Bloomin' Brands, Inc. (NASDAQ:BLMN) Q3 2022 Earnings Conference Call October 28, 2022 8:15 AM ET
Company Participants
Mark Graff - SVP-IR
David Deno - CEO
Chris Meyer - EVP and CFO
Conference Call Participants
Jeffrey Bernstein - Barclays
Alex Slagle - Jefferies
Lauren Silberman - Credit Suisse
John Ivankoe - JPMorgan
Jared Garber - Goldman Sachs
Jon Tower - Citigroup
Brian Vaccaro - Raymond James
Brian Mullan - Deutsche Bank
Andrew Strelzik - BMO Capital Markets
Dennis Geiger - USB
Operator
Greetings, and welcome to Bloomin' Brands Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow management's prepared remarks.
It is now my pleasure to introduce your host Mark Graff, Senior Vice President of Investor Relations. Thank you, Mr. Graff, you may begin.
Mark Graff
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 third quarter 2022 earnings release. It can also be found on our website at bloominbrands.com in the Investors section.
Throughout 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 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 materially 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 sec.gov.
During today's call, we'll provide a brief recap of our financial performance for the fiscal third quarter 2022, an overview of company highlights, and an update to 2022 guidance. Once we've completed these remarks, we'll open up the call for questions.
And with that, I'd now like to turn the call over to David Deno.
David Deno
Well, thank you, Mark, and welcome to everyone who listening today.
As noted in this morning's earnings release, adjusted Q3 2022 diluted earnings per share was $0.35, which is more than triple our 2019 results. This compares to $0.57 in Q3 2021 as we lapped exceptional earnings from stimulus checks and pent-up consumer demand. This quarter was among the highest inflationary quarter of the year. We made the conscious decision to preserve our value equation and not raise prices to fully offset inflation. While the consumer has remained resilient to date, we believe the short-term decision will have long-term benefits for the business.