The Recovery is in Full Swing at Bloomin’ Brands

Bloomin’ Brands’ decision not to furlough workers at the company level allowed it to quickly swing back into business, CEO David Deno said. The company shared in an update that, as of June 7, more than 760 corporate U.S. locations (about 74 percent of domestic restaurants) were operating with with limited in-restaurant dining capacity.

At Outback, 373 locations served dine-in guests this past week.

Those restaurants witnessed same-store sales declines of just 13.6 percent compared to prior-year levels. So even with restricted seating, reopened Outbacks are approaching 90 percent of pre-crisis business. Thanks in large part, the company said, to increased off-premises businesses holding above past figures (more below). Bloomin’ tripled its to-go and delivery business while dining rooms were shuttered.

Deno said Bloomin’ expects to have “substantially” all of its domestic dining rooms opened by the end of June.

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“We continue to adhere to the strongest of safety measures as we open dining rooms,” he said in a statement. “These measures include additional sanitation and disinfecting practices, enhanced hand-washing protocols, use of gloves and facial protection for our employees, and we are also providing contactless payment options for our customers.”

Additionally, Bloomin’ reconfigured seating to adhere to social distancing and continues to leverage its table management notification system to allow guests to wait in their cars for their table.

As of Thursday, the company had a total liquidity position of $493 million, which includes about $128 million of cash and $365 million of capacity on its revolving credit facility. It also comprises the $202 million net proceeds from a recent convertible note offering. Bloomin’ said its financial position over the last several weeks improved due to better sales, working capital inflows, and earned tax credits for employee relief pay related to the CARES Act.

Here’s a look at comparable same-store sales trends throughout the pandemic for Bloomim’ (stores open 18 months or more):

Week ending March 1

• Outback: 0.4 percent
• Carrabba’s: 6.5 percent
• Bonefish: 5 percent
• Fleming’s: –1.9 percent

Week ending March 8

• Outback: 0.5 percent
• Carrabba’s: 0.7 percent
• Bonefish: –4.5 percent
• Fleming’s: –7 percent         

Week ending March 15

• Outback: –18 percent
• Carrabba’s: –16.2 percent
• Bonefish: –23.4 percent
• Fleming’s: –23.2 percent         

Week ending March 22

• Outback: –63.7 percent
• Carrabba’s: –67.5 percent
• Bonefish: –83.4 percent
• Fleming’s: –82.3 percent

Week ending March 29

• Outback: –63.5 percent
• Carrabba’s: –68.7 percent
• Bonefish: –82.7 percent
• Fleming’s: –85.6 percent

Week ending April 5

• Outback: –60.6 percent
• Carrabba’s: –64.7 percent
• Bonefish: –79.2 percent
• Fleming’s: –82.7 percent

Week ending April 12

• Outback: –52.2 percent
• Carrabba’s: –53 percent
• Bonefish: –68.2 percent
• Fleming’s: –63.9 percent

Week ending April 19

• Outback: –40.3 percent
• Carrabba’s: –54 percent
• Bonefish: –74.3 percent
• Fleming’s: –77.9 percent

Week ending April 26

• Outback: –41 percent
• Carrabba’s: –50.3 percent
• Bonefish: –72.6 percent
• Fleming’s: –73.7 percent

Week ending May 3

• Outback: –38.4 percent
• Carrabba’s: –47.2 percent
• Bonefish: –70.7 percent
• Fleming’s: –74.1 percent

Week ended May 10

• Outback: ­–32.8 percent
• Carrabba’s: –39 percent
• Bonefish Grill: –62.4 percent
• Fleming’s: –66.9 percent

Week ended May 17

• Outback: ­–30.6 percent
• Carrabba’s: –35.2 percent
• Bonefish Grill: –61.8 percent
• Fleming’s: –61.5 percent

Week ended May 31

• Outback: ­–24.8 percent
• Carrabba’s: –24.1 percent
• Bonefish Grill: –48.6 percent
• Fleming’s: –36.9 percent

Week ending June 6

• Outback: ­–24.7 percent
• Carrabba’s: –21.4 percent
• Bonefish Grill: –40.5 percent
• Fleming’s: –45.2 percent

Here is a comparison of restaurants with in-restaurant dining versus those with off-premises-only models. It provides a pretty clear view why Bloomin’ is optimistic so far.

Outback

Restaurants with dine-in service

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $66,180
• Same-store sales: –22.2 percent
• Number of restaurants: 178

Week ended May 17

• Average sales volumes: $54,464
• Same-store sales: –16.9 percent
• Number of restaurants: 239

Week ended May 24

• Average sales volumes: $54,490
• Same-store sales: –17.1 percent
• Number of restaurants: 277

Week ended May 31

• Average sales volumes: $57,276
• Same-store sales: –13.2 percent
• Number of restaurants: 360

Week ended June 6

• Average sales volumes: $57,223
• Same-store sales: –13.6 percent
• Number of restaurants: 373

Restaurants with off-premises-only dining

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $53,684
• Same-store sales: –37.6 percent
• Number of restaurants: 393

Week ended May 17

• Average sales volumes: $40,480
• Same-store sales: –40.1 percent
• Number of restaurants: 332

Week ended May 24

• Average sales volumes: $40,518
• Same-store sales: –36.8 percent
• Number of restaurants: 294

Week ended May 31

• Average sales volumes: $36,352
• Same-store sales: –44.7 percent
• Number of restaurants: 211

Week ended June 6

• Average sales volumes: $36,248
• Same-store sales: –45.5 percent
• Number of restaurants: 198

Carrabba’s

Restaurants with dine-in service

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $57,070
• Same-store sales: –30 percent
• Number of restaurants: 92

Week ended May 17

• Average sales volumes: $42,351
• Same-store sales: –26.5 percent
• Number of restaurants: 114

Week ended May 24

• Average sales volumes: $43,510
• Same-store sales: –24.2 percent
• Number of restaurants: 125

Week ended May 31

• Average sales volumes: $45,099
• Same-store sales: –16.1 percent
• Number of restaurants: 150

Week ended June 6

• Average sales volumes: $46,334
• Same-store sales: –13.3 percent
• Number of restaurants: 153

Restaurants with off-premises-only dining

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $35,886
• Same-store sales: –47.8 percent
• Number of restaurants: 112

Week ended May 17

• Average sales volumes: $25,369
• Same-store sales: –48.2 percent
• Number of restaurants: 90

Week ended May 24

• Average sales volumes: $27,039
• Same-store sales: –44.3 percent
• Number of restaurants: 79

Week ended May 31

• Average sales volumes: $24,405
• Same-store sales: –49.1 percent
• Number of restaurants: 54

Week ended June 6

• Average sales volumes: $25,507
• Same-store sales: –48 percent
• Number of restaurants: 51

Bonefish

Restaurants with dine-in service

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $39,209
• Same-store sales: –51.4 percent
• Number of restaurants: 61

Week ended May 17

• Average sales volumes: $30,465
• Same-store sales: –48.4 percent
• Number of restaurants: 83

Week ended May 24

• Average sales volumes: $33,013
• Same-store sales: –44.4 percent
• Number of restaurants: 99

Week ended May 31

• Average sales volumes: $34,421
• Same-store sales: –38 percent
• Number of restaurants: 123

Week ended June 6

• Average sales volumes: $38,708
• Same-store sales: –30.7 percent
• Number of restaurants: 133

Restaurants with off-premises-only dining

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $25,072
• Same-store sales: –67.8 percent
• Number of restaurants: 128

Week ended May 17

• Average sales volumes: $15,692
• Same-store sales: –72.6 percent
• Number of restaurants: 106

Week ended May 24

• Average sales volumes: $17,010
• Same-store sales: –69.4 percent
• Number of restaurants: 90

Week ended May 31

• Average sales volumes: $17,569
• Same-store sales: –68.4 percent
• Number of restaurants: 66

Week ended June 6

• Average sales volumes: $19,447
• Same-store sales: –64.5 percent
• Number of restaurants: 56

Fleming’s

Restaurants with dine-in service

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $69,378
• Same-store sales: –52.8 percent
• Number of restaurants: 2

Week ended May 17

• Average sales volumes: $44,407
• Same-store sales: –32.2 percent
• Number of restaurants: 28

Week ended May 24

• Average sales volumes: $49,225
• Same-store sales: –31.1 percent
• Number of restaurants: 33

Week ended May 31

• Average sales volumes: $47,440
• Same-store sales: –17 percent
• Number of restaurants: 42

Week ended June 6

• Average sales volumes: $47,995
• Same-store sales: –30.2 percent
• Number of restaurants: 48

Restaurants with off-premises-only dining

Week ended May 10 (includes benefit of Mother’s Day)

• Average sales volumes: $41,908
• Same-store sales: –67.4 percent
• Number of restaurants: 63

Week ended May 17

• Average sales volumes: $21,340
• Same-store sales: –77.1 percent
• Number of restaurants: 37

Week ended May 24

• Average sales volumes: $27,343
• Same-store sales: –69.1 percent
• Number of restaurants: 32

Week ended May 31

• Average sales volumes: $30,827
• Same-store sales: –62.3 percent
• Number of restaurants: 23

Week ended June 6

• Average sales volumes: $18,273
• Same-store sales: –78.9 percent
• Number of restaurants: 17