TAMPA, Fla. - Bloomin' Brands, Inc. (NASDAQ: NASDAQ:BLMN) has reported its financial results for the fourth quarter of 2023, with adjusted earnings per share (EPS) of $0.75, surpassing analyst expectations by $0.06. However, the company's revenue fell short of the consensus estimate, coming in at $1.19 billion against an anticipated $1.2 billion.
The company's CEO, David Deno, reflected positively on the quarter, particularly highlighting the strong performance during the holiday season. Deno emphasized the company's commitment to enhancing the guest experience, which is expected to foster sales and profit growth across all brands, including the flagship Outback Steakhouse.
Despite the mixed results, Bloomin' Brands has provided its full-year 2024 financial outlook, projecting U.S. comparable restaurant sales to range from flat to a 2% increase. The forecast for GAAP diluted EPS is set between $2.27 and $2.46. More notably, the company's guidance for adjusted EPS for FY2024 stands at $2.51 to $2.66, which brackets the analyst consensus of $2.58.
The company's fourth-quarter performance and future guidance did not include the stock's up or down percentage movement or the specific drivers of the market response, as this information was not provided.
Bloomin' Brands has also announced a $350 million share repurchase authorization, signaling confidence in the company's financial strength and commitment to delivering shareholder value.
Looking ahead, the company plans to open 40 to 45 new system-wide restaurants in 2024, indicating a strategic expansion effort. This growth initiative, along with the company's operational focus, is aimed at sustaining Bloomin' Brands' position in the competitive casual dining market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.