Bloomin' Brands Announces 2017 Q1 Diluted EPS of $0.41 and Adjusted Diluted EPS of $0.54; Posts Comparable Sales at Outback Steakhouse of 1.4%; Reaffirms Full Year 2017 Guidance Including Adjusted Dil

TAMPA, Fla., April 26, 2017

Highlights for Q1 2017 include the following:

• Reported combined U.S. comparable restaurant sales down 0.2% including up 1.4% at Outback Steakhouse;
• Reported comparable restaurant sales for Outback Steakhouse in Brazil up 3.6%;
• Generated $46 million in gross sale-leaseback proceeds; and
• Opened 11 new restaurants, including eight in international markets.

Diluted EPS and Adjusted Diluted EPS

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

	Q1
	2017				2016 ARIVA.DE Börsen-Geflüster Kurse Bloomin' Brands 27,09 $ +0,22%				CHANGE
Diluted earnings per share	$	0.41			$	0.29			$	0.12
Adjustments	0.13				0.18				(0.05)
Adjusted diluted earnings per share	$	0.54			$	0.47			$	0.07
___________________
See Non-GAAP Measures later in this release.

CEO Comments

"The first quarter was a strong start to the year, and set us up well to achieve our 2017 goals," said Liz Smith, CEO.  "We were pleased with our performance, particularly at Outback where our investments are gaining traction.  We continue to make progress domestically, reallocating spending away from discounting toward investments that strengthen brand health.  In addition, our International businesses are performing well and poised for growth."

First Quarter Financial Results

• The decrease in Total revenues was primarily due to the sale of Outback Steakhouse South Korea restaurants in July 2016, 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 net rent expense due to the sale-leaseback of certain properties and (iii) operating expense inflation. These decreases were partially offset by: (i) increases in average check, (ii) lower advertising expense and (iii) productivity savings.
  
  
• Adjusted restaurant-level operating margin excludes the impact of the write-off of deferred rent in connection with the 2017 Closure Initiative and our 2016 Bonefish Restructuring.
  
  
• The decrease in U.S. GAAP operating margin was primarily due to restaurant closing costs related to the 2017 Closure Initiative and lower U.S. GAAP restaurant-level margin. These decreases were partially offset by the timing of our annual partner's conference which occurred in Q1 of 2016, but will not occur until Q2 of 2017.
  
  
• Also included in U.S. GAAP and Adjusted operating income is $3.4 million of certain legal and tax contingencies related to our Brazilian operation.
  
  
• 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.

First Quarter Comparable Restaurant Sales

Sale Leaseback Initiative

In Q1 2017, we sold 12 restaurant properties for gross proceeds of $46 million. We used a portion of these proceeds to repurchase shares of common stock and pay down the remaining balance of our bridge loan in April 2017.

Dividend Declaration and Share Repurchases

In April 2017, our Board of Directors declared a quarterly cash dividend of $0.08 per share to be paid on May 19, 2017 to all stockholders of record as of the close of business on May 8, 2017.

We repurchased 4.2 million shares of common stock year-to-date for a total of $78 million, which left $52 million remaining under our existing repurchase authorization. On April 21, 2017, our Board of Directors canceled the remaining authorization and approved a new $250 million authorization. The authorization will expire on October 21, 2018.

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