Bloomin' Brands Announces 2016 Q4 Diluted EPS of $(0.04) and Adjusted Diluted EPS of $0.31; Provides 2017 Financial Outlook

TAMPA, Fla., Feb. 17, 2017

Highlights for Q4 2016 include the following:

• Repurchased 1.8 million shares of common stock for a total of $35 million;
• Reported combined U.S. comparable restaurant sales down 3.5%;
• Reported comparable restaurant sales for Outback Steakhouse in Brazil up 6.1%; and
• Opened 16 new restaurants, including ten in international markets.

Highlights for Fiscal Year 2016 include the following:

• Repurchased 16.6 million shares of common stock for a total of $310 million;
• Generated $560 million in gross sale-leaseback proceeds;
• Reported combined U.S. comparable restaurant sales down 1.9%;
• Reported comparable restaurant sales for Outback Steakhouse in Brazil up 6.7%; and
• Opened 42 new restaurants, including 30 in international markets.

Diluted EPS and Adjusted Diluted EPS

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

	Q4 ARIVA.DE Börsen-Geflüster Kurse Bloomin' Brands 23,89 $ -0,35%												FISCAL YEAR
	2016				2015				CHANGE				2016				2015				CHANGE
Diluted (loss) earnings per share	$	(0.04)			$	0.14			$	(0.18)			$	0.37			$	1.01			$	(0.64)
Adjustments	0.35				0.16				0.19				0.92					0.26				0.66
Adjusted diluted earnings per share	$	0.31			$	0.30			$	0.01			$	1.29			$	1.27			$	0.02

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CEO Comments

"Although 2016 was a challenging year for both Bloomin' Brands and the industry, we made real progress on our strategy to reallocate spending away from discounting toward investments to strengthen brand health, " said Liz Smith, CEO. "We are pleased with how our brands are performing so far in 2017, particularly at Outback where we believe our investments are beginning to gain traction."

Fourth Quarter Financial Results

_________________

• The decrease in Total revenues was primarily due to the sale of Outback Steakhouse South Korea restaurants in July 2016 and lower comparable restaurant sales, partially offset by the effect of foreign currency translation and the net benefit of new restaurant openings and closings.
• The decrease in U.S. GAAP restaurant-level operating margin was primarily due to: (i) higher labor costs due to higher wage rates and investments in our service model, (ii) higher rent expense due to the sale-leaseback of certain properties, (iii) commodity inflation and (iv) lower traffic. These decreases were partially offset by increases in average check and productivity savings.
• Adjusted restaurant-level operating margin excludes the impact from: (i) the write-off of deferred rent in connection with the 2017 Closure Initiative and (ii) expenses associated with certain legal and contingent matters.
• The decrease in U.S. GAAP operating margin was primarily due to impairment charges related to the 2017 Closure Initiative and lower U.S. GAAP restaurant-level margin. These decreases were partially offset by lower incentive compensation expense.
• Adjusted operating margin excludes the impact of our 2017 Closure Initiative and certain other adjustments. See table five later in this release for more information.

Fourth Quarter Comparable Restaurant Sales

THIRTEEN WEEKS ENDED DECEMBER 25, 2016		COMPANY-OWNED
Comparable restaurant sales (stores open 18 months or more) (1) (2):
U.S.
Outback Steakhouse		(4.8)%
Carrabba's Italian Grill		(2.3)%
Bonefish Grill		(1.9)%
Fleming's Prime Steakhouse & Wine Bar		0.2%
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