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Bloomin' Brands income down after harsh winter

Restaurants

Net income takes a dip at Bloomin' Brands

Tampa-based Bloomin' Brands reported Friday that adjusted net income was $58.5 million for the first quarter of 2014, down about 7 percent for the same quarter last year.

Revenues were up 6 percent to $1.2 billion, but comparable sales for company-owned U.S. restaurants were flat and traffic was down 1.6 percent, largely because of harsh weather up North and the timing of the holidays.

Among the company's domestic concepts, Fleming's Prime Steakhouse and Wine Bar had the best quarter, with sales up 1.7 percent. Sales for Outback Steakhouse were up 0.8 percent and sales at Carrabba's Italian Grill and Bonefish Grill were down slightly, 1.8 percent and 1.5 percent respectively.

For the three months ended March 30, earnings per share were 42 cents, down 8 cents from 2013.

In an earnings call with analysts, CEO Liz Smith said sales were especially strong in Brazil but down in South Korea.

The company's stock price fell about 2.5 percent on Friday to $20.89.

Bloomin' Brands income down after harsh winter 05/09/14 [Last modified: Friday, May 9, 2014 7:56pm]

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