Bloomin' Brands, Inc. (BLMN) Bundle
A Brief History of Bloomin' Brands
Bloomin' Brands, Inc. is a global leader in casual dining, operating several well-known restaurant chains such as Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill. The company was founded in 1988 in Tampa, Florida, and has since expanded its presence both domestically and internationally.
Financial Performance Overview
As of September 29, 2024, Bloomin' Brands reported total revenues of $3.35 billion for the thirty-nine weeks ended, a decrease from $3.48 billion in the prior year. The breakdown of revenues includes:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Restaurant Sales | $3,308,142 | $3,429,977 |
| Franchise and Other Revenues | $44,822 | $47,296 |
| Total Revenues | $3,352,964 | $3,477,273 |
Net Income and Earnings Per Share
The company reported a net loss of $45.12 million for the thirty-nine weeks ended September 29, 2024, compared to a net income of $208.86 million for the same period in 2023. Earnings per share (EPS) for the period were:
| Period | Basic EPS | Diluted EPS |
|---|---|---|
| 2024 | ($0.56) | ($0.56) |
| 2023 | $2.30 | $2.08 |
Operating Income and Margins
Bloomin' Brands' income from operations for the thirty-nine weeks ended September 29, 2024 was $140.43 million, significantly lower than $268.30 million in the prior year. The operating income margins were:
| Period | Operating Income (in thousands) | Operating Margin |
|---|---|---|
| 2024 | $140,434 | 4.2% |
| 2023 | $268,295 | 7.7% |
Share Repurchase and Dividend Activity
In fiscal year 2024, Bloomin' Brands declared cash dividends totaling $0.72 per share, amounting to $62.21 million. The company also repurchased $265.70 million worth of common stock. The details of share repurchases are as follows:
| Quarter | Shares Repurchased (in thousands) | Amount (in thousands) |
|---|---|---|
| First Quarter | 6,948 | $188,500 |
| Second Quarter | 2,156 | $59,000 |
| Third Quarter | 969 | $18,195 |
| Total | 10,073 | $265,695 |
Current Financial Position
As of September 29, 2024, Bloomin' Brands had total assets of $3.43 billion and total liabilities of $3.19 billion, resulting in stockholders' equity of approximately $244.97 million. The financial condition as of December 31, 2023, was:
| Category | September 29, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Current Assets | $261,058 | $343,314 |
| Current Liabilities | $1,313,000 | $1,073,000 |
| Stockholders' Equity | $244,971 | $412,003 |
Bloomin' Brands continues to navigate a challenging economic landscape, focusing on operational efficiencies and strategic growth initiatives to enhance shareholder value.
A Who Owns Bloomin' Brands, Inc. (BLMN)
Major Shareholders
As of 2024, Bloomin' Brands, Inc. has a diverse ownership structure comprising institutional and individual shareholders. The following table highlights the major shareholders and their respective ownership percentages:
| Shareholder Name | Ownership Percentage | Type of Ownership |
|---|---|---|
| Vanguard Group, Inc. | 10.5% | Institutional |
| BlackRock, Inc. | 9.8% | Institutional |
| State Street Corporation | 7.2% | Institutional |
| Wellington Management Group LLP | 5.6% | Institutional |
| FMR LLC (Fidelity) | 4.5% | Institutional |
| Insider Holdings (Management & Directors) | 3.1% | Insider |
| Other Individual and Institutional Investors | 59.3% | Varied |
Stock Performance and Market Trends
As of September 29, 2024, the closing stock price of Bloomin' Brands, Inc. was $18.78. The stock has experienced fluctuations throughout the year, with a 52-week range of $15.11 to $27.36. The market capitalization of the company stands at approximately $1.59 billion.
Recent Financial Performance
For the thirteen weeks ended September 29, 2024, Bloomin' Brands reported total revenues of $1.038 billion, down from $1.080 billion in the prior year. Restaurant sales accounted for $1.025 billion of this total. The company reported a net income of $7.54 million, compared to $45.43 million for the same period last year. Basic earnings per share (EPS) were $0.08, compared to $0.50 for the prior year period.
Debt and Equity Structure
As of September 29, 2024, Bloomin' Brands had total liabilities of approximately $3.19 billion, with long-term debt amounting to $1.1 billion. The company has implemented a share repurchase program with an authorization of $350 million for 2024, aimed at enhancing shareholder value.
Recent Developments
On November 8, 2024, Bloomin' Brands announced an agreement to sell 67% of its Brazil operations for an enterprise valuation of approximately $243 million, retaining a 33% interest in the operations. This strategic move is expected to streamline the company’s focus on core markets and enhance operational efficiency.
Dividends
Bloomin' Brands declared a quarterly cash dividend of $0.24 per share, payable on December 11, 2024, to shareholders of record as of November 25, 2024. The total cash dividends for the fiscal year 2024 amounted to $62.21 million.
Bloomin' Brands, Inc. (BLMN) Mission Statement
Overview of the Mission Statement
The mission statement of Bloomin' Brands, Inc. emphasizes the commitment to delivering exceptional dining experiences. The company aims to be a leader in the restaurant industry by focusing on quality food, superior service, and the development of its brands globally.
Core Elements of the Mission Statement
- Quality Food: Bloomin' Brands is dedicated to sourcing high-quality ingredients and providing a diverse menu that caters to various tastes.
- Exceptional Service: The company prioritizes customer service, striving to create memorable experiences for every guest.
- Global Brand Development: Focus on expanding its brand presence internationally while maintaining local relevance.
- Community Engagement: Commitment to social responsibility and community involvement through various initiatives.
Financial Performance Metrics
As of September 29, 2024, Bloomin' Brands reported the following financial metrics:
| Metric | Value |
|---|---|
| Total Revenues | $3,352,964,000 |
| Net Income (Loss) | $(45,118,000) |
| Adjusted Net Income | $126,692,000 |
| Operating Income Margin | 4.2% |
| Restaurant-Level Operating Margin | 11.4% |
| Diluted Earnings Per Share | $0.08 |
Brand Portfolio
Bloomin' Brands operates several well-known restaurant brands, including:
- Outback Steakhouse
- Bonefish Grill
- Fleming's Prime Steakhouse & Wine Bar
- Carrabba's Italian Grill
Recent Developments
In November 2024, Bloomin' Brands announced an agreement to sell 67% of its Brazil operations for an enterprise valuation of R$2.06 billion (approximately $243 million). This strategic decision reflects the company's focus on optimizing its portfolio and enhancing shareholder value.
Shareholder Returns
Bloomin' Brands has implemented a robust dividend and share repurchase program, with the following details for fiscal year 2024:
| Quarter | Dividends Paid | Share Repurchases |
|---|---|---|
| Q1 2024 | $21,075,000 | $188,500,000 |
| Q2 2024 | $20,762,000 | $59,000,000 |
| Q3 2024 | $20,375,000 | $18,195,000 |
| Total | $62,212,000 | $265,695,000 |
Future Outlook
Bloomin' Brands anticipates capital expenditures of approximately $260 million to $270 million for 2024, aimed at enhancing its restaurant portfolio and expanding operations.
Conclusion
The mission statement of Bloomin' Brands, Inc. reflects its dedication to quality, service, and community, while the company's financial performance and strategic decisions underscore its commitment to long-term growth and shareholder value.
How Bloomin' Brands, Inc. (BLMN) Works
Company Overview
Bloomin' Brands, Inc. operates a portfolio of restaurant brands, including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. As of September 29, 2024, Bloomin' Brands operated 1,173 restaurants and franchised 290 restaurants across 46 states, Guam, and 13 countries.
Financial Performance
For the thirteen weeks ended September 29, 2024, the company reported total revenues of $1,038.8 million, a decrease of 3.8% compared to the same period in 2023. Restaurant sales accounted for $1,025.1 million, reflecting a decline from $1,064.4 million in the prior year. The following table summarizes the financial performance:
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $1,038.8 million | $1,079.8 million | -3.8% |
| Restaurant Sales | $1,025.1 million | $1,064.4 million | -3.7% |
| Operating Income | $17.2 million | $58.2 million | -70.5% |
| Net Income | $7.5 million | $45.4 million | -83.5% |
| Earnings Per Share (EPS) | $0.08 | $0.45 | -82.2% |
Operations and Costs
Bloomin' Brands' operating costs consist of several components, including food and beverage, labor, and other operating expenses. For the thirteen weeks ended September 29, 2024, the breakdown of costs was as follows:
| Cost Component | Q3 2024 | Q3 2023 |
|---|---|---|
| Food and Beverage | $304.3 million | $321.9 million |
| Labor and Related Expenses | $313.0 million | $314.4 million |
| Other Operating Expenses | $280.0 million | $281.1 million |
Segment Performance
The company's operations are divided into U.S. and International segments. For the thirty-nine weeks ended September 29, 2024, the performance by segment was:
| Segment | Total Revenues | Income from Operations | Operating Margin (%) |
|---|---|---|---|
| U.S. | $2,904.6 million | $216.0 million | 7.4% |
| International | $448.4 million | $30.5 million | 6.8% |
Debt and Financing
As of September 29, 2024, Bloomin' Brands had total credit facilities amounting to $1.1 billion, with a balance of $775 million in revolving credit. The interest rates on the facilities were as follows:
| Debt Instrument | Balance | Interest Rate (%) |
|---|---|---|
| Senior Secured Credit Facility | $775 million | 6.86% |
| 2025 Notes | $20.7 million | 5.13% |
| 2029 Notes | $300 million | 5.00% |
Recent Developments
On November 8, 2024, Bloomin' Brands announced an agreement to sell a 67% ownership stake in its Brazil operations for approximately $243 million. This transaction is expected to close by December 31, 2024.
Stockholder Returns
During fiscal year 2024, Bloomin' Brands declared cash dividends totaling $0.72 per share, with a breakdown as follows:
| Quarter | Dividend Per Share | Total Amount Paid |
|---|---|---|
| Q1 2024 | $0.24 | $21.1 million |
| Q2 2024 | $0.24 | $20.8 million |
| Q3 2024 | $0.24 | $20.4 million |
| Total | $0.72 | $62.2 million |
How Bloomin' Brands, Inc. (BLMN) Makes Money
Revenue Streams
Bloomin' Brands, Inc. generates revenue primarily through two main streams: restaurant sales and franchise revenues. As of 2024, the company reported total revenues of approximately $3.352 billion, a decrease from $3.477 billion in 2023.
| Revenue Source | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) |
|---|---|---|
| Restaurant Sales | $3,308,142 | $3,429,977 |
| Franchise and Other Revenues | $44,822 | $47,296 |
| Total Revenues | $3,352,964 | $3,477,273 |
Operating Income
For the fiscal year ended September 29, 2024, Bloomin' Brands reported an operating income of approximately $140.4 million, down from $268.3 million in 2023. The operating income margin also declined from 7.7% to 4.2% during this period.
| Financial Metric | 2024 Amount (in thousands) | 2023 Amount (in thousands) |
|---|---|---|
| Operating Income | $140,434 | $268,295 |
| Operating Income Margin | 4.2% | 7.7% |
Costs and Expenses
The company’s costs and expenses totaled approximately $3.213 billion in 2024, slightly up from $3.209 billion in 2023. The main components of costs include food and beverage, labor, and other operating expenses.
| Expense Category | 2024 Amount (in thousands) | 2023 Amount (in thousands) |
|---|---|---|
| Food and Beverage | $998,177 | $1,057,305 |
| Labor and Related Expenses | $985,083 | $981,908 |
| Other Restaurant Operating Expenses | $851,111 | $837,349 |
| Total Costs and Expenses | $3,212,530 | $3,208,978 |
Net Income
Bloomin' Brands reported a net income of $7.5 million for the thirteen weeks ended September 29, 2024, a significant decrease from $45.4 million in the same period of the previous year. Net income attributable to Bloomin' Brands was $6.9 million, compared to $44.5 million in 2023.
| Financial Metric | 2024 Amount (in thousands) | 2023 Amount (in thousands) |
|---|---|---|
| Net Income | $7,541 | $45,431 |
| Net Income Attributable to Bloomin' Brands | $6,912 | $44,528 |
Average Restaurant Unit Volumes
The average restaurant unit volumes for Bloomin' Brands' main dining concepts remained relatively stable. For example, Outback Steakhouse had an average weekly volume of $72,108 as of September 29, 2024.
| Restaurant Concept | Average Weekly Volume (2024) | Average Weekly Volume (2023) |
|---|---|---|
| Outback Steakhouse | $72,108 | $72,072 |
| Carrabba’s Italian Grill | $64,038 | $64,067 |
| Bonefish Grill | $56,477 | $58,111 |
| Fleming’s Prime Steakhouse & Wine Bar | $95,755 | $92,452 |
Franchise Operations
Franchise revenues remain a significant aspect of Bloomin' Brands' business model, contributing to overall revenue stability. The company operates several franchise locations internationally, which adds a layer of revenue through royalties and fees.
| Franchise Revenue (in thousands) | 2024 Amount | 2023 Amount |
|---|---|---|
| Franchise and Other Revenues | $44,822 | $47,296 |
Stock Performance and Share Repurchases
As part of its financial strategy, Bloomin' Brands has engaged in share repurchase programs. In 2024, the company repurchased approximately 10 million shares at an average price of $26.38 per share.
| Fiscal Quarter | Shares Repurchased | Average Repurchase Price | Total Amount (in thousands) |
|---|---|---|---|
| First Quarter | 6,948 | $27.13 | $188,500 |
| Second Quarter | 2,156 | $27.36 | $59,000 |
| Third Quarter | 969 | $18.78 | $18,195 |
| Total | 10,073 | $26.38 | $265,695 |
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Updated on 16 Nov 2024
Resources:
- Bloomin' Brands, Inc. (BLMN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bloomin' Brands, Inc. (BLMN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bloomin' Brands, Inc. (BLMN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.