Bloomin' Brands, Inc.
For the period ended Mar 29, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2026 · Filed May 7, 2026
BLMN$9.75-6.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-28; filed 2025-11-06.
0001546417-25-000141
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-29; filed 2026-05-07.
0001546417-26-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 157 previous paragraphs and 114 current paragraphs.
43 unchanged; 62 reworded; 9 added; 49 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
(i)Our ability to execute and achieve the expected benefits of our actions to focus on operational priorities, including our turnaround plans and cost-saving initiatives to fund such plans;
Current report
•Diluted earnings per share of $0.64 as compared to $0.50 for the first quarter of 2025.
Current report
(2)Includes restaurant sales from the closure of 38 restaurants since December 29, 2024.
Current report
Depreciation and amortization expense increased primarily due to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy.
Current report
(Benefit) provision for income taxes for the thirteen weeks ended March 29, 2026 and March 30, 2025 includes thebenefit of FICA tax credits on certain employees’ tips relative to forecasted full year Income before (benefit) provision for income taxes. A higher forecasted full year Income before (benefit) provision for income taxes for 2025 when compared to forecasted full year Income before (benefit) provision for income taxes for 2026, resulted in provision for income taxes for the thirteen weeks ended March 30, 2025 as compared to benefit for income taxes for the thirteen weeks ended March 29, 2026.
Current report
Operating income is utilized by our CODM as the primary segment profit or loss measure to allocate resources in the planning and forecasting process and also to review operating performance by monitoring actual results versus prior year and forecasts.
Current report
Following is a summary of international franchise segment financial data for the periods indicated:
Current report
(1)The thirteen weeks ended March 30, 2025 includes one additional month of pre-Brazil Sale Transaction intercompany royalties from Brazil.
Current report
(3)Primarily includes gains from certain lease terminations for the thirteen weeks ended March 30, 2025.
Removed paragraphs (49)
Previous report
•Deliver a Remarkable Dine-In Experience: focus on operational excellence with center of the plate quality and service enhancements to deliver an exceptional guest experience, which will drive in-restaurant traffic growth
Previous report
•Drive Brand Relevancy: expand brand reach to recruit new guests and increase frequency of visits
Previous report
•Reignite a Culture of Ownership and Fun: reinvest in our people and strengthen our Principles & Beliefs-based culture which will drive an enhanced guest experience
Previous report
•Invest in Our Restaurants: refresh our existing asset base to ensure restaurants are updated and reflect brand standards
Previous report
•Non-Guest Facing Productivity Savings: we are focused on cost savings in areas that will not impact the guest, such as indirect spend and contract negotiations
Previous report
•Balanced Capital Allocation: we have a dual approach to invest in the base business and focus on debt paydown. To support the objectives, wesuspended the dividend
Previous report
•Strong Management Team: we have the right team in place to lead our brands through our turnaround initiatives, centered on an operational mindset and guest centricity
Previous report
•Diluted loss per share of $(0.54) as compared to $(0.01) for the third quarter of 2024.
Previous report
(1)The September 29, 2024 restaurant counts for Brazil, are reported as of August 31, 2024, to correspond with the balance sheet date of this subsidiary. Following the close of the Brazil Sale Transaction on December 30, 2024, all restaurants in that market operate as unconsolidated franchisees and the related store count is no longer reported on a one-month lag. See Note 2 -Discontinued Operations of the Notes to Consolidated Financial Statements for further details.
Previous report
(2)The thirteen and thirty-nine weeks ended September 28, 2025 include the restaurant sales impact from the closure of 23 and 61 restaurants since June 30, 2024 and December 31, 2023, respectively.
Previous report
Provision for impaired assets and restaurant closings increased during the thirteen weeks ended September 28, 2025 primarily due to higher impairment and closure charges related to restaurant closures and underperforming restaurants. We expect to incur an estimated $5.0 million to $7.0 million of related severance and closure charges in connection with the 2025 Restaurant Closures during the thirteen weeks ended December 28, 2025. See Note 5 –Impairments and Exit Costsfor additional details.
Previous report
Interest expense, netdecreased primarily due to $4.8 million of interest income on the second installment related to the Brazil Sale Transaction.
Previous report
Benefit for income taxes for the thirteen weeks ended September 28, 2025 and September 29, 2024 includes the impact of changes to the estimate of forecasted annual pre-tax book income relative to the respective prior quarter and the benefit of FICA tax credits.
Previous report
Thirty-nine weeks ended September 28, 2025 as compared to thirty-nine weeks ended September 29, 2024
Previous report
Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.1% from commodity inflation and 0.5% from unfavorable product cost mix. These impacts were partially offset by 1.0% from an increase in average check per person, primarily due to menu pricing, and 0.3% from cost-saving and productivity initiatives.
Previous report
Other restaurant operating expense increased as a percentage of Restaurant sales primarily due to 0.9% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.3% from higher insurance expense. These increases were partially offset by 0.4% from lower advertising expense.
Previous report
General and administrative expense increased primarily due to costs associated with our foreign currency forward contracts and severance partially offset by lower compensation and related expenses.
Previous report
Loss on extinguishment of debt during the thirty-nine weeks ended September 29, 2024 was in connection with the Second 2025 Notes Partial Repurchase.
Previous report
Interest expense, netdecreased primarily due to $12.4 million of interest income on the second installment related to the Brazil Sale Transaction.
Previous report
(Benefit) provision for income taxes for the thirty-nine weeks ended September 28, 2025 includes the impact of FICA tax credits relative to low forecasted annual pretax book income. Provision for income taxes for the thirty-nine weeks ended September 29, 2024 includes the impact of the non-deductible losses associated with the Second 2025 Notes Partial Repurchase.
Previous report
(2)On December 30, 2024, we entered into franchise agreements in connection with the Brazil Sale Transaction that include royalty rates that are lower than our 5% historical intercompany royalty rates and are on the low end of our international franchisee royalty percentage range.
Previous report
Income from operations
Previous report
U.S. -The decrease in U.S. Income from operations generated during the thirty-nine weeks ended September 28, 2025 as compared to the thirty-nine weeks ended September 29, 2024 was primarily due to: (i) higher labor, commodity and operating costs, mainly due to inflation, (ii) higher impairment and closure costs and (iii) unfavorable product cost mix. These decreases were partially offset by: (i) an increase in average check per person, primarily due to pricing, (ii) lower advertising expense and (iii) cost-saving and productivity initiatives.
Previous report
(1)Represents costs associated with updated field PTO policy in connection with the transition to a new human resources and payroll system.
Previous report
(1)See the Consolidated Restaurant-level Operating Income and Adjusted Restaurant-level Operating Income and Corresponding Margins Non-GAAP Reconciliations table above for details regarding restaurant-level operating income adjustments.
Previous report
(2)The thirteen and thirty-nine weeks ended September 28, 2025 primarily include costs related to the 2025 Restaurant Closures and the five underperforming U.S. restaurants. The thirteen and thirty-nine weeks ended September 29, 2024 include asset impairment, closure costs and severance primarily in connection with previous restaurant closures. See Note 5 -Impairments and Exit Costs for additional details.
Previous report
(2)Includes losses in connection with the Second 2025 Notes Partial Repurchase, including settlements of the related convertible senior note hedges and warrants.
Previous report
(4)Includes net income from our Brazil operations for the periods presented. The thirteen and thirty-nine weeks ended September 29, 2024 include a non-GAAP adjustment for $1.5 million of transaction-related professional fees and the tax effect of non-GAAP adjustments. The thirty-nine weeks ended September 29, 2024 also includes $1.5 million of asset impairment. See Note 2 -Discontinued Operations of the Notes to Consolidated Financial Statements for additional details regarding the Brazil Sale Transaction.
Previous report
(5)Amounts may not add due to rounding.
Previous report
(6)Due to a GAAP net loss from continuing operations, antidilutive securities are excluded from diluted weighted average common shares outstanding for the thirteen weeks ended September 28, 2025 and thethirteen and thirty-nine weeks ended September 29, 2024. However, considering the adjusted net income position for the thirteen and thirty-nine weeks ended September 29, 2024, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.
Previous report
(1)The decrease for the thirteen and thirty-nine weeks ended September 28, 2025 compared to the thirteen and thirty-nine weeks ended September 29, 2024 primarily resulted from fluctuations in foreign exchange rates. Brazil sales are no longer reported on a one-month lag beginning December 31, 2024.
Previous report
(1)On May 1, 2025, the 2025 Notes were settled primarily using borrowings from the revolving credit facility.
Previous report
Brazil Sale Transaction -On December 30, 2024, we received cash proceeds, net of withheld income taxes, of $103.9 million in U.S. dollars based on the exchange rate on the Closing Date, representing 52% of the total Purchase Price from the Brazil Sale Transaction, and applied the proceeds to our revolving credit facility during the thirteen weeks ended March 30, 2025. The second installment payment, representing 48% of total proceeds from the Brazil Sale Transaction and accumulated interest, is due on or before December 30, 2025, which we anticipate also applying towards the revolving credit facility.
Previous report
Dividends and Share Repurchases - In October 2025, the Board suspended the dividend as a component of our turnaround strategy. Future dividend payments are dependent on our earnings, financial condition, capital expenditure requirements, surplus and other factors that our Board considers relevant, as well as continued compliance with the financial covenants in our debt agreements.
Previous report
In February 2024, our Board approved a $350.0 million share repurchase authorization, which expired on August 13, 2025.
Previous report
The following table presents our dividends and share repurchases for the periods indicated:
Previous report
Our significant accounting policies are described in Note 2 -Summary of Significant Accounting Policiesin our Annual Report on Form 10-K for the year ended December 29, 2024.
Previous report
Goodwill and Indefinite-Lived Intangible Assets -Goodwill and indefinite-lived intangible assets are not subject to amortization and are tested for impairment annually in the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Previous report
We may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired.
Previous report
If the qualitative assessment is not performed or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, a quantitative assessment is performed. Fair value of a reporting unit is estimated by utilizing a weighted average of the income approach, typically using a discounted cash flow model, and the market approach, including the guideline public company method and guideline transaction method.
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Reworded paragraphs (62)
Previous wording
Management’s discussion and analysis of financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the related notes. Unless the context otherwise indicates, as used in this report, the term the “Company,” “we,” “us,” “our” and other similar terms mean Bloomin’ Brands, Inc. and its subsidiaries.
Current wording
Management’s discussion and analysis of financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the related notes. Unless the context otherwise indicates, as used in this report, the terms the “Company,” “we,” “us,” “our” and other similar terms mean Bloomin’ Brands, Inc. and its subsidiaries.
Previous wording
(i)Consumer reactions to public health and food safety issues;
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(ii)Consumer reactions to public health and food safety issues;
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(ii)Minimum wage increases, additional mandated employee benefits and fluctuations in the cost and availability of employees;
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(iii)Minimum wage increases, additional mandated employee benefits and fluctuations in the cost and availability of employees;
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(iii)Our ability to recruit and retain high-quality leadership, restaurant-level management and team members;
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(iv)Our ability to recruit and retain high-quality leadership, restaurant-level management and team members;
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(iv)Economic and geopolitical conditions, including recent tariff developments and the ongoing U.S. government shutdown, and their effects on consumer confidence and discretionary spending, consumer traffic, the cost and availability of credit and interest rates;
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(v)Economic and geopolitical conditions, including tariff developments and international conflicts and their effects on consumer confidence and discretionary spending, consumer traffic, the cost and availability of credit and interest rates;
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(v)Our ability to compete in the highly competitive restaurant industry with many well-established competitors and new market entrants;
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(vi)Our ability to compete in the highly competitive restaurant industry with many well-established competitors and new market entrants;
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(vi)Our ability to protect our information technology systems from interruption or security breach, including cybersecurity threats, and to protect consumer data and personal employee information;
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(vii)Our ability to protect our information technology systems from interruption or security breach, including cybersecurity threats, and to protect consumer data and personal employee information;
Previous wording
(vii)Fluctuations in the price and availability of commodities, including supplier freight charges and restaurant distribution expenses, and other impacts of inflation and our dependence on a limited number of suppliers and distributors to meet our beef, pork, chicken and other major product supply needs;
Current wording
(viii)Fluctuations in the price and availability of commodities, including supplier freight charges and restaurant distribution expenses, and other impacts of inflation and our dependence on a limited number of suppliers and distributors to meet our beef, pork, chicken and other major product supply needs;
Previous wording
(viii)Our ability to preserve and grow the reputation and value of our brands, particularly in light of our turnaround plans, changes in consumer engagement with social media platforms and limited control with respect to the operations of our franchisees;
Current wording
(ix)Our ability to preserve and grow the reputation and value of our brands, particularly in light of our turnaround plans, changes in consumer engagement with social media platforms and limited control with respect to the operations of our franchisees or the business challenges they face;
Previous wording
(ix)The effects of international economic, political and social conditions and legal systems on our foreign operations and on foreign currency exchange rates;
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(x)The effects of international economic, political and social conditions and legal systems on our foreign operations and on foreign currency exchange rates;
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(x)The impacts of our operations in Brazil as a minority investor and franchisor following our sale transaction;
Current wording
(xi)The impacts of our operations in Brazil as a minority investor and franchisor following our sale transaction;
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(xi)Our ability to comply with corporate citizenship and sustainability reporting requirements and investor expectations or our failure to achieve any goals, targets or objectives that we establish with respect to sustainability matters;
Current wording
(xii)Our ability to comply with corporate citizenship and sustainability reporting requirements and investor expectations or our failure to achieve any goals, targets or objectives that we establish with respect to sustainability matters;
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(xii)Our ability to effectively respond to changes in patterns of consumer traffic, including by maintaining relationships with third-party delivery apps and services, consumer tastes and dietary habits;
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(xiii)Our ability to effectively respond to changes in patterns of consumer traffic, including by maintaining relationships with third-party delivery apps and services, consumer tastes and dietary habits;
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(xiii)Our ability to comply with governmental laws and regulations, the costs of compliance with such laws and regulations and the effects of changes or uncertainty with respect to applicable laws and regulations, including tax laws and unanticipated liabilities, and the impact of any litigation;
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(xiv)Our ability to comply with governmental laws and regulations, the costs of compliance with such laws and regulations and the effects of changes or uncertainty with respect to applicable laws and regulations, including tax laws and unanticipated liabilities, and the impact of any litigation;
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(xiv)Our ability to implement our remodeling, relocation and expansion plans, due to uncertainty in locating, acquiring and redesigning attractive sites on acceptable terms, obtaining required permits and approvals, recruiting and training necessary personnel, obtaining adequate financing and estimating the performance of newly opened, remodeled or relocated restaurants;
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(xv)Our ability to implement our remodeling, relocation and expansion plans, due to uncertainty in locating, acquiring and redesigning attractive sites on acceptable terms, obtaining required permits and approvals, recruiting and training necessary personnel, obtaining adequate financing and estimating the performance of newly opened, remodeled or relocated restaurants;
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(xv)Our cost savings plans to enable reinvestment in our business, due to uncertainty with respect to macroeconomic conditions and the efficiency that may be added by the actions we take, and the projected benefits of our reinvestments;
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(xvi)Our cost savings plans to enable reinvestment in our business, due to uncertainty with respect to macroeconomic conditions and the efficiency that may be added by the actions we take, and the projected benefits of our reinvestments;
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(xvi)Seasonal and periodic fluctuations in our results and the effects of significant adverse weather conditions and other disasters or unforeseen events;
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(xvii)Seasonal and periodic fluctuations in our results and the effects of significant adverse weather conditions and other disasters or unforeseen events;
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(xvii)The effects of our leverage and restrictive covenants in our various credit facilities on our ability to raise additional capital to fund our operations, to make capital expenditures to invest in new or renovate restaurants and to react to changes in the economy or our industry;
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(xviii)The effects of our leverage and restrictive covenants in our various credit facilities on our ability to raise additional capital to fund our operations, to make capital expenditures to invest in new or renovate restaurants and to react to changes in the economy or our industry;
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(xviii)Any impairment in the carrying value of our goodwill or other intangible or long-lived assets and its effect on our financial condition and results of operations; and
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(xix)Any impairment in the carrying value of our goodwill or other intangible or long-lived assets and its effect on our financial condition and results of operations; and
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(xix)Such other factors as discussed in Part I, Item IA. Risk Factors of our Annual Report on Form 10-K for the year ended December 29, 2024.
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(xx)Such other factors as discussed in Part I, Item IA. Risk Factors of our Annual Report on Form 10-K for the year ended December 28, 2025.
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We are one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of September 28, 2025, we owned and operated 987 restaurants and franchised 496 restaurants across 46 states, Guam and 12 countries. Our restaurant portfolio includes: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
Current wording
We are one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of March 29, 2026, we owned and operated 962 restaurants and franchised 490 restaurants across 46 states, Guam and 12 countries. Our restaurant portfolio includes: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
Previous wording
Financial Overview -Our financial overview for the thirteen weeks ended September 28, 2025 includes the following:
Current wording
Financial Overview -Our financial overview for the thirteen weeks ended March 29, 2026 for continuing operations includes the following:
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•U.S. combined and Outback Steakhouse comparable restaurant sales of 1.2% and 0.4%, respectively;
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•U.S. combined and Outback Steakhouse comparable restaurant sales of 0.9% and (0.3)%, respectively;
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•Increase in Total revenues of 2.1% as compared to the third quarter of 2024;
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•Increase in Total revenues of 1.0% as compared to the first quarter of 2025;
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•Operating (loss) income and restaurant-level operating margins of (3.9)% and 9.2%, respectively, as compared to 0.9% and 11.1%, respectively, for the third quarter of 2024;
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•Operating income and restaurant-level operating margins of 5.6% and 14.0%, respectively, as compared to 5.5% and 13.9%, respectively, for the first quarter of 2025;
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•Operating loss of $(36.4) million as compared to operating income of $8.6 million in the third quarter of 2024; and
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•Operating income of $59.1 million as compared to $57.2 million in the first quarter of 2025; and
Previous wording
Our Turnaround Strategy -We are implementing a comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms, including:
Current wording
Our Turnaround Strategy -In November 2025, we announced a comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms, including: (i) deliver a remarkable dine-in experience, (ii) drive brand relevancy, (iii) reignite a culture of ownership and fun and (iv) invest in our restaurants. These platforms will be supported by non-guest facing productivity savings, balanced capital allocation and a strong management team.
Previous wording
System-wide sales is a non-GAAP financial measure that includes sales of all restaurants operating under our brand names, whether we own them or not. Sales from restaurants we do not own are not included in our consolidated Restaurant sales. Management uses this information to make decisions about future plans for the development of additional restaurants and new concepts, as well as evaluation of current operations. System-wide sales comprise sales of Company-owned and franchised restaurants. For a summary of sales of Company-owned restaurants, refer to Note 4 -Revenue Recognitionof the Notes to Consolidated Financial Statements. Franchise sales disclosed as system-wide sales do not represent our sales and are presented only as an indicator of changes in the restaurant system, which management believes is important information regarding the health of our restaurant concepts and in determining our royalties and/or service fees.
Current wording
System-wide sales is a non-GAAP financial measure that includes sales of all restaurants operating under our brand names, whether we own them or not. Sales from restaurants we do not own are not included in our consolidated Restaurant sales. Management uses this information to make decisions about future plans for the development of additional restaurants and new concepts, as well as evaluation of current operations. System-wide sales comprise sales of Company-owned and franchised restaurants. For a summary of sales of Company-owned restaurants, refer to Note 3 -Revenue Recognitionof the Notes to Consolidated Financial Statements. Franchise restaurant sales disclosed as system-wide sales do not represent our sales and are presented only as an indicator of changes in the restaurant system, which management believes is important information regarding the health of our restaurant concepts and in determining our royalties and/or service fees.
Previous wording
•Restaurant-level operating margin, (Loss) income from operations, Net (loss) income and Diluted (loss) earnings per share—financial measures utilized to evaluate our operating performance.
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•Restaurant-level operating margin, Income from operations, Net income and Diluted earnings per share—financial measures utilized to evaluate our operating performance.
Previous wording
Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes. Our restaurant-level operating margin is expressed as the percentage of our Restaurant sales that Food and beverage costs, Labor and other related expense and Other restaurant operating expense (including advertising expenses) represent, in each case as such items are reflected in our Consolidated Statements of Operations and Comprehensive (Loss) Income. The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period:
Current wording
Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes. Our restaurant-level operating margin is expressed as the percentage of our Restaurant sales that Food and beverage costs, Labor and other related expense and Other restaurant operating expense (including advertising expenses) represent, in each case as such items are reflected in our Consolidated Statements of Operations and Comprehensive Income. The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period:
Previous wording
(ii)Depreciation and amortization, which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants;
Current wording
(ii)Depreciation and amortization, which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than current cash outlays for the restaurants;
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Restaurant-level operating margin excludes various expenses, as discussed above, that are essential to supporting the operations of our restaurants and may materially impact our Consolidated Statements of Operations and Comprehensive (Loss) Income. As a result, restaurant-level operating margin is not indicative of our consolidated results of operations and is presented exclusively as a supplement to, and not a substitute for, Net income (loss) or (Loss) income from operations. In addition, our presentation of restaurant-level operating margin may not be comparable to similarly titled measures used by other companies in our industry.
Current wording
Restaurant-level operating margin excludes various expenses, as discussed above, that are essential to supporting the operations of our restaurants and may materially impact our Consolidated Statements of Operations and Comprehensive Income. As a result, restaurant-level operating margin is not indicative of our consolidated results of operations and is presented exclusively as a supplement to, and not a substitute for, Net income or Income from operations. In addition, our presentation of restaurant-level operating margin may not be comparable to similarly titled measures used by other companies in our industry.
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•Adjusted restaurant-level operating margin, Adjusted income from operations, Adjusted net (loss) income and Adjusted diluted (loss) earnings per share—non-GAAP financial measures utilized to evaluate our operating performance.
Current wording
•Adjusted restaurant-level operating margin, Adjusted income from operations, Adjusted net income and Adjusted diluted earnings per share—non-GAAP financial measures utilized to evaluate our operating performance.
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Restaurant Sales -Following is a summary of the change in Restaurant sales for the periods indicated:
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Restaurant Sales -Following is a summary of the change in Restaurant sales for the period indicated:
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(1)The thirteen and thirty-nine weeks ended September 28, 2025 include restaurant sales from 30 and 35 new restaurants, respectively, not included in our comparable restaurant sales base.
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(1)Includes restaurant sales from 25 new restaurants, not included in our comparable restaurant sales base.
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Comparable Restaurant Sales, Traffic and Average Check Per Person -Following is a summary of comparable restaurant sales, traffic and average check per person increases (decreases) for the periods indicated:
Current wording
Comparable Restaurant Sales, Traffic and Average Check Per Person -Following is a summary of the year over year percentage change of comparable restaurant sales, traffic and average check per person for the periods indicated:
Previous wording
Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.6% from commodity inflation and 0.4% from unfavorable product cost mix. These impacts were partially offset by 1.0% from an increase in average check per person, primarily due to menu pricing, and 0.2% from cost-saving and productivity initiatives.
Current wording
Food and beverage cost increased as a percentage of Restaurant sales primarily due to 1.3% from commodity inflation. This impact was offset by 1.3% from an increase in average check per person, primarily due to menu pricing.
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Labor and other related expense increased as a percentage of Restaurant sales primarily due to 1.3% from higher hourly and field management labor costs, mainly due to wage rate inflation and health insurance, partially offset by 0.4% from an increase in average check per person.
Current wording
Labor and other related expense increased as a percentage of Restaurant sales primarily due to 0.6% from higher hourly and field management labor costs, mainly due to wage rate inflation and health insurance, partially offset by 0.5% from an increase in average check per person.
Previous wording
Other restaurant operating expense increased as a percentage of Restaurant sales primarily due to 0.8% from higher restaurant-level operating and supply expenses, mainly due to inflation, and 0.6% from higher insurance expense. These impacts were partially offset by 0.5% from lower advertising expense and 0.2% from an increase in average check per person.
Current wording
Other restaurant operating expense decreased as a percentage of Restaurant sales primarily due to: (i) 0.5% from cost-saving and productivity initiatives, (ii) 0.3% from lower advertising expense and (iii) 0.2% from an increase in average check per person. These impacts were partially offset by 0.8% from higher restaurant-level operating and supply expenses, mainly due to inflation.
Previous wording
General and administrative expense decreased primarily due to lower compensation and related expenses partially offset by costs associated with our foreign currency forward contracts.
Current wording
General and administrative expense decreased primarily due to lapping severance and costs associated with our foreign currency forward contracts incurred during the thirteen weeks ended March 30, 2025.
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Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
These platforms will be supported by:
Previous report — wording carried elsewhere
Labor and other related expense increased as a percentage of Restaurant sales primarily due to 0.9% from higher hourly and field management labor costs, mainly due to wage rate inflation, partially offset by 0.3% from an increase in average check per person and 0.2% from cost-saving and productivity initiatives.
Previous report — wording carried elsewhere
Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes. See the Overview-Key Financial Performance Indicatorsand Non-GAAP Financial Measures sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional details regarding the calculation of restaurant-level operating margin.