Bloomin' Brands Inc (BLMN) Quarterly 10-Q Report
The report was filed on November 8, 2024
Bloomin' Brands, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
Suggested Reading
The filing includes financial statements for the quarter, showing a decrease in total revenues to $1,038,771,000 from $1,079,833,000 in the same quarter the previous year. This decrease is attributed to lower restaurant sales and the impact of foreign currency translation.
Related Content
Operating income for the quarter was $17,210,000, compared to $58,216,000 in the previous year, with the decline attributed to higher labor and commodity costs, and lower sales.
Net income attributable to Bloomin' Brands was $6,912,000, down from $44,528,000 in the previous year. The decrease is linked to increased operating expenses and a reduction in sales.
Cash provided by operating activities was $108,382,000, while cash used in investing and financing activities was $196,476,000 and $65,559,000, respectively.
Bloomin' Brands reported a working capital deficit of $587,912,000 as of September 29, 2024. The company continues to rely on its revolving credit facility and cash flows from operations to meet its obligations.
The filing also details the company's agreement to sell 67% of its Brazil operations for approximately $243 million, with the transaction expected to close by December 31, 2024.
Bloomin' Brands does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on optimizing its restaurant portfolio and managing costs amid challenging market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bloomin' Brands Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].