Bloomin' Brands, Inc. (NASDAQ:BLMN) Q2 2023 Earnings Call Transcript August 1, 2023 8:15 AM ET
Company Participants
Tara Kurian - VP, Corporate Finance
David Deno - Chief Executive Officer
Chris Meyer - Executive Vice President and Chief Financial Officer
Conference Call Participants
Jeffrey Bernstein - Barclays
Alex Slagle - Jefferies
John Ivankoe - JPMorgan
Sharon Zackfia - William Blair
Jeff Farmer - Gordon Haskett
Sara Senatore - Bank of America
Brian Harbour - Morgan Stanley
Brian Vaccaro - Raymond James
Dennis Geiger - UBS
Andrew Strelzik - BMO
Operator
Greetings, and welcome to the Bloomin' Brands Fiscal Second Quarter 2023 Earnings Conference Call [Operator Instructions].
It is now my pleasure to introduce your host, Tara Kurian, Vice President, Corporate Finance and Investor Relations. Thank you, Mrs. Kurian, you may begin.
Tara Kurian
Thank you, and good morning, everyone. With me on today's call are David Deno, our Chief Executive Officer; and Chris Meyer, Executive Vice President and Chief Financial Officer. By now, you should have access to our fiscal second quarter 2023 earnings release. It can also be found on our website at www.bloominbrands.com in the Investors section. Through this conference call, we will be presenting results on an adjusted basis.
An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release and on our website as previously described. Before we begin formal remarks, I'd like to remind everyone that part of our discussion today will include forward-looking statements, including a discussion of recent trends.
These statements are subject to numerous risks and uncertainties that could cause actual results to differ in a material way from our forward-looking statements. Some of these risks are mentioned in our earnings release, others are discussed in our SEC filings which are available at www.sec.gov. During today's call, we will provide a brief recap of our financial performance for the fiscal second quarter 2023, an overview of company highlights, and current thoughts on 2023 guidance. Once we've completed these remarks, we'll open the call up for questions.
With that, I'd now like to turn the call over to David Deno.
David Deno
Well, thank you, Tara, and welcome to everyone listening today. As noted in this morning's earnings release, adjusted Q2 2023 diluted earnings per share was $0.74, which compares to $0.68 last year up 9%. Combined U.S. comparable sales for up 80 basis points with each of our casual dining brands having positive same store sales. Importantly, this reflected 110 basis points out performance on traffic versus the industry in Q2.