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Bloomin’ Brands, Inc. (NASDAQ: BLMN) announced that CEO David Deno will be retiring after 12 years with the company, including the last five years as CEO. The Board of Directors is leading the search for his successor, emphasizing Deno's financial achievements during his tenure amidst the challenges of COVID-19, especially in Brazil. Deno will continue in his role until a successor is named.
Bloomin' Brands, Inc. reported Q1 2024 financial results with a diluted EPS of $(0.96) and adjusted diluted EPS of $0.70. The company retired $83.6M of convertible notes. Total revenues decreased by 4.0% due to lower comparable restaurant sales and impacts of restaurant closures. The GAAP operating income margin declined to 6.4% from 9.7% in Q1 2023. The company made strategic moves with dividend declaration, share repurchases, and a 2025 notes retirement. They also closed underperforming restaurants under the 2023 Closure Initiative. The fiscal outlook shows commodity inflation reduced to 2-3% and a shift in effective tax rates. The Company is reviewing strategic alternatives for its Brazil operations to maximize shareholder value.
