US-based Bloomin’ Brands has reported an attributable net loss of $83.87m for the first quarter (Q1) of 2024 compared to a net income of $91.31m a year previously.
For the quarter ending 31 March 2024, the company’s total revenues fell to $1.19bn from $1.24bn in the corresponding period of 2023.
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Restaurant sales during the quarter stood at $1.18bn as against $1.23bn in Q1 2023.
Franchise and other revenues declined to $15.84m from $16.51m in Q1 2023.
Bloomin’ Brands Q1 2024 total costs and expenses were $1.12bn, almost the same as in the equivalent period of the previous year.
Income from operations declined to $77.09m from $120.6m in Q1 2023.
Bloomin’ Brands CEO David Deno said: “The first quarter was a solid start to the year, as sales and profit met our expectations.
“After a slower start, sales trends strengthened throughout the quarter. Our sales performance is well ahead of the casual dining industry as our marketing and operations initiatives are paying off, especially at Outback.”
Deno has also announced his retirement in 2024 after 12 years with the company.
For the last five years of his tenure, Deno served as the CEO and was a member of the board of directors.
He will continue in his current role until a successor is named and a successful transition period is completed.
