Quarterly ResultMay 7, 2026, 04:15 PM
Bloomin' Brands Q1 Net Income Up 32% to $55.65M; Franchisee Default
AI Summary
Bloomin' Brands reported a significant increase in net income and diluted EPS for the first quarter ended March 29, 2026, with total revenues also showing a slight increase. The company also disclosed that Out West Restaurant Group, a franchisee operating 72 Outback Steakhouse restaurants, received a default notice from its senior lender, prompting Bloomin' Brands to evaluate operational and strategic alternatives. The company maintained compliance with its debt covenants and saw an increase in cash and cash equivalents.
Key Highlights
- Net income attributable to Bloomin' Brands rose 32% to $55.65 million.
- Diluted earnings per share increased 30% to $0.65.
- Total revenues grew 1.0% to $1.06 billion.
- Out West Restaurant Group, a franchisee, received a default notice from its senior lender.
- Cash and cash equivalents increased to $71.3 million from $59.46 million.
- Long-term debt, net, decreased 4.4% to $752.61 million.
- U.S. restaurant sales for Bonefish Grill rose 3.3% to $140.48 million.
- U.S. restaurant sales for Fleming's increased 4.5% to $106.92 million.