Bloomin' Brands reported financial results for the 13-week fourth quarter and fiscal year ended Dec. 28, 2014, compared to the fourth quarter and year ended Dec. 31, 2013.
Key highlights for the thirteen weeks ended Dec. 28, 2014 include the following:
- Total revenues increased 5.5 percent to $1.1 billion, up from $1.05 billion in 2013 Q4
- Comparable sales for company-owned core domestic concepts increased 4.2 percent with a traffic increase of 1 percent
- System-wide development was 18 new restaurants, including five Outback Steakhouse restaurants in Brazil
Key highlights for the fiscal year ended December 28, 2014 include the following:
- Total revenues increased 7.6 percent to $4.4 billion
- Comparable sales for Company-owned core domestic concepts increased 2 percent with flat traffic
- System-wide development was 57 new restaurants, including 15 Outback Steakhouse restaurants in Brazil
The increase in total revenues was primarily due to additional sales from acquired restaurants in Brazil, additional revenues from new restaurant openings, and an increase in domestic comparable restaurant sales at existing restaurants.
The increase in restaurant sales was partially offset by the loss of one operating day due to the the company's change to a 52-53 week fiscal year, the closing of 52 restaurants since Sept. 30, 2013, and a decline in comparable restaurant sales in the company's South Korea restaurants.
The decrease in adjusted restaurant-level operating margin was primarily due to lunch expansion rollout costs, commodity inflation, and higher than normal health insurance claims. This decrease was partially offset by productivity savings and higher domestic average unit volumes.
For the 13 weeks ended Dec. 28, 2014, domestic comparable restaurant sales at company-owned stores open 18 months or more increased 6.4 percent at Outback Steakhouse, 0.3 percent at Carrabba's Italian Grill, 0.7 percent at Bonefish Grill, and 3.4 percent at Fleming's Prime Steakhouse and Wine Bar.
Blended comparable restaurant sales for company-owned core domestic concepts were up 4.2 percent due to increases in general menu prices and a strengthening of the dinner sales trend relative to the third quarter.
Customer traffic increased by 1 percent driven primarily by lunch expansion and promotions.
Then company's 2015 financial outlook is total revenues of at least $4.49 billion and comparable sales for company-owned core domestic concepts of at least 1.5 percent. The company expects commodity inflation between 4 and 6 percent.