.24 per share, payable on May 24, 2023, to stockholders of record on May 10, 2023.
Outlook: Bloomin' Brands reiterated its FY23 guidance. The company sees adjusted EPS of $2.91-$3.00 against the Street view of $2.94.
For Q2, the company expects adjusted EPS of $0.62-$0.67 against the Street view of $0.72.
Price Action: BLMN shares are trading higher by 3.05% at $24.29 on the last check Friday.

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