Bloomin' Brands Announces 2015 Fourth Quarter Adjusted Diluted EPS of $0.30 and Diluted EPS of $0.14; Approves $250 Million Share Repurchase Program; Provides 2016 Guidance Including Adjusted Diluted

TAMPA, Fla., Feb. 17, 2016

Key highlights for Q4 2015 include the following:

• Adjusted restaurant margin was 16.5% versus 15.7% in Q4 2014 and U.S. GAAP restaurant margin was 16.1% versus 16.3% in Q4 2014
• Added 11 new restaurants, including eight in international markets
• Comparable sales for Outback Steakhouse in Brazil increased 7.3%

Key highlights for Fiscal Year 2015 include the following:

• Adjusted restaurant margin was 16.5% versus 15.9% in Fiscal Year 2014 and U.S. GAAP restaurant margin was 16.5% versus 16.1% in Fiscal Year 2014
• Added 49 new restaurants, including 29 in international markets
• The Company repurchased approximately 7.6 million shares of common stock for a total of $170 million

Subsequent to Q4 2015:

• Extinguished the 2012 CMBS Loan using proceeds from a new $300.0 million bridge loan and borrowings from our revolving credit facility.  We anticipate interest savings of approximately $12.0 million in 2016.
• The Company's Board of Directors authorized a new $250.0 million share repurchase program.

Adjusted Diluted EPS and Diluted EPS

The following table reconciles Adjusted diluted earnings per share to Diluted earnings per share for the periods as indicated below.

	Q4 ARIVA.DE Börsen-Geflüster Kurse Bloomin' Brands 25,00 € -0,79%												FISCAL YEAR
	2015				2014				CHANGE				2015				2014				CHANGE
Adjusted diluted earnings per share	$	0.30			$	0.28			$	0.02			$	1.27			$	1.10			$	0.17
Adjustments	(0.16)				(0.11)				(0.05)				(0.26)				(0.39)				0.13
Diluted earnings (loss) per share	$	0.14			$	0.17			$	(0.03)			$	1.01			$	0.71			$	0.30

____________________
See Non-GAAP Measures later in this release.

CEO Comments

"Our fourth quarter earnings were in line with expectations and we achieved our earnings objectives for the year,"  said Liz Smith, CEO.  "2015 was highlighted by the strength of our International business and ongoing productivity efforts, which led to 60 basis points of adjusted restaurant margin expansion.  We delivered this result in the face of elevated commodities, wage inflation and foreign currency headwinds."

Smith continued, "As we enter 2016, the underlying health of our portfolio remains strong.  We are making the necessary investments to enhance our domestic sales performance while executing against our broader portfolio strategies."

Fourth Quarter Financial Results

• The decrease in Total revenues was primarily due to the effect of foreign currency translation, lower comparable restaurant sales and lower revenue due to the sale of Roy's, partially offset by the net benefit of new restaurant openings and closings.
• The increases  in Adjusted restaurant-level operating margin and Adjusted operating income margin were primarily due to productivity savings, lower advertising expense and menu pricing. These increases were partially offset by commodity and wage inflation.
• The difference between Adjusted and U.S. GAAP restaurant-level operating margins was due to legal settlement expenses in Q4 2015 and a legal settlement gain in Q4 2014. 
• The decrease in U.S. GAAP operating income margin in Q4 2015 was due to lower U.S. GAAP restaurant-level operating margin as described above and costs related to the Bonefish Restructuring, partially offset by the lapping of costs related to the International Restaurant Closure Initiative and impairment costs related to the sale of Roy's.

Fourth Quarter Comparable Restaurant Sales

	THIRTEEN WEEKS ENDED DECEMBER 27, 2015		COMPANY- OWNED
	Comparable restaurant sales (stores open 18 months or more) (1) (2):
	U.S.
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