BLMN - What's Going On With Bloomin' Brands After Announcing Strategic Alternatives For Brazil Ops? | Benzinga
Bloomin’ Brands, Inc. (NASDAQ:BLMN) on Tuesday reported first-quarter adjusted earnings per share of 70 cents, missing the analyst consensus of 74 cents.
Quarterly sales of $1.195 billion marginally missed the street view of $1.197 billion, decreasing 4% year over year.
Quarterly results were affected by a decrease in restaurant-level operating margin, the impacts of the 2023 Closure Initiative, higher depreciation and amortization expense, and the impact of lapping the Brazil value-added tax exemption.
Adjusted operating margin contracted to 7.5% from 9.7%. Adjusted restaurant-level operating margin decreased to 16% from 17.9%.
According to the company, the year-ago period included several ...