** charts before earnings **
** charts after earnings **
Bloomin' Brands reports EPS in-line, misses on revs; guides FY17 EPS in-line; closes 43 underperforming stores :
- Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.31; revenues fell 4.3% year/year to $1 bln vs the $1.02 bln Capital IQ Consensus. The decrease in Total revenues was primarily due to the sale of Outback Steakhouse South Korea restaurants in July 2016 and lower comparable restaurant sales, partially offset by the effect of foreign currency translation and the net benefit of new restaurant openings and closings.
- Reported combined U.S. comparable restaurant sales down 3.5%; Reported comparable restaurant sales for Outback Steakhouse in Brazil up 6.1%. Repurchased 1.8 million shares of common stock for a total of $35 million;
- Co issues in-line guidance for FY17, sees EPS of $1.40-1.47, excluding non-recurring items, vs. $1.42 Capital IQ Consensus Estimate.
- "On February 15, 2017, we decided to close 43 underperforming restaurants. In connection with these closures, we recognized pre-tax asset impairments of $46.5 million during Q4 2016, which includes three restaurants that closed in the fourth quarter. We expect to incur charges between $16 million to $19 million in fiscal year 2017 with the majority of these expenses occurring in the first quarter."
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