Bloomin' Brands, Inc. (NASDAQ:BLMN) Q3 2023 Earnings Conference Call November 3, 2023 8:00 AM ET
Company Participants
Tara Kurian - Vice President, Corporate Finance and Investor Relations
David Deno - Chief Executive Officer
Chris Meyer - Executive Vice President and Chief Financial Officer
Conference Call Participants
Jeffrey Bernstein - Barclays
Alex Slagle - Jefferies
Sharon Zackfia - William Blair
John Ivankoe - JPMorgan
Jeff Farmer - Gordon Haskett
Katherine Griffin - Bank of America
Brian Vaccaro - Raymond James
Operator
Good morning, and welcome to the Bloomin' Brands, Inc. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Tara Kurian, Vice President, Corporate Finance and Investor Relations. Please go ahead.
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 third quarter 2023 earnings release. It can also be found on our website at www.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 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'll provide a brief recap of our financial performance for the fiscal third quarter 2023, an overview of company highlights and current thoughts on Q4 and fiscal 2023 guidance. Once we've completed these remarks, we'll open the call up for questions.
With that, I would like to now 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 Q3 2023 diluted earnings per share was $0.44. This compares to $0.35 in Q3 2022, reflecting a growth of 26% year-over-year. Combined U.S. comp sales were down 50 basis points and traffic was 60 basis points behind the industry.