Bloomin' Brands, Inc.
NasdaqGS:BLMN
$ 28.63
$-1.09 (-3.67%)
$ 28.63
$-1.09 (-3.67%)
End-of-day quote: 03/11/2024

Bloomin' Brands Stock

About Bloomin' Brands

Bloomin’ Brands, Inc. operates as a casual dining restaurant company worldwide. Bloomin' Brands share price history

The company has four founder-inspired concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Its restaurant concepts range in price point and degree of formality from casual (Outback Steakhouse and Carrabba’s Italian Grill) to upscale casual (Bonefish Grill) and fine dining (Fleming’s Prime Steakhouse & Wine Bar). OSI Restaurant Partners, LLC (OSI), a wholly-owned subsidiary of the company, is its primary operating entity.

Markets

As of December 25, 2022, the company owned and operated 1,186 full-service restaurants and off-premises only kitchens and franchised 321 full-service restaurants and off-premises only kitchens across 47 states, Guam and 13 countries.

Segments

The company operates through two segments, U.S. and international. Bloomin' Brands share price history

U.S. Segment

As of December 25, 2022, in the company’s U.S. segment, it owned and operated 1,011 full-service restaurants and off-premises only kitchens and franchised 153 full-service restaurants across 47 states.

Outback Steakhouse - Outback Steakhouse is a casual steakhouse restaurant concept focused on steaks, bold flavors and Australian decor. The Outback Steakhouse menu offers seasoned and seared or wood-fire grilled steaks, chops, chicken, seafood, pasta, salads and seasonal specials. The menu also offers a selection of specialty appetizers, including its signature Bloomin’ Onion, and desserts, together with full bar service.

Carrabba’s Italian Grill - Offering authentic Italian cuisine passed down from its founders’ family recipes, Carrabba’s Italian Grill uses high quality ingredients to prepare fresh and handmade dishes cooked to order in a lively exhibition kitchen. Featuring a wood-burning grill inspired by the many tastes of Italy, guests can enjoy signature dishes, such as Chicken Bryan and Pollo Rosa Maria, wood-fire grilled steaks and chops, small plates and classic Italian pasta dishes in a welcoming, contemporary atmosphere.

Bonefish Grill - Bonefish Grill specializes in fish from around the world, hand-cut in-house every day, savory wood-grilled specialties, and locally created, seasonal Partner Selection dishes featuring high-quality and fresh ingredients. Offering a selection of classic and signature hand-crafted cocktails, using fresh juices, edible garnishes and house infusions, Bonefish Grill also features a distinct list of wines, which are the perfect match for any food pairing.

Fleming’s Prime Steakhouse & Wine Bar - Fleming’s Prime Steakhouse & Wine Bar is a contemporary interpretation of the classic American steakhouse, boasting culinary mastery, signature style and unrivaled attentive service to create memorable dining experiences in a welcoming and lively atmosphere. Hospitality is at the heart of Fleming’s mission, but guests will see passion for prime steak, seafood, storied wines and handcrafted cocktails reflected across their range of menus.

International segment

The company has local management to support and grow restaurants in each of the countries where it has company-owned operations. The company’s international operations are integrated with its corporate headquarters to leverage enterprise-wide capabilities, including marketing, finance, real estate, information technology, legal, human resources, supply chain management and productivity.

As of December 25, 2022, in the company’s international segment, it owned and operated 175 full-service restaurants and franchised 168 full-service restaurants and off-premises only kitchens across 13 countries and Guam.

Outback Steakhouse - The company’s international Outback Steakhouse restaurants have a menu similar to its the U.S. menu with additional variety to meet local taste preferences. In addition to the traditional Outback Special sirloin, a typical international menu may feature local beef cuts.

Carrabba’s Italian Grill (Abbraccio Cucina Italiana) - Abbraccio Cucina Italiana, the company’s international Carrabba’s Italian Grill restaurant concept, offers a blend of traditional and modern Italian dishes. The menu varies, with additional pasta and pizza offerings, to account for local tastes and customs. Abbraccio Cucina Italiana also has a range of beverage options, including classically inspired cocktails and local favorites with an Italian twist.

Restaurant Development

The company utilizes the ownership structure and market entry strategy that best fits the needs for a particular market, including Company-owned units and franchises, as determined by demand, cost structure and economic conditions.

U.S. Development – The company opportunistically pursues unit growth across its concepts through existing geography fill-in and market expansion opportunities. During 2021, the company opened its first U.S. Outback Steakhouse utilizing a smaller-scaled Joey prototype. The Joey prototype was designed to increase return on investment through a reduced restaurant footprint with a more efficient layout.

During 2022, the company continued to test its fast-casual concept, Aussie Grill by Outback (Aussie Grill). Originally created for the company’s international franchisees, Aussie Grill offers steak, burgers, chicken and salad with fast-casual convenience.

International Development – The company continues to pursue international expansion opportunities, leveraging established equity and franchise markets in South America and Asia, and in strategically selected emerging and high-growth developed markets, with a focus on Brazil. All Outback Steakhouse restaurants opened in Brazil since the beginning of 2021 were built utilizing the Joey prototype design.

During 2022, the company introduced Aussie Grill in Brazil, opening the first two restaurants in that market. The company plans to open additional Aussie Grill restaurants in Brazil during 2023.

Advertising and Marketing

The company advertises through a diverse set of media channels including, but not limited to, national/spot television, radio, social media, search engines and other digital tactics. The company’s concepts have active public relations programs and also relies on national promotions, site visibility, local marketing, digital marketing, direct mail, billboards and point-of-sale materials to promote its restaurants. The company focuses on data segmentation and personalization, customer relationship management and digital advertising to be more efficient and relevant with its advertising expenditures. Internationally, the company has teams in its developed markets that engage local agencies to tailor advertising to each market and develop relevant and timely promotions based on local consumer demand.

The company’s multi-branded U.S. loyalty program, Dine Rewards, is designed to drive incremental traffic and provide data for customer segmentation and personalization opportunities.

Restaurant Management

The Restaurant Managing Partner has primary responsibility for the day-to-day operation of the restaurant and is required to follow Company-established operating standards. Area Operating Partners for its casual dining concepts oversee restaurant operations and Restaurant Managing Partners within a specific region. For its Outback Steakhouse brand, Market Vice Presidents oversee multiple Area Operating Partner regions.

In addition to base salary, Market Vice Presidents, Area Operating Partners, Restaurant Managing Partners and Chef Partners (Restaurant Partners) generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their restaurants’ monthly operating results or cash flows and/or total controllable income.

Trademarks

The company regards its Outback, Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar service marks and its Bloomin’ Onion trademark as having significant value and as being important factors in the marketing of its restaurants.

Seasonality

The company’s business is subject to seasonal fluctuations. Historically, customer traffic patterns for the company’s established U.S. restaurants are generally highest in the first quarter of the year (year ended December 25, 2022) and lowest in the third quarter of the year. International customer traffic patterns vary by market with Brazil historically experiencing minimal seasonal traffic fluctuations. The COVID-19 pandemic had an impact on consumer behaviors and customer traffic that resulted in temporary changes in the seasonal fluctuations of the company’s business.

Government Regulation

The company’s restaurant operations are also subject to federal and state laws for such matters as:

The Americans with Disabilities Act, which, among other things, requires the company’s restaurants to meet federally mandated requirements for the disabled; and

Information security, data privacy, anti-corruption/anti-bribery, cashless payments and gift cards.

Research and Development

The company’s research and development costs were $2.7 million for 2022.

History

Bloomin’ Brands, Inc. was founded in 1988. The company was incorporated in Delaware in 2006.

Country
Industry:
Founded:
1988
IPO Date:
08/08/2012
ISIN Number:
I_US0942351083

Contact Details

Address:
2202 North West Shore Boulevard, Suite 500, Tampa, Florida, 33607, United States
Phone Number
813 282 1225

Key Executives

CEO:
Deno, David
CFO
Meyer, Christopher
COO:
Data Unavailable