Bloomin' Brands reports 2018 results, continues restaurant sales growth
By Crystal Owens
Tampa Bay Business Journal
Published: Feb 15, 2019

Bloomin' Brands Inc. ended fiscal 2018 down 2 percent in annual revenue despite a strong across-the-board showing for the year for its restaurant sales.

The company, which owns Outback Steakhouse, Fleming's Prime Steakhouse, Bonefish Grill and Carrabba's Italian Grill, reported an annual 2018 revenue of $4.126 billion compared to $4.223 billion for the prior year, according to U.S. Securities and Exchange Commission filings. A company spokeswoman said this was due to fewer measured weeks in 2018.

The company reported a 4 percent increase in 2018 in comparable restaurant sales, with traffic up 0.9 percent at its U.S. Outback Steakhouse locations. Combined U.S. comparable restaurant sales were $65,542, a 2.5 percent increase from the prior year. The company opened 30 new restaurants, including 24 in international markets in 2018, an SEC filing shows.

Its fiscal 2018 fourth-quarter results showed a 2.9 percent increase in sales at its U.S. Outback Steakhouse locations; combined comparable restaurant sales spiked 1.6 percent and included an estimated negative 0.4 percent impact from the holidays. Its sales for its Brazilian Outback Steakhouse locations jumped 2.4 percent.

"The fourth quarter was an excellent finish to a strong 2018 for Bloomin' Brands,” said CEO Liz Smith in a statement. "The company met or exceeded the top end of our guidance for sales and profit driven by our strategic investments in the portfolio. Outback finished the year up 4.0 percent in comp sales with Q4 marking our eighth consecutive quarter of strong sales performance versus the industry."

Bloomin' Brands (NASDAQ: BLMN), headquartered in Tampa, is one of the area's largest public companies, with 94,000 employees and nearly 1,500 restaurants in 48 states, Puerto Rico, Guam and 19 countries. It was named to Forbes' list of the America's Best Employers for Diversity in 2019.