Bloomin’ Brands has reported lower sales for the first quarter, with management citing challenges in the current macro environment.
The company’s total revenues for the quarter ended March 30 fell 1.8 per cent to $1.049 billion, primarily due to restaurant closures and lower comparable sales.
Comparable restaurant sales in the US slid 0.5 per cent, with Outback Steakhouse down 1.3 per cent and Bonefish Grill down 4 per cent. Meanwhile, Carrabba’s Italian Grill and Fleming’s Prime Steakhouse & Wine Bar saw uplifts of 1.4 per cent and 5.1 per cent, respectively.
Restaurant-level operating margin decreased due to lower revenues, higher costs and unfavorable product cost mix.
These decreases were partially offset by higher average check per person, primarily due to pricing, and certain cost-saving initiatives.
“We continue to make progress on our operating priorities to simplify the business and consistently deliver a great guest experience while balancing our longer-term priorities to turnaround Outback and drive sustainable sales and profit growth,” said CEO Mike Spanos.
“We are navigating a choppy macro environment and are leaning into our abundant everyday value offerings,” he added.
The company reaffirmed its previously announced full-year outlook, with US comparable restaurant sales expected to be flat or down 2 per cent.