On this page of StockholderLetter.com we present the latest annual shareholder letter from Bloomin' Brands, Inc. — ticker symbol BLMN. Reading current and past BLMN letters to shareholders can bring important insights into the investment thesis.
2023
ANNUAL REPORT
Our company-owned Outback   locations in the U.S. have
undergone upgrades, including the implementation of server
handheld technology, advanced ovens, and grills. These
investments have significantly improved our consistency,
overall meal pacing, and guest satisfaction, while also
leading to cost savings for the company.
Carrabba   s   catering introduced a new line of bistro
sandwiches, available in bundles, trays, or boxed lunches,
which led to the creation of Carrabba   s Sandwich Bistro  .
One of the most popular options is the Bruschette Chicken
Sandwich  , featuring seasoned wood-grilled chicken,
roasted tomatoes, creamy burrata cheese, and pesto on
toasted focaccia bread. These sandwiches have become a
staple on the lunch menu.
Fleming   s Prime Steakhouse & Wine Bar   broke ground for
its new flagship location in Tampa. The restaurant, set to
open in 2024, will have over 13,000 square feet of space with
seating for 375 guests, as well as an outdoor patio.
A LETTER FROM OUR CEO
At Bloomin    Brands, Inc., our mission is to bring people together in our
restaurants, in our communities, and within our industry. I am pleased to share
our progress and achievements.
In 2023, we made significant strides in our strategic objectives for the year.
This commitment to delivering exceptional customer experiences and driving
innovation across the portfolio remained at the forefront. We also maintained our
focus on healthy top-line growth while building a stronger, leaner, operationscentric company.
Throughout the year, we remained steadfast in pursuing these five key priorities:
1. Driving In-Restaurant Same Store Sales Growth
2. Increasing New Restaurant Openings While Refreshing Existing Assets
3. Maintaining Our Off-Premises Momentum
4. Becoming a More Digitally-Driven Company
5. Investing in Technology to Drive Growth While Preserving Margins
KEY HIGHLIGHTS FROM 2023
Bloomin    Brands expanded its global presence by opening 46 new fullservice restaurants. This includes six company-owned units in the U.S., 18
internationally, and 22 franchised locations. In addition to these new openings,
we also completed over 100 remodels and four relocations within the U.S.
We continued to enhance our leading off-premises business, implement
technological advancements, and simplify operations to deliver a differentiated
guest experience that fosters sustainable, long-term growth in sales and profits.
Outback Steakhouse   implemented kitchen display systems and handheld
devices in all of their U.S. company-owned locations, as well as new cooking
equipment in most of these locations. This has led to a reduction in operational
complexities and an improvement in consistency across the board. The remaining
cooking equipment installations are scheduled to completed in early 2024. The
brand   s latest campaign,    No Rules, Just Right,    embodies the adventurous and
irreverent spirit that defines Outback  . Our commitment to growth is evident
through the opening of six new restaurants, and we will nearly triple that in 2024.
In addition, Outback Steakhouse   was recognized as the top performer in the
2023 American Customer Satisfaction Index (ACSI) survey, coming in first for
overall satisfaction.
Carrabba   s Italian Grill   is thriving in its category and capturing a larger market
share. To broaden the catering offerings, we introduced a new lunch menu that
highlights a variety of sandwiches inspired by our Italian heritage. Initially, this
menu was launched through the existing catering service as Carrabba   s Sandwich
Bistro  , and its success has led to its inclusion on the dining room menu. Wine
& Spirits Dinners have been met with great acclaim, as well as the relaunch of
Happy Hour, which has resulted in increased sales of appetizers and beverages.
To elevate our guests    experience, we unveiled a new App, providing a convenient
and seamless way to interact with the brand. With the brand   s success, there is
an opportunity for further growth. To support this expansion, we are developing
a new pipeline of restaurants. These new restaurants will showcase a new design
prototype, maximizing space and offering greater seating flexibility to enhance
the dining experience.
Fleming   s Prime Steakhouse & Wine Bar   is renowned for delivering exceptional
fine dining experiences. In 2023, sales and traffic reached record levels during
special occasions, marking a significant milestone for the brand. Events and
catering sales saw a growth of 9% compared to the previous year, a testament
to commitment to excellence. We introduced new additions to the menu, the
Seafood Tower featuring freshly shucked oysters, Japanese A5 Wagyu, BoneIn Filet, and seasonal menu innovations. Additionally, we brought back our
popular Wine Dinners, offering a curated selection of regional wines to enhance
the dining experience. While Fleming   s   has traditionally focused on an onpremises business model, we expanded into off-premises dining to provide
added convenience for our guests. The construction of a new flagship restaurant
in Tampa, boasting a modern and innovative design, marks a new chapter in
our journey. This venture has inspired us to further expand the brand   s footprint
with planned openings of additional new locations in 2024. As we continue to
thrive in our core markets of California and Florida, we are eager to explore new
opportunities for growth in untapped markets.
Bonefish Grill   is dedicated to continuous innovation and surpassing
expectations. The recent introduction of the Social Hour platform has been met
with overwhelming enthusiasm. We introduced Wine & Spirits Dinners, providing
guests with the opportunity to enjoy delightful culinary pairings. Additionally,
we opened our first airport location in Ft. Lauderdale, Florida. This strategic
expansion allows us to cater to a broader audience, ensuring that travelers can
enjoy the brand   s popular menu items even while on the move.
Our business in Brazil has surpassed expectations and achieved significant
growth in both sales and profits. In 2023, we opened 16 new Outback Steakhouse  
restaurants, as well as two new Abbraccio Cucina Italiana   locations. Additionally,
we completed four full remodels of existing Outback Steakhouse   restaurants.
This growth is just the beginning. We have a strong pipeline for further
development. The Brazilian market still holds significant untapped potential, and
we are confident in the ability to double our presence within the next five years.
The results reflect the strength of our brand positioning, exceptional operational
performance, and strategic investments in innovative technology, including a
new POS system. Notably, Outback Steakhouse   was recognized as the most
popular restaurant in Rio de Janeiro and S  o Paulo by The Washington Post1.
This recognition underscores industry leadership and the strong connection we
have forged with Brazilian consumers.
ENRICHING ENGAGEMENT
Since 1988, we have been firmly rooted in the principles of community and
serving all of our stakeholders. This is made possible by our dedicated team of
over 87,000 members.
Recognition: We take great pride in being recognized as one of    America   s Best
Employers for Diversity2    by Forbes for the fifth consecutive year, as well as being
named one of the    World   s Top Companies for Women3    in 2023. Additionally,
we were acknowledged by Newsweek Magazine as one of    America   s Greatest
Workplaces for Women4    in 2023.
Environmental, Social, and Governance: We also published our first Impact
Report, which outlines the Company   s commitments and progress in
environmental, social, and governance (ESG) initiatives. You can find the report at
www.bloominbrands.com/our-commitment.
DRIVING LONG-TERM SHAREHOLDER VALUE
A commitment to maximizing total shareholder return remains a key element of
our long-term growth strategy. In 2023, we made significant progress in returning
capital to our shareholders while maintaining a strong balance sheet. A healthy
balance sheet also grants us the flexibility to distribute cash to shareholders
through share repurchases and dividends. Throughout 2023, we returned a total
of $154 million of capital to our shareholders, with $84 million in dividends and
$70 million in share repurchases.
LOOKING FORWARD
Moving forward, we will continue to leverage our leading off-premises business,
enhance our digital capabilities, and improve operational efficiencies. The focus
for 2024 revolves around these key priorities and goals:
    Enhancing the customer experience to drive healthy sustainable sales growth
    Enriching engagement among stakeholders
    Accelerating growth opportunities, particularly through new unit expansion at
Outback  , Carrabba   s  , Fleming   s  , and in Brazil
    Investing in our assets globally through relocations and remodels
    Maintaining a strong balance sheet and returning cash to shareholders
    Building a more diverse, inclusive, and efficient organization
I am proud of the talented and dedicated Team Members who work in our
restaurants and at the Restaurant Support Center. They consistently deliver the
highest level of service and hospitality to our valued guests. The achievements
made in 2023 are a testament to their unwavering commitment to their work
and to each other.
We are optimistic about the future and believe
we can generate long-term growth and value for
shareholders. Thank you for your ongoing support.
David Deno
Chief Executive Officer
Bloomin    Brands, Inc.
   Why Beef-Loving Brazil is so Obsessed with an American
Steakhouse Chain.    The Washington Post, 20 June 2023,
www.washingtonpost.com/world/2023/06/20/braziloutback-steakhouse-popular
1 
2
3
Forbes 2023 Best Employers for Diversity
Forbes 2023 World   s Top Companies for Women
Newsweek 2023 America   s Greatest Workplaces
for Women in America
4
CHARTS & FIGURES
TOTAL REVENUES
COMPARABLE U.S. RESTAURANT SALES
($ in millions)
30.5%
$4,417
4.0%
$4,139
$4,671
$4,122
1.4%
1.2%
$3,171
-19.9%
2019
2020
2021
2023
2022
2019
2021
2022
2023
FREE CASH FLOW 2
ADJUSTED DILUTED EARNINGS
(LOSS) PER SHARE 1
$2.70
2020
($ in millions)
$2.93
$2.52
$280
$1.54
$208
$171
$156
$51
-$0.69
2019
2020
2021
2022
2023
(1)  Adjusted diluted earnings (loss) per share for the years ended
December 29, 2019, December 27, 2020, December 26, 2021,
December 25, 2022 and December 31, 2023 excludes adjustments
of $0.09, $1.16, $0.70, $1.49, and $0.37, respectively, from Diluted
earnings (loss) per share attributable to common stockholders,
related to a number of items that we do not consider indicative of our
ongoing operations. Adjusted diluted earnings per share for the year
ended December 31, 2023 included benefits of $0.26 and $0.16 per
share from Brazil value added tax exemptions and the 53rd operating
week, respectively. Please refer to the section entitled    Non-GAAP
Financial Measures    included in Item 7,    Management   s Discussion
and Analysis of Financial Condition and Results of Operations    of our
Form 10-K included in this Annual Report for more information on
these items and a reconciliation to Diluted earnings (loss) per share
attributable to common stockholders, the most directly comparable
U.S. GAAP measure.
OUTBACK STEAKHOUSE
2019
2020
2021
2022
2023
(2) N
  et cash provided by operating activities less Capital expenditures.
For the years ended, December 29, 2019, December 27, 2020,
December 26, 2021, December 25, 2022 and December 31, 2023,
net cash provided by operating activities was $317.6 million,
$138.8 million, $402.5 million, $390.9 million, and $532.4 million,
respectively, and Capital expenditures were $161.9 million, $87.8
million, $122.8 million, $219.7 million, and $324.3 million respectively.
CARRABBA   S ITALIAN GRILL
The home of steaks, chicken, ribs, fresh seafood, and
Authentic tastes of Italy using
the iconic Bloomin    Onion  , accompanied by spirited
high-quality ingredients, all cooked to
drinks and laid-back Australian hospitality.
BONEFISH GRILL
order in a lively exhibition kitchen.
FLEMING   S PRIME STEAKHOUSE & WINE BAR
A flavorful and spirited neighborhood retreat featuring
A contemporary interpretation of the classic American
fresh and innovative dishes made with high-quality
steakhouse - boasting culinary mastery, eclectic wines,
ingredients, alongside hand-crafted cocktails.
signature style, and unrivaled attentive service.
 • shareholder letter icon 3/4/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/6/2023 BLMN Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon BLMN Benford's Law Stock Score = 58


BLMN Shareholder/Stockholder Letter Transcript:

2023
ANNUAL REPORT

Our company-owned Outback   locations in the U.S. have
undergone upgrades, including the implementation of server
handheld technology, advanced ovens, and grills. These
investments have significantly improved our consistency,
overall meal pacing, and guest satisfaction, while also
leading to cost savings for the company.
Carrabba   s   catering introduced a new line of bistro
sandwiches, available in bundles, trays, or boxed lunches,
which led to the creation of Carrabba   s Sandwich Bistro  .
One of the most popular options is the Bruschette Chicken
Sandwich  , featuring seasoned wood-grilled chicken,
roasted tomatoes, creamy burrata cheese, and pesto on
toasted focaccia bread. These sandwiches have become a
staple on the lunch menu.
Fleming   s Prime Steakhouse & Wine Bar   broke ground for
its new flagship location in Tampa. The restaurant, set to
open in 2024, will have over 13,000 square feet of space with
seating for 375 guests, as well as an outdoor patio.

A LETTER FROM OUR CEO
At Bloomin    Brands, Inc., our mission is to bring people together in our
restaurants, in our communities, and within our industry. I am pleased to share
our progress and achievements.
In 2023, we made significant strides in our strategic objectives for the year.
This commitment to delivering exceptional customer experiences and driving
innovation across the portfolio remained at the forefront. We also maintained our
focus on healthy top-line growth while building a stronger, leaner, operationscentric company.
Throughout the year, we remained steadfast in pursuing these five key priorities:
1. Driving In-Restaurant Same Store Sales Growth
2. Increasing New Restaurant Openings While Refreshing Existing Assets
3. Maintaining Our Off-Premises Momentum
4. Becoming a More Digitally-Driven Company
5. Investing in Technology to Drive Growth While Preserving Margins
KEY HIGHLIGHTS FROM 2023
Bloomin    Brands expanded its global presence by opening 46 new fullservice restaurants. This includes six company-owned units in the U.S., 18
internationally, and 22 franchised locations. In addition to these new openings,
we also completed over 100 remodels and four relocations within the U.S.
We continued to enhance our leading off-premises business, implement
technological advancements, and simplify operations to deliver a differentiated
guest experience that fosters sustainable, long-term growth in sales and profits.
Outback Steakhouse   implemented kitchen display systems and handheld
devices in all of their U.S. company-owned locations, as well as new cooking
equipment in most of these locations. This has led to a reduction in operational
complexities and an improvement in consistency across the board. The remaining
cooking equipment installations are scheduled to completed in early 2024. The
brand   s latest campaign,    No Rules, Just Right,    embodies the adventurous and
irreverent spirit that defines Outback  . Our commitment to growth is evident
through the opening of six new restaurants, and we will nearly triple that in 2024.
In addition, Outback Steakhouse   was recognized as the top performer in the
2023 American Customer Satisfaction Index (ACSI) survey, coming in first for
overall satisfaction.
Carrabba   s Italian Grill   is thriving in its category and capturing a larger market
share. To broaden the catering offerings, we introduced a new lunch menu that
highlights a variety of sandwiches inspired by our Italian heritage. Initially, this
menu was launched through the existing catering service as Carrabba   s Sandwich
Bistro  , and its success has led to its inclusion on the dining room menu. Wine
& Spirits Dinners have been met with great acclaim, as well as the relaunch of
Happy Hour, which has resulted in increased sales of appetizers and beverages.
To elevate our guests    experience, we unveiled a new App, providing a convenient
and seamless way to interact with the brand. With the brand   s success, there is
an opportunity for further growth. To support this expansion, we are developing
a new pipeline of restaurants. These new restaurants will showcase a new design
prototype, maximizing space and offering greater seating flexibility to enhance
the dining experience.
Fleming   s Prime Steakhouse & Wine Bar   is renowned for delivering exceptional
fine dining experiences. In 2023, sales and traffic reached record levels during
special occasions, marking a significant milestone for the brand. Events and
catering sales saw a growth of 9% compared to the previous year, a testament
to commitment to excellence. We introduced new additions to the menu, the
Seafood Tower featuring freshly shucked oysters, Japanese A5 Wagyu, BoneIn Filet, and seasonal menu innovations. Additionally, we brought back our
popular Wine Dinners, offering a curated selection of regional wines to enhance
the dining experience. While Fleming   s   has traditionally focused on an onpremises business model, we expanded into off-premises dining to provide
added convenience for our guests. The construction of a new flagship restaurant
in Tampa, boasting a modern and innovative design, marks a new chapter in
our journey. This venture has inspired us to further expand the brand   s footprint
with planned openings of additional new locations in 2024. As we continue to
thrive in our core markets of California and Florida, we are eager to explore new
opportunities for growth in untapped markets.
Bonefish Grill   is dedicated to continuous innovation and surpassing
expectations. The recent introduction of the Social Hour platform has been met
with overwhelming enthusiasm. We introduced Wine & Spirits Dinners, providing
guests with the opportunity to enjoy delightful culinary pairings. Additionally,
we opened our first airport location in Ft. Lauderdale, Florida. This strategic
expansion allows us to cater to a broader audience, ensuring that travelers can
enjoy the brand   s popular menu items even while on the move.
Our business in Brazil has surpassed expectations and achieved significant
growth in both sales and profits. In 2023, we opened 16 new Outback Steakhouse  
restaurants, as well as two new Abbraccio Cucina Italiana   locations. Additionally,
we completed four full remodels of existing Outback Steakhouse   restaurants.
This growth is just the beginning. We have a strong pipeline for further
development. The Brazilian market still holds significant untapped potential, and
we are confident in the ability to double our presence within the next five years.
The results reflect the strength of our brand positioning, exceptional operational
performance, and strategic investments in innovative technology, including a
new POS system. Notably, Outback Steakhouse   was recognized as the most
popular restaurant in Rio de Janeiro and S  o Paulo by The Washington Post1.
This recognition underscores industry leadership and the strong connection we
have forged with Brazilian consumers.
ENRICHING ENGAGEMENT
Since 1988, we have been firmly rooted in the principles of community and
serving all of our stakeholders. This is made possible by our dedicated team of
over 87,000 members.
Recognition: We take great pride in being recognized as one of    America   s Best
Employers for Diversity2    by Forbes for the fifth consecutive year, as well as being
named one of the    World   s Top Companies for Women3    in 2023. Additionally,
we were acknowledged by Newsweek Magazine as one of    America   s Greatest
Workplaces for Women4    in 2023.
Environmental, Social, and Governance: We also published our first Impact
Report, which outlines the Company   s commitments and progress in
environmental, social, and governance (ESG) initiatives. You can find the report at
www.bloominbrands.com/our-commitment.
DRIVING LONG-TERM SHAREHOLDER VALUE
A commitment to maximizing total shareholder return remains a key element of
our long-term growth strategy. In 2023, we made significant progress in returning
capital to our shareholders while maintaining a strong balance sheet. A healthy
balance sheet also grants us the flexibility to distribute cash to shareholders
through share repurchases and dividends. Throughout 2023, we returned a total
of $154 million of capital to our shareholders, with $84 million in dividends and
$70 million in share repurchases.
LOOKING FORWARD
Moving forward, we will continue to leverage our leading off-premises business,
enhance our digital capabilities, and improve operational efficiencies. The focus
for 2024 revolves around these key priorities and goals:
    Enhancing the customer experience to drive healthy sustainable sales growth
    Enriching engagement among stakeholders
    Accelerating growth opportunities, particularly through new unit expansion at
Outback  , Carrabba   s  , Fleming   s  , and in Brazil
    Investing in our assets globally through relocations and remodels
    Maintaining a strong balance sheet and returning cash to shareholders
    Building a more diverse, inclusive, and efficient organization
I am proud of the talented and dedicated Team Members who work in our
restaurants and at the Restaurant Support Center. They consistently deliver the
highest level of service and hospitality to our valued guests. The achievements
made in 2023 are a testament to their unwavering commitment to their work
and to each other.
We are optimistic about the future and believe
we can generate long-term growth and value for
shareholders. Thank you for your ongoing support.
David Deno
Chief Executive Officer
Bloomin    Brands, Inc.
   Why Beef-Loving Brazil is so Obsessed with an American
Steakhouse Chain.    The Washington Post, 20 June 2023,
www.washingtonpost.com/world/2023/06/20/braziloutback-steakhouse-popular
1 
2
3
Forbes 2023 Best Employers for Diversity
Forbes 2023 World   s Top Companies for Women
Newsweek 2023 America   s Greatest Workplaces
for Women in America
4    

CHARTS & FIGURES
TOTAL REVENUES
COMPARABLE U.S. RESTAURANT SALES
($ in millions)
30.5%
$4,417
4.0%
$4,139
$4,671
$4,122
1.4%
1.2%
$3,171
-19.9%
2019
2020
2021
2023
2022
2019
2021
2022
2023
FREE CASH FLOW 2
ADJUSTED DILUTED EARNINGS
(LOSS) PER SHARE 1
$2.70
2020
($ in millions)
$2.93
$2.52
$280
$1.54
$208
$171
$156
$51
-$0.69
2019
2020
2021
2022
2023
(1)  Adjusted diluted earnings (loss) per share for the years ended
December 29, 2019, December 27, 2020, December 26, 2021,
December 25, 2022 and December 31, 2023 excludes adjustments
of $0.09, $1.16, $0.70, $1.49, and $0.37, respectively, from Diluted
earnings (loss) per share attributable to common stockholders,
related to a number of items that we do not consider indicative of our
ongoing operations. Adjusted diluted earnings per share for the year
ended December 31, 2023 included benefits of $0.26 and $0.16 per
share from Brazil value added tax exemptions and the 53rd operating
week, respectively. Please refer to the section entitled    Non-GAAP
Financial Measures    included in Item 7,    Management   s Discussion
and Analysis of Financial Condition and Results of Operations    of our
Form 10-K included in this Annual Report for more information on
these items and a reconciliation to Diluted earnings (loss) per share
attributable to common stockholders, the most directly comparable
U.S. GAAP measure.
OUTBACK STEAKHOUSE
2019
2020
2021
2022
2023
(2) N
  et cash provided by operating activities less Capital expenditures.
For the years ended, December 29, 2019, December 27, 2020,
December 26, 2021, December 25, 2022 and December 31, 2023,
net cash provided by operating activities was $317.6 million,
$138.8 million, $402.5 million, $390.9 million, and $532.4 million,
respectively, and Capital expenditures were $161.9 million, $87.8
million, $122.8 million, $219.7 million, and $324.3 million respectively.
CARRABBA   S ITALIAN GRILL
The home of steaks, chicken, ribs, fresh seafood, and
Authentic tastes of Italy using
the iconic Bloomin    Onion  , accompanied by spirited
high-quality ingredients, all cooked to
drinks and laid-back Australian hospitality.
BONEFISH GRILL
order in a lively exhibition kitchen.
FLEMING   S PRIME STEAKHOUSE & WINE BAR
A flavorful and spirited neighborhood retreat featuring
A contemporary interpretation of the classic American
fresh and innovative dishes made with high-quality
steakhouse - boasting culinary mastery, eclectic wines,
ingredients, alongside hand-crafted cocktails.
signature style, and unrivaled attentive service.



shareholder letter icon 3/4/2024 Letter Continued (Full PDF)
 

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