Bloomin' Brands CEO David Deno retires; Q1 adjusted EPS $0.70, explores sale of Brazil operations

Bloomin' Brands, Inc.

CEO David Deno retiring after 12 years; board leading search for successor; Deno to remain until transition completed.
Q1 adjusted diluted EPS $0.70 (down from $0.98); GAAP EPS $(0.96) due to convertible note retirement and closure charges.
Total revenues $1.195B, down 4% YoY; U.S. comparable sales -1.6%.
Board exploring strategic alternatives for Brazil operations, including possible sale; retained BofA Securities.
FY2024 guidance: adjusted EPS reaffirmed $2.51-$2.66; GAAP EPS lowered to $0.79-$0.94; commodity inflation lowered to 2-3%.

item 2.02 item 5.02 item 8.01 item 9.01

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Departed

David J. Deno

Chief Executive Officer

BLMN · Bloomin' Brands, Inc.

Filed: May 7, 2024, 7:59 PM ET

On May 2, 2024, David J. Deno informed the Board of Directors (the “Board”) of Bloomin’ Brands, Inc. of his intention to retire from his role as Chief Executive Officer and as a member of the Board.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bloomin' Brands, Inc. reported first quarter 2024 results: revenue $ 1,195.3, EPS $(0.96). Guidance reaffirmed.

Period: first quarter 2024
Revenue: $ 1,195.3
EPS: $(0.96)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

as further discussed below. See non-GAAP Measures later in this release. First Quarter Financial Results (dollars in millions, unaudited) Q1 2024 Q1 2023 CHANGE Total revenues $ 1,195.3 $ 1,244.7 (4.0) % GAAP operating income margin 6.4 % 9.7 % (3.3) % Adjusted operating income margin (1) 7.5 % 9.7 % (2.2) % Restaurant-level operating margin (1) 16.0 % 17.9 %

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Executive change SEC 8-K Item 5.02 confidence 0.95

David J. Deno departed as Chief Executive Officer at Bloomin' Brands, Inc..

Action: retire
Role: Chief Executive Officer

Exact text from the filing

On May 2, 2024, David J. Deno informed the Board of Directors (the “Board”) of Bloomin’ Brands, Inc. of his intention to retire from his role as Chief Executive Officer and as a member of the Board.

View on SEC.gov

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Source: SEC EDGAR

accession 0001546417-24-000109

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