GLENDALE, Calif.–(BUSINESS WIRE)–Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill + Bar® and IHOP® restaurants, today announced financial results for the fourth quarter and fiscal 2019.
“This past year for Dine Brands was defined by several significant achievements. Notably, we successfully completed a $1.3 billion refinancing of our existing debt through a securitization. We delivered a significant increase in net income of 30%, which resulted in strong growth in adjusted EBITDA of 19% for the year. Our franchised business model continued to generate robust adjusted free cash flow, enabling us to both return capital to shareholders and invest in technology. We also drove significant growth in our off-premise business at both Applebee’s and IHOP and launched domestic development initiatives at IHOP to expand our footprint in high-demand locations,” said Steve Joyce, Chief Executive Officer of Dine Brands Global, Inc.
Mr. Joyce added, “We’ve built a solid foundation for sustainable growth. While we are pleased with our success, we will not be complacent. Looking ahead, we will leverage our accomplishments and focus on guest-centric decisions and opportunities that will deliver long-term profitability. We’re excited about our future and confident in our ability to build momentum.”
February, 21 2020
Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its fourth quarter and fiscal year ended December 29, 2019.
Highlights for the fourth quarter of 2019 were as follows:
- Total revenues in the fourth quarter of 2019 increased 6.2% to $135.0 million, compared to $127.2 million in the fourth quarter of 2018.
- Net income in the fourth quarter of 2019 decreased 2.7% to $14.5 million, or $0.50 per diluted share, compared to net income of $14.9 million, or $0.49 per diluted share, in the fourth quarter of 2018.
– Net income in the fourth quarter of 2019 included $0.1 million in acquisition-related expenses associated with the previously completed acquisition of the three restaurants from our Philadelphia and Long Island franchisee, and $0.4 million in closure costs associated with accelerating the closure of a restaurant in Washington, DC. Net income in the fourth quarter of 2018 included $0.3 million in acquisition-related expenses associated with the acquisition of the six restaurants from our Hawaiian franchisee.
– Excluding these adjustments, as well as the results from discontinued operations and certain discrete income tax items, non-GAAP diluted earnings per common share were $0.52 in the fourth quarter of 2019, compared to $0.50 in the fourth quarter of 2018. The Company believes that non-GAAP diluted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.
- During the fourth quarter of 2019, the Company returned $9.0 million through dividends and share repurchases.
Cheryl Henry, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., stated, “I’m proud of what our team was able to accomplish in both the fourth quarter and the full year of 2019 in the face of a year of record beef prices. For the full year, we grew revenues and earnings, successfully integrated three new franchise locations into the Company system and opened two new Company-operated restaurants. We also continued our evolution of the brand through remodels, enhanced experiences and compelling product offerings for our guests.”
Henry added, “In addition, 2019 marked the 10th consecutive year of comparable restaurant sales and earnings growth. As I look ahead, I am confident that our focus on executing our total return strategy will continue to generate long term value for our shareholders.”
ANN ARBOR, Mich., Feb. 20, 2020 /PRNewswire/ — Domino’s Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world based on global retail sales, announced results for the fourth quarter and fiscal 2019, comprised of growth in global retail sales, same store sales and earnings per share. Global retail sales increased 6.9% in the fourth quarter, or 7.6% excluding foreign currency impact. Global retail sales increased 5.7% in fiscal 2019, or 8.0% excluding foreign currency impact. U.S. same store sales grew 3.4% during the quarter and 3.2% for the full year, continuing the positive sales momentum in the Company’s U.S. stores business. The international business also posted positive results, with same store sales growth of 1.7% during the quarter and 1.9% for the full year. The fourth quarter marked the 104th consecutive quarter of international same store sales growth and the 35th consecutive quarter of U.S. same store sales growth.
The Company had fourth quarter global net store growth of 492 stores, comprised of 141 net new U.S. stores and 351 net new international stores. In fiscal 2019, the Company opened 1,106 net new stores, comprised of 250 net new U.S. stores and 856 net new international stores.
Fourth quarter diluted EPS was $3.12, up 19.1% over the prior year quarter. Fourth quarter diluted EPS, as adjusted, was $3.13, up 19.5% over the prior year quarter. Fiscal 2019 diluted EPS was $9.56, up 14.5% over the prior year. Fiscal 2019 diluted EPS, as adjusted, was $9.57, up 13.7% over the prior year diluted EPS, as adjusted, of $8.42. (See the Financial Results Comparability section on page four and the Comments on Regulation G section on page five.)
In connection with the Company’s November 2019 recapitalization transaction discussed below, certain of the Company’s subsidiaries borrowed $675.0 million and used a portion of the proceeds to pre-fund a portion of the principal and interest payable on the 2019 Notes, pay transaction fees and expenses and repurchase and retire shares of the Company’s common stock. During the fourth quarter of 2019, the Company repurchased and retired 2,063,378 shares of its common stock in open market repurchases under its Board of Directors-approved share repurchase program for approximately $593.9 million.
On February 19, 2020, the Board of Directors declared a $0.78 per share quarterly dividend for shareholders of record as of March 13, 2020 to be paid on March 30, 2020. This represents an increase of 20.0% over the previous quarterly dividend amount.
“I am extremely proud of the accomplishments of our franchisees and our team members from around the world, not just in the fourth quarter, but throughout all of 2019,” said Ritch Allison, Domino’s Chief Executive Officer. “Our relentless focus on our customers, our franchisees and the long-term growth and profitability of the Domino’s business model helped us deliver a solid 2019 in the face of unique competitive headwinds.”
Declares Quarterly Cash Dividend of $0.13 Per Share
HUNTINGTON BEACH, Calif., Feb. 20, 2020 (GLOBE NEWSWIRE) — BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its 2019 fourth quarter and fiscal year that ended Tuesday, December 31, 2019.
Fourth Quarter 2019 Highlights Compared to Fourth Quarter 2018
- Total revenues grew 3.8% to $291.1 million
- Total restaurant operating weeks increased approximately 3.0%
- Comparable restaurant sales increased 0.4%
- Net income of $14.5 million compared to $10.7 million
— Fourth quarter 2019 net income benefited from a $4.7 million pre-tax gain related to two sale-leaseback transactions, partially offset by a $0.6 million pre-tax expense related to the adoption of ASU 2016-02 on January 2, 2019, regarding lease accounting.
- Diluted net income per share of $0.75 compared to $0.49
— Fourth quarter 2019 diluted net income per share benefited from a $0.21 net gain related to the adoption of ASU 2016-02 on January 2, 2019, which impacted the accounting for leases and sale-leaseback transactions.
Fiscal 2019 Highlights Compared to Fiscal 2018
- Total revenues grew 4.0% to $1.2 billion
- Total restaurant operating weeks increased approximately 2.8%
- Comparable restaurant sales increased 1.1%
- Net income of $45.2 million compared to $50.8 million
— Fiscal 2019 net income benefited from a $4.7 million pre-tax gain related to two sale-leaseback transactions, partially offset by a $2.3 million pre-tax expense related to the adoption of ASU 2016-02 on January 2, 2019, regarding lease accounting.
— Fiscal 2018 net income includes a $3.9 million excess tax benefit from equity awards
- Diluted net income per share of $2.20 compared to $2.35
— Fiscal 2019 diluted net income per share benefited from a $0.12 net gain related to the adoption of ASU 2016-02 on January 2, 2019, which impacted the accounting for leases and sale-leaseback transactions.
— Fiscal 2018 diluted net income per share includes an $0.18 excess tax benefit from equity awards
“The strength of the BJ’s concept and brand, our innovative sales driving and productivity initiatives, and the daily commitment of our team members drove another quarter and full year of positive comparable restaurant sales, despite the strong prior-year comparable restaurant sales results,” commented Greg Trojan, Chief Executive Officer. “Our recently re-launched catering menu and offerings, the addition of tri-tip sirloin to our slow roast platform, the introduction of our $6 take home entrees and the roll out of our Gold Standard Kitchen Systems continue to improve the guest experience and affinity towards our brand and collectively contributed to BJ’s ability to further build market share in the casual dining industry. Our 23,000 team members put guest service and hospitality at the center of everything they do and their dedication continues to differentiate BJ’s as we further elevate our dining experience, grow our restaurant base and pursue a range of initiatives to enhance shareholder value. With great teams in place, our long-term record of successful sales building and efficiency initiatives, the growth of new sales channels, including delivery, take-out and catering, and the opportunity to significantly expand BJ’s nationally, we remain confident that the foundation we have built will deliver near- and long-term growth.”
In the fourth quarter of fiscal 2019, BJ’s opened a new restaurant in Tulsa, Oklahoma and Lakewood, Colorado. The Company also closed one of its original, smaller format BJ’s Pizza & Grill® restaurants in Balboa, California following the expiration of its lease. In fiscal 2019, BJ’s achieved its goal of opening seven new restaurants and the Company plans to open eight to ten restaurants in 2020, with the first new restaurant scheduled to open next week in North Attleboro, Massachusetts, the first BJ’s in the state. “While 2020 will mark an acceleration in the pace of our restaurant openings, we continue to prioritize a balanced approach to new restaurant growth, with new restaurant quality and hospitality taking precedence over new restaurant quantity, a discipline that has served BJ’s, our guests and shareholders well. This approach has provided the financial flexibility to allocate our strong cash flows to new restaurant growth, sales and productivity initiatives, share repurchases and dividends to enhance shareholder value,” concluded Trojan.
During the fourth quarter of 2019, the Company repurchased and retired approximately 0.3 million shares of its common stock at a cost of approximately $10.3 million. Since the Company’s first share repurchase authorization was approved in April 2014, BJ’s has repurchased and retired approximately 11.8 million shares at a cost of approximately $460.5 million. The Company has approximately $39.5 million available under its currently authorized share repurchase program.
The Company’s Board of Directors declared a cash dividend of $0.13 per share of common stock, payable on March 24, 2020, to shareholders of record at the close of business on March 10, 2020. While the Company intends to pay quarterly cash dividends for the foreseeable future, dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.
Investor Conference Call and Webcast
BJ’s Restaurants, Inc. will conduct a conference call on its fourth quarter and fiscal year 2019 earnings release today, February 20, 2020, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Senior management will discuss the financial results and host a question and answer session. In addition, a live audio webcast of the call will be accessible to the public on the “Investors” page of the Company’s website located at http://www.bjsrestaurants.com, and a recording of the webcast will be archived on the site for 30 days following the live event. Please allow 15 minutes to register and download and install any necessary software.
About BJ’s Restaurants, Inc.
BJ’s Restaurants, Inc. (“BJ’s”) is a national brand with brewhouse roots and a menu where craft matters. BJ’s broad menu with over 140 offerings has something for everyone: slow-roasted entrees like prime rib, BJ’s EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon, signature deep dish pizza and the often imitated, but never replicated world-famous Pizookie® dessert. BJ’s has been a pioneer in the craft brewing world since 1996, and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in five states and by independent third-party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates 208 casual dining restaurants. All restaurants offer dine-in, take-out, delivery and large party catering. BJ’s restaurants are located in 28 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington. For more BJ’s information, visit http://www.bjsrestaurants.com.
Increases Quarterly Dividend 20% to $0.36 per Share
LOUISVILLE, Ky., Feb. 20, 2020 (GLOBE NEWSWIRE) — Texas Roadhouse, Inc. (NasdaqGS: TXRH) today announced financial results for the 14 and 53 week periods ended December 31, 2019.
|Fourth Quarter||Year to Date|
|($000’s)||2019||2018||% Change||2019||2018||% Change|
|Income from operations||53,411||33,207||60.8||%||212,023||187,789||12.9||%|
Note: Fourth quarter and full year 2019 results include 14 and 53 weeks, respectively, compared to 13 and 52 weeks in the fourth quarter and full year of 2018, respectively.
Results for the fourth quarter included the following highlights:
- Comparable restaurant sales increased 4.4% at company restaurants and 3.4% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other sales, increased 117 basis points to 17.1% as the benefit of the 53rd week, a higher average check, and labor productivity were partially offset by wage rate and commodity inflation. Restaurant margin dollars increased 28.6% to $122.9 million from $95.6 million in the prior year;
- Diluted earnings per share increased 45.4% to $0.61 from $0.42 in the prior year. Diluted earnings per share were positively impacted by $0.10 to $0.11 as a result of the 53rd week;
- 11 company restaurants, including two Bubba’s 33 restaurants, and three international franchise restaurants were opened; and
- The Company repurchased 170,187 shares of common stock for $8.9 million.
Results for the year-to-date period included the following highlights:
- Comparable restaurant sales increased 4.7% at company restaurants and 3.8% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other sales, decreased six basis points to 17.3%, as higher labor costs driven by wage rate and other inflation was offset by lower cost of sales due to the benefit of a higher average check. Restaurant margin dollars increased 11.8% to $474.2 million from $424.2 million in the prior year;
- Diluted earnings per share increased 11.9% to $2.46 from $2.20 in the prior year. Diluted earnings per share were positively impacted by $0.10 to $0.11 as a result of the 53rd week;
- 22 company restaurants, including three Bubba’s 33 restaurants, and nine, primarily international, franchise restaurants were opened; and
- The Company repurchased 2,625,245 shares of common stock for $139.8 million.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are very pleased to end the year on a strong note, highlighted by our double digit revenue growth and improved restaurant margins in the second half of the year. Fourth quarter comparable restaurant sales grew 4.4% at company restaurants, which represents our 40th consecutive quarter of growth. This is certainly a credit to our operators, who for 10 straight years have found ways to continue to grow sales. In addition, our healthy cash flow allowed us to increase our quarterly cash dividend to $0.36 per share in 2020 which is our seventh straight year of increasing our dividends by double digits.”
Taylor continued, “We are off to a solid start in 2020, with comparable restaurant sales growth of 6.4% for the first seven weeks of the year. In addition, our development pipeline remains strong and we continue to target at least 30 company restaurant openings for the year.”
Comparable restaurant sales at company restaurants for the first seven weeks of our first quarter of fiscal 2020 increased 6.4% compared to the prior year period.
Management reiterated the following expectations for 2020:
- Positive comparable restaurant sales growth;
- At least 30 company restaurant openings;
- Store week growth of 3.5% to 4.5%, including the negative impact of lapping the 53rd week from 2019;
- Commodity cost inflation of 1.0% to 2.0%;
- Mid-single digit growth in labor dollars per store week; and
- An income tax rate of 14.0% to 15.0%.
Management updated the following expectations for 2020:
- Total capital expenditures of $210 million to $220 million.
Cash Dividend Payment
On February 20, 2020, our Board of Directors authorized the payment of a quarterly cash dividend of $0.36 per share of common stock. This payment, which will be distributed on March 27, 2020 to shareholders of record at the close of business on March 11, 2020, represents a 20% increase from the cash dividend of $0.30 per share of common stock declared during each quarter of 2019. Since the inception of our dividend program in 2011, our cash dividend per share of common stock has increased an average of 18.2% per year.
We prepare our consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within our press release, we make reference to restaurant margin (in dollars and as a percentage of sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including cost of sales, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. We also exclude depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in our restaurants. We also exclude impairment and closure expense as we believe this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in our industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.
Texas Roadhouse is hosting a conference call today, February 20, 2020 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 699-0953 or (647) 689-5456 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (800) 585-8367 or (416) 621-4642 for international calls, and use 8963721 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.
About the Company
Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 610 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.
Jack in the Box Inc. (NASDAQ: JACK) today reported financial results for the first quarter ended January 19, 2020.
Increase/(Decrease) in same-store sales:
|16 Weeks Ended|
|January 19, 2020||January 20, 2019|
Jack in the Box® system same-store sales increased 1.7 percent for the quarter. Company same-store sales increased 2.9 percent in the first quarter driven by average check growth of 2.6 percent and transaction growth of 0.3 percent.
Lenny Comma, chairman and chief executive officer, said, “Our same-store sales growth in the first quarter resulted from guests continuing to respond favorably to our breadth of promotions, including compelling bundles at competitive price points and innovation on products guests crave. Looking to the remainder of 2020, we reiterate our annual targets as we leverage this strategy and continue making progress on our strategic initiatives and long-term goals. We remain committed to improving the guest experience through operations consistency and reducing wait times, targeting investments designed to maximize our returns, and serving indulgent food our guests crave.”
Earnings from continuing operations were $7.9 million, or $0.33 per diluted share, for the first quarter of fiscal 2020 compared with $31.1 million, or $1.19 per diluted share, for the first quarter of fiscal 2019.
Operating Earnings Per Share(1), a non-GAAP measure, were $1.17 in the first quarter of fiscal 2020 compared with $1.35 in the prior year quarter. A reconciliation of non-GAAP Operating Earnings Per Share to GAAP results is provided below, with additional information included in the attachment to this release.
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2019, which ended on December 31, 2019.
Total revenues were $694.0 million in the fourth quarter of fiscal 2019 compared to $585.2 million in the fourth quarter of fiscal 2018. Net income and diluted net income per share were $48.7 million and $1.10, respectively, in the fourth quarter of fiscal 2019. The results in this press release include the acquisition of North Italia and the remaining business of Fox Restaurant Concepts LLC (“FRC”) on October 2, 2019.
Bottom line results of the core business were within the Company’s guidance range and the impact from the acquisition to fourth quarter results was also within the range provided. Fourth quarter 2019 net income and diluted net income per share also reflect a gain on investment in unconsolidated affiliates as well as an impairment and lease termination charge. Excluding these and certain other items, adjusted net income and adjusted diluted net income per share for the fourth quarter of fiscal 2019 were $25.5 million and $0.58, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 0.6% in the fourth quarter of fiscal 2019.
“Comparable sales at The Cheesecake Factory restaurants again outperformed the casual dining industry and bottom-line results of the core business were within our expectations for the fourth quarter,” said David Overton, Chairman and Chief Executive Officer. “Our operators executed very well, with particular strength in labor management, which contributed to solid restaurant-level profitability during the quarter.”
Overton continued, “We believe we have the best teams in the industry, which enable us to deliver delicious, memorable experiences to our guests every day. We are honored to be recognized as one of the ‘100 Best Companies to Work For®’ by FORTUNE magazine for the seventh consecutive year, underscoring our position as a best-in-class employer.”
Overton concluded, “We accomplished so much in 2019, including closing on the acquisitions of North Italia and Fox Restaurant Concepts, reinforcing our leadership position in experiential dining. We continue to believe the combination of our companies will drive long-term value for our shareholders, guests and staff members.”
DALLAS, Feb. 19, 2020 (GLOBE NEWSWIRE) — Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal fourth quarter and fiscal year ended December 28, 2019.
Highlights for the fiscal fourth quarter 2019 compared to the fiscal fourth quarter 2018:
- System-wide sales increased 21.2% to $397.2 million
- 45 net openings in the fiscal fourth quarter 2019
- Domestic same store sales increased 12.2%
- Digital sales increased to 39.0% in December 2019
- Total revenue increased to $53.2 million
- Net income increased to $3.0 million, or $0.10 per diluted share, for the thirteen weeks ended December 28, 2019, compared to $2.4 million, or $0.08 per diluted share, in the prior fiscal fourth quarter. Adjusted net income* and adjusted diluted earnings per share*, both non-GAAP measures, were comparable to the prior year fourth quarter
- Adjusted EBITDA*, a non-GAAP measure, increased 13.2% to $14.2 million
Highlights for the fiscal year 2019 compared to the fiscal year 2018 (on a 52-week basis):
- System-wide restaurant count increased 10.6% to 1,385 worldwide locations with 133 net openings
- System-wide sales increased 20.1% to $1.5 billion
- Domestic same store sales increased 11.1%, marking the 16th consecutive year of same store sales growth
- Total revenue increased to $199.7 million
- Net income of $20.5 million, or $0.69 per diluted share, compared to $21.7 million, or $0.73 per diluted share, in the prior fiscal year. Adjusted net income* and adjusted diluted earnings per share*, both non-GAAP measures, were $21.7 million, or $0.73 per diluted share, compared to $24.7 million, or $0.84 per diluted share, in the prior fiscal year
- Adjusted EBITDA*, a non-GAAP measure, increased 16.3% to $57.0 million
* Adjusted EBITDA, adjusted net income, and adjusted diluted earnings per share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measures presented in accordance with GAAP are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”
“2019 was a year of strong execution for Wingstop as we closed out our 16th consecutive year of positive same store sales growth, grew overall restaurant count by 10.6% and system-wide sales by 20.1%, which translated to adjusted EBITDA growth of 16.3%,” commented Charlie Morrison, Chairman and Chief Executive Officer of Wingstop. “As we reiterated at our recent Investor Day, our steadfast commitment to growing same store sales, maintaining best-in-class unit economics, and expanding our domestic and international footprint is paramount as we progress through 2020 and beyond. We remain confident that these core growth pillars will position us to achieve our long-term goal of becoming a top 10 global restaurant brand.”
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2019 and fiscal year ended December 29, 2019 compared to the fourth quarter 2018 and fiscal year ended December 30, 2018 .
Highlights for Q4 2019 include the following:
- Comparable restaurant sales increased 2.7% at U.S. Outback Steakhouse, representing its 12th consecutive quarter of positive comparable restaurant sales
- Comparable restaurant sales increased 4.9% for Outback Steakhouse in Brazil
- Opened seven new restaurants, including five international locations
Highlights for Fiscal Year 2019 include the following:
- Comparable restaurant sales increased 2.0% at U.S. Outback Steakhouse
- Combined U.S. comparable restaurant sales of 1.2% with positive comps at all U.S. concepts
- Comparable restaurant sales increased 5.8% for Outback Steakhouse in Brazil
- GAAP and Adjusted operating income margin expansion of 140 basis points and 60 basis points, respectively, on a comparable basis
“Q4 was a strong finish to a very good year for Bloomin’ Brands,” said David Deno, Chief Executive Officer. “In 2019, we capitalized on previous investments and achieved our profit commitments. This includes 60 basis points of operating margin expansion while driving healthy sales growth. We will continue to leverage our current sales momentum while pursuing opportunities to become a more efficient restaurant company. We expect this to lead to a large increase in total shareholder return in 2020 and beyond.”
Diluted EPS and Adjusted Diluted EPS
Our Q4 2019 and Fiscal Year 2019 results include the impact of the new lease accounting standard adopted in Q1 2019. Among its impacts, we no longer recognize the benefit of deferred gains on sale-leaseback transactions, resulting in an increase to Other restaurant operating expense, which represents a three cent reduction in earnings per share on the quarter and a ten cent reduction on the fiscal year. The following table includes both a reported and a comparable basis that adjusts for this lease accounting change.