American restaurant holding company Bloomin’ Brands has reported a net income of $68.2m for the second quarter of 2023 after reporting a loss of $63.6m last year.
For the quarter that ended 25 June 2023, the company’s total net revenues declined to $1.15bn from $1.12bn in the same period a year ago.
Revenue from restaurant sales was $1.14bn against the $1.11bn a year ago.
Revenue from franchise and other streams declined to $15.36m from $16.24m in the second quarter of 2022.
Operating income margin for the latest quarter remained flat at 7.8% due to an increase in restaurant-level operating margin.
Total costs and expenses during the quarter were $1.06bn versus $1.04bn a year earlier.
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Commenting on the performance, Bloomin’ Brands CEO David Deno said: “We delivered another strong quarter of results that continues to highlight the benefits of our portfolio.
“Earnings for the quarter were above expectations and revenues were in line. Our results reflect the investments we are making to elevate the customer experience, as well as the ongoing execution of our growth strategy.
“We remain well positioned to deliver on our long-term goals of growing sustainable sales and profits while maximising total shareholder return.”
The US segment of the company reported total revenues of $1bn compared with $998.62m in the same period a year ago.
The group’s International arm registered a total revenue of $147m, up from $126.53m a year earlier.
The company declared a quarterly cash dividend of $0.24 per share for the shareholders.