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Bloomin' Brands ends 2013 strong with annual revenues up 3.5 percent

TAMPA — Restaurant company Bloomin' Brands reported Tuesday that last year's revenues were up 3.5 percent over the previous year to $4.1 billion. It also said revenues from the fourth quarter were up 5.2 percent to $1.1 billion, primarily due to the opening of new restaurants and the acquisition of restaurants in Brazil.

CEO Liz Smith, in a conference call with analysts, said the fourth-quarter results outperformed the casual-dining segment, which continues to struggle. Bloomin' Brands owns Outback Steakhouse, Bonefish Grill, Carrabba's, Fleming's Prime Steakhouse & Wine Bar and Roy's.

Last year, the company opened 46 locations and completed 143 restaurant renovations. Annual net income was $142.4 million, up from $114 million in 2012.

Looking ahead, Smith said the chain plans to focus on growing restaurant sales through remodeling and relocation projects, adding locations and accelerating growth of international markets, including Brazil, where 55 to 60 new restaurants are planned for 2014. Carrabba's is rolling out a new menu in March, followed by Bonefish mid-year.

Bloomin' expects sales for company-owned, core U.S. restaurants will be plus or minus 1 percent in the first quarter of this year compared with last year, mostly because of bad weather in many parts of the country.

On Tuesday, Wall Street liked what it heard, pushing up the company's shares by more than 14 percent to close at $26.21.

Bloomin' Brands ends 2013 strong with annual revenues up 3.5 percent 02/25/14 [Last modified: Tuesday, February 25, 2014 11:45pm]
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