Bloomin' Expects FY14 Domestic Comps At Top End Of Guidance

(RTTNews) - Bloomin' Brands Inc (BLMN), an operator of casual dining restaurants, said on Tuesday it now expects fiscal year 2014 domestic comparable sales of at least 1.5%, from prior guidance of 1% to 1.5%.

The company continues to expect 2014 adjusted earnings of $1.05 - $1.10 per share and revenues of $4.42 billion - $4.45 billion.

Analysts polled by Thomson Reuters currently expect the company to report earnings of $1.10 per share on revenues of $4.44 billion for 2014. Analysts' estimates typically exclude special items.

For fiscal 2015, Bloomin' expects adjusted earnings per share growth of at least 15% or at least 10% on a comparable calendar basis.

Analysts expect the company to report earnings of $1.27 per share for 2015.

Also for 2015, Bloomin' expects comparable sales growth for company-owned core domestic concepts of at least 1.5%; 40 - 50 system-wide restaurant openings; and capital expenditures of between $235 million and $255 million.

Further the company said that board has adopted a dividend policy under which it intends to declare quarterly cash dividends on shares of its common stock.

Subject to declaration by the board, Bloomin' anticipates that the first quarterly dividend of $0.06 per share will be paid in the first quarter of 2015.

Also the board has approved a share repurchase program under which the company is authorized to repurchase up to $100 million of its outstanding common stock. The plan has been authorized effective December 12 and will expire after 18 months.