US-based Bloomin’ Brands has reported an attributable net income of $44.53m for the third quarter (Q3) of 2023, an increase of 39.2% compared to $31.98m in the same quarter of the previous year.
For the quarter ended 24 September 2023, total revenues were $1.07bn, an increase of 2.27% from $1.05bn in the corresponding period of 2022.
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Revenue from restaurant sales was $1.06bn in the latest quarter, versus $1.04bn a year previously.
Revenue from franchise and other streams improved to $15.42m from $15.39m in Q3 2022.
Its operating income margin for the latest quarter increased to 5.4% from 4.9% a year earlier.
The company attributed the rise in restaurant-level operating margin to an increase in average check per person, the impact of cost-saving and productivity initiatives, and the benefit of Brazil’s value-added tax exemptions.
Total costs and expenses during the quarter were $1.02bn versus $1bn a year earlier.
The company’s Q3 diluted earnings per share were $0.45, an increase of 32% compared to the previous year.
Bloomin’ Brands CEO David Deno stated: “We saw strong earnings per share growth in the quarter.
“We remain focused on driving traffic and maintaining margins as we navigate the near-term sales environment.
“We are confident that the investments we made in food, service, and technology will elevate the guest experience and lead to sustainable, long-term sales and profit growth.”
