More same-store sales woes hurt Bloomin’ Brands

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Oct. 1 2014, Updated 5:53 p.m. ET

Same-store sales growth for Bloomin’ Brands

In the last part of this series, we discussed the same-stores sales growth of two brands under Bloomin’ Brands (BLMN). Now let’s look at same-store sales growth for its remaining brands, as well as the overall metric for the company.

BLMN 2 Same-Store Sales Growth 2014-09-25

Bonefish Grill

Bonefish is the third largest brand in terms of revenue for Bloomin’ Brands, and it primarily serves seafood, along with chicken, pork and beef entrees, and alcoholic beverages. These menu items represent one fourth of Bonefish’s revenue.

Same-store sales grew 0.3% compared to a growth of 0.2% in the corresponding quarter ended June 30, 2013. Eddie V’s, which also offers seafood and is a part of Darden Restaurants (DRI), had a same-store sales growth of 2.5%.

Fleming’s Prime Steakhouse and Wine Bar

Fourth in terms of revenue for Bloomin’ Brands, Fleming’s is an upscale steakhouse that serves USDA prime corn-fed beef, along with fresh seafood, chicken, salads, and a wide selection of wines.

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Same-store sales grew 3.6%, compared to a growth of 3.8% in the corresponding quarter ended June 30, 2013. The Capital Grille, under the umbrella of Darden Restaurants (DRI), has a similar concept, but had a same-store sales growth of 3.9% year-over-year (or YoY) compared to 3.2% over the corresponding period last year.

The remaining segments of Bloomin’ Brands contribute to only 2% of the company’s revenue.

The ETF Vanguard Total Stock Market (VTI), which includes The Cheesecake Factory (CAKE) and Brinker International’s (EAT), provides investors with wide exposure to the restaurant industry.

Overall, the same-store sales for Bloomin’ Brands were disappointing in the second quarter and will likely cause a sell-off, which we will discuss later. Let’s next take a look at what caused this drop.

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