BLMN - Earnings call transcript Q3 2017

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Operator

Greetings and welcome to the Bloomin' Brands' Fiscal Third Quarter 2017 Earnings Conference 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, Vice President of Investor Relations. Thank you. Mr. begin. may you Graff,

Mark Graff

now, good of can will Smith, our section. GAAP With Deno, be the our Chief website XXXX earnings Officer. of President and our most bloominbrands.com access call third be fiscal Executive on found Investors are Throughout and quarter basis. website this our An call, the By adjusted in Administrative and previously and release Liz CEO; measures release. explanation results presenting Financial should measures financial morning, described. we use you have on non-GAAP our me to to It everyone. and an at conference earnings on today's as Vice appear you reconciliations on also Thank and comparable our Dave directly at

begin part that could to statements strategies results Before statements. differ are These remind I'd include of to cause a statements our remarks, and discussion forward-looking we from to forward-looking uncertainties today materially that of risks growth and will guidance. including like everyone our actual formal financial numerous discussion subject

which of available Some are our filings, in release. at are risks discussed SEC our sec.gov. mentioned Others in earnings these are

the objectives. provide strategic we'll Once During today's progress to and we've for Liz highlights call for to over an these With financial call our turn overview company questions. now key like Smith. fiscal performance completed recap we'll call, a third of the of XXXX, that, regarding up the open quarter a on I'd remarks, discussion

Elizabeth A. Smith

listening welcome and everyone to Mark, Thanks, today.

U.S. share earnings adjusted release, down X%. this was As third morning's earnings were noted $X.XX combined and sales diluted per comp quarter in

The had as This consecutive where meaningful and investments progress large in positive particularly experience the a to further Hurricanes Harvey it QX comes of core Outback. Irma two traffic gain industry and Florida. Outback's at quarter on third we Texas communities is posted hurricanes. continue the trends throughout sales and notable effects we at improving made the Importantly, performance and amidst Outback significant is comp impact traction. declines of traffic.

In storms. addition a had, the to the pronounced areas by the personal these also businesses they had within hit effect events the on toll

to beyond to sales lost we our traffic XXXX. performance the comp it certain QX and members to estimated be in an prepare total, of the in for adjusted restaurants. operating category by $X.XX, QX sufficient power EPS outages the reopening to hurricane As evacuate. the flooding experienced by estimated was since was sales negatively company, far closed path U.S. and preemptively our storm's the thus have storm, and XXXX Knapp days locations (X:XX) X.X%. The team In when basis for category broader and flat hurricane, or absent seen quarter; relates And Outside the $X.XX softer softness would down XXXX, we've following consistent XXX delayed days, allow the the comp been expectations. for area our impacted were our these the from with Absent impact, estimated QX. lost of this the and (XX:XX) hurricanes EPS than points U.S. worst in significantly was an in quarterly time recession

industry factors discussed of larger in severity that by is previously. we we being the have see volatility same expected, the Although the the decline driven was than the

traffic. new pressured restaurants from industry has capacity excess continued First,

been the customer making true elevate past especially paying experience investments have and interest in in abundance along takeout with category, of discounts delivery finally, to Second, the in QX. with this and an in up at the offers off. we are year held how where portfolio industry continues backdrop, Against were consumer options. the we the home dining is over pleased This Outback grow exists to

value health enhancements As measures, some portion brand to have reducing benefits reflected in menu shared. which preserve these we steak in pricing were complexity and improved previously our first these restaurant a The Outback and delaying help investments in within reminder, include equation. the sizing, of preparation investments

the the seeing growth Now, the traffic traffic to hurricanes in these show up XXX investments by are the on This healthy the started occurred brand investments first we benefit XXXX. in return the since quarter the basis this in growth making of And QX impact outperformed Outback of of the points quarter. the we despite industry comps. growth. traffic marked of

this to to core over continue expect consumer. frequency the traffic our healthy We to of build time due

multiyear quickly as the we aggressively remodel available. Outback remodels completing sites In become exterior program Outback We XXX expect and also complete relocating have relocations. to quality rollout of and the as been XX restaurants XXXX,

we to interior, to on XXXX, not update ahead our begin shift efforts to Looking since of remodel focusing the will we focus an XXXX. that had locations the have

prospects very are growth. the made for third our We encouraged performance by we Outback's and quarter share future gains and

casual were approximately of to portfolio, in by locations Carrabba's versus and the U.S. important line the Bonefish As XX% It impacted the that however, of disproportionately Florida dining performed and the our Carrabba's generally hurricanes. it Bonefish relates note, with balance XX% is industry. for industry. we to represents

We spend these in we In priority. to impact an quarter. mass business number from in in one the had as brands on away relative traffic will XX% core on to is our we marketing reduce decision healthy which the our This growth, addition, invest overall discounting to sales QX and this strategy continued believe pivot the results lower to experience. customer had XXXX marketing return

at us In Carrabba's many are addition, and at there lunch in of incremental off-premise layers sales front Bonefish. including

layers However, core we our focused on remain these patient execution. cultivating and be will

to million continued approximately program achieving This X% has our performing benefit lift concepts over loyalty our is program. Dine well, an now of members from Rewards All and enrolled. traffic X.X

of a this out to manner. in our cohort building We are the to capability in process important personalized market

We total in the off-premise restaurants the for our business. enthusiasm. and reach of supports for represents Another Off-premise research opportunity lever our has structural our industry. key believe is incremental our and sales to significant tailwind growth off-premise a XX%

restaurants. this the we operations, are and Given holistically our systems, growth to potential, staffing, maximize necessary investments at assessing off-premise

that our exceeds the fine-tuning will additional very currently delivery When XXX the roll the remain restaurants ensure that in are premise moving start locations. to we We expectations. completed, operations about to excited We is potential that out experience forward. work off- off-premise offer of

a addition, unit, our Carrabba's combines in which In opened first we format. offerings and Express Outback takeout-only and delivery

and We has trade expand footprint in think this will both the reach our existing to smaller areas utilize areas opportunities where trade new off-premise we into potential. fill-in largest concept

our learnings this of will opening off-premise We few year we'll to XXXX, strategy. into go-forward development a guide locations these and and use be the

to with Olympics lapping of posted from quarter strong Now, Brazil X.X% international, another year. turning despite last comps the Rio

of high the restaurants Outback in Our tough remained the restaurants. environment execution which in speaks service and a resilient to level

seeing also with are We Abbraccio. success

growth. leader, a clear significant future As Italian reminder, to the GDP have us restaurants brands runway both Abbraccio we where an with Outback to Brazil expect over is for beginning growth environment in and market expand providing largest and in XXX no with now second segment Collectively, strengthen. in Brazil is

layers nimble to our growth continue to against more and of fuel follows to keep we customers. our structure our us key initiatives. and strategies existing strategies these This make organization and spans align the in evaluating We increasing support and strategy, best our these controls Since organization closer how investments are resources necessary become means agile. to our reducing to optimize will

emerging capability. we is marketing media areas this resources believe drive As such as reallocate data high-growth from to to from this success. as We work, and and mass gain reinvest to enhances long-term efficiencies digital ability our in intention personalization opportunities traditional our these effort lower-growth on such marketing capitalize areas

As we are thus it relates pleased QX, portfolio with performed how to has in far very October. the

the been we are expected, outperforming has month industry. first than The and stronger

performance limited to the by is strong our not Importantly, impacted areas hurricanes.

the Last fourth between and traffic by shifting quarter industry X% the December is the amidst However, what driven retail largely environment. was down Year's. Thanksgiving year's New for happens

Given discuss environment the a was to this QX is in disappointing XXXX guidance is lapping our cautious retail we in that remain season. will shortly. it that for believe XXXX. QX prudent Thus, industry holiday be the Dave despite QX our challenging volatility and performance in updated the best in outlook we reflected landscape,

and on year. have and seen priorities term. drive investment investments remain over medium long priorities we landscape aggressively of traffic As to the move healthy are and key the on our sustainable believe spending forward, these industry focused We we the initiatives growth the throughout appropriately our benefits momentum with aligned gain

is While the nimble to over while the industry long on QX. to Dave? will term. the detail more provide and I'll Deno remain over showing environment right patience turn remains agile, And to that the what with do call Dave volatile, necessary we

David Deno

sales around I'll for thank off performance you, and morning, discussion Well, everyone. the kick Liz, and profit quarter. good with

earnings Please comparable GAAP and I'll be results, costs when a non-GAAP numbers reconciliations release I excludes metrics between benefits. U.S. to As to the certain directly most and that speak reminder, referring adjusted see measures. their

provide $X.XX nature diluted We that share for XXXX. also $X.XX discussion the of quarter a last of versus our are in results quarter third earnings year. in as $X.XX each per $X.XX year financial GAAP mind, earnings adjustment. versus the prior the diluted was follows. was With versus per Adjusted share

$X.XX third and EPS sale $XXX XXXX primarily of estimated QX than U.S. lower was revenues we both net offset an asset This earnings due to of Carrabba's from closures down finished and one of Hurricanes This internationally, and refranchising estimate in impairment to by would by income quarter. decline restaurant and the Irma. primarily $XX.X was been decrease quarter. excluded this the decreased partially franchise offset X%; third was sales adjusted hurricane, included successful from primarily our This $X.XX. impact openings. associated third a million comp adjusted adjusted Total X% Harvey million Combined our the the X.X% estimated partially are GAAP with other on earnings. an restaurant by of from the comp and revenues. from gain earnings impact $X.X Excluding in million negative domestically driven quarter the in in sales have increase other

the lost quarter is down more hurricanes, QX Carrabba's basis Outback's consecutive third the comp were with impact X.X% the of Bonefish and are This up comp positive the hurricane. flat U.S. negative we XX comp points. was estimate despite sales sales comps and Excluding traffic X.X%. importantly positive At operating down XX Outback, sales with from the basis been traffic points days have would up for quarter. was

As Liz areas storms. disproportionately the restaurants are in were of given comp affected of Fleming's, the hurricanes sales impacted mentioned, down that the X%. large both At percentage their brands located by by these were

the continued reliance In versus reduce this on We had discounting QX the down on were Fleming's where largest QX, to impact XX% portfolio. discounts across year. our strategy last

allows on has build to reallocate it a impact into healthy spending us traffic, the negative traffic Although in areas investment to key this future.

are XX.X% up give can to perform sales comp high a us growth of market. and this us XX that very QX confidence Harvey XX.X% impact restaurant-level a basis X.X%. These level The Brazil, and this on the restaurants opportunities to in in Turning was quarter. continue Hurricanes year ago. at of we Adjusted important an capitalize versus margin points estimated Irma year cost margin

the and our items sales leaseback addition margin driven lower by In expense in lower in by costs. increases productivity of costs, commodity primarily higher offset expense, unfavorable operating average was initiative. restaurant hurricanes, advertising check, These to partially the from inflation, inflation, are and the decline beef benefit savings, wage rent

is in all G&A, to increase were like G&A I $XX profits margin in areas basis Turning our related respectively. the and year points XXX adjustments of to and International would XXXX, after XXXX up to and made year. International a $XX million, removing was versus adjusted draw IT your administrative general costs investments significantly ago. QX international margins primarily operating is business. from million now versus which attention up QX and The QX and were last X.X%, to off-premise.

larger international a our Importantly, portfolio. of our part margins as improve consolidated will business becomes

the six system-wide we opened the front, quarter, and one Liz development Fleming's, in international one On Express as location. including locations, locations eight third mentioned,

progress made on structure. we capital the During great our quarter,

program thus $XXX to remaining gross to over less over very million successful sales up sold, million have close and completed. we initiative. proceeds once in wrapping now In total have $XXX in received far total, than We XX are leaseback be proceeds. properties we the is our expect We

share and on $XX company on call, now for a is week, for the remaining utilizing to our This beginning Board repurchased to of shares. updated significant Directors outlook million financial $XXX We guidance you expect are per the This the a through is outlook We November change declared XXXX win have adjusted of million Also The between of diluted like of is we've of factors. thoughts from on shareholders. October which with starting XXXX. of $X.XX. $XXX authorization, will a EPS. our XX. XX, the earnings in last cash note, the be $XX a to earnings proceeds would by $X.XX $X.XX driven year, the down expire million have Since take last and from and We stock, to dividend $X.XX. repurchased payable share our transactions few our on stock. million since I the of our $X.XX prior now we key repurchase now

the impact hurricanes includes employees inventory estimated impact to due is sales, First, lost for losses year wages on This compensating lost and of full our store be the earnings from $X.XX. to hourly closures.

you maintenance. if It into $X.XX. have exclude original property of estimated low to important guidance end damage, addition, incur still we have hurricane expenses note and we for impact, additional the to did our of we fortunate In that repairs would is range the visibility achieving were significant although not

Second, X% down basis commodity to flat we points. have XX outlook from tightened to flat our down to

beef. We have These seen of of some unexpected inflation produce include prime cuts and basket. commodity unlocked the dairy, of portions in our some

additional can to persist are these some seeing to in QX. And results. impact, labor our what we Although we we doing this expect we third, impacting headwinds pressures mitigate of are

outlook well the also more over QX, the as behavior between the in dining in surrounding for is of retail we consumer New into This uncertainty decline guidance sales environment cautious holiday have built a the Year's. Thanksgiving Finally, by industry severity view part Liz mentioned, as and the in as driven season. casual

a are but encouraged in percentage generated of significant We December. earnings are month of October sales our results, by QX the

to now warranted. $X.XX. prudence expected $X.XX is So, we and believe between is GAAP The EPS corresponding be diluted

United and to expect be a less to by XX%. is than and The driven our rate We our now pre-tax tax tax in adjusted the between corresponding be reduction income original XX% rate expected GAAP States. guidance This between forecasted XX% in is XX%.

sales, call Our you take or from to EPS and until next be not would comp on like through thoughts expectations comp guidance remains preliminary Keep our unchanged mind, will restaurants earnings February. I last call. new earnings providing XXXX. in CapEx the on we sales now

several for First, we deflationary single-digit We compared are XXXX. categories. seeing commodity across demand outpace low therefore as to production in inflation outlook key XXXX expect slightly our

years. in approximately been XXXX. the pressures anticipate in industry persistent X% our that labor we no see of Second, easing labor inflation have a reality several for We

one felt Third, XXXX. weeks New as reminder, between as will we week weeks week a in we Year's. very XX QX in heavily in and be Christmas XXXX have only volume XX will in The a high less most impact XXXX and of lose

to Given our and labor these productivity ongoing opportunities model. food explore we pressures, costs continue will inflation and

in top addition, and we complement In out build off-premise capabilities will provide to in to sales digital line the momentum our Outback growth business. our

up to on external we by the the detail long-term these we cautious right of cash given summary, and are Outback. seeing believe approach and is volatility call And We remain the confident will and capital, flexibility at year environment. questions. structure impact increased hurricanes we remain will open full our In and QX, growth support necessary making in disciplined more February enter our the a stewards shareholders. now improving that, return plans earnings we we the to the appropriate We of are that performance investments provides capital as with the of discuss to to for We encouraged are call. XXXX

Operator

questions. you. floor open The for now Thank is

from coming King Our Associates. C.L. & first question ahead. is Gallo Michael go of today Please

Michael W. Gallo

morning. Good Hi.

David Deno

Good morning.

Elizabeth A. Smith

Good morning, Michael.

Michael W. Gallo

Yeah.

Outback traffic over last good the doing years, you Outback but time of kind quarter it the it at the it's your another and the quarter. just number you that But the improvement brands, looking doing at the noise operating obviously, that whether all the a like in quarter a brands the positive couple together average. them brand up well able repositioning through and of appear you've able certainly, them in to been to having to the just other So, haven't seems brands simultaneously. bring of Outback, the I of you've I other and see this know to and hard pull struggling, versus margins particularly, and been been peers, hurricane doesn't rest know at had better

you us about further think Thanks. integrated why the over when there's So, working the about – to and think the – prune think help of portfolio portfolio brands you time. model still is whether opportunity

Elizabeth A. Smith

Sure.

I'll margins. that. portfolio, the pieces couple talk then the will of on a the to in Dave trends, chime So to and

best what we best our if evaluate but – whether always whether one to absolute particular to to kind cetera. of have showed First is the willingness love – a to shown go-to-market. et the said, difference it of a Korea, was of wedded or think to – we We've disposing not it we've at all, there go-to-market. I continually the is go of that brands, look we that, we're look as Roy's, portfolio refranchising selling at means do And was we've our

are to getting on this. good to constantly same which tremendous there's employed look have is that's position. the over about have we the And what brands volatility you're quarter reinvesting to customer the edited at We out we right, quarter, best the go-to-market playbook feel discounting, medium last So, we from why a year-and-a-half of long in portfolio the evaluating of that experience. tightly and you is this have term

as a selection. in the us. growing brand opportunity gainer right metrics see We different same for still experiences. brands, the for at the We as a and they the see being in And brands big times. that the come being see tranches different experience in net us. and different so, across off-premise but periods at we We reinvestment the started strengthening real still our back seeing at being as We're increasing

In begin leverage fact, see able unit, Outback really when of the have together to of first in we having off-premise. as to to you portfolio put Express and be Carrabba's you take our advantage a

Okay, so be going growing. to that's

program. our we is, seeing type portfolio. That's XXX-basis-point the after years portfolio across We other you what we're million that folks have really that it, goes get all X.X two launched when can of loyalty is leverage. a across studying lift you The where brands the thing have you which in of that four now program,

cultivating coming We agile, but front these So, and fruition. think taking very more in be on and that in been are data that to information we opportunity the digital collecting and ways always and we're there's the much planting seeds now now to we've the portfolio monetize of take to nimble be that investing really more to of advantage data personalization going investing that. have and been organization

So, we Bonefish, fact that obviously impact big in really do the look, are geography. the on that uptrend are about of good that of had. and of the Carrabba's very I on restaurants almost we the a of had hurricane the XX% patience investments And, feel some kind and

So, And was is you are our outperforming impact. continues that them going brands I'm that in and the is one performing basis but industry, just October. widen. don't we Every in points that I'll tell are tell number a was month, QX, expect to strongly of but you in XXX meaningful to out can where go October plus break that that what very traffic separately, meaningfully and of particularly it all I not Outback positive, single will they to you like month to

the in margin do comments on think in What it patience is of turn term. follow, we're going invest that I I I'll efforts long Dave our seeing for that. but to will over any now to have think So, the you're I to variability. think portfolio, And

David Deno

day, we're going food we in pay measures obviously the margin Service our improving. knew that to and by gotten. and we that did an labor sequential our in We're be importantly, And impact are X%. have and restaurant points. are Texas, to Outback, do about. big and And X% at economic leaseback making up And reminder is customer a XX measures we margins. was up; service and across the Michael, base we industry, you a cash Sure. does quarter, at for Labor trade in very for basis on pleased that make margins have this XXXX gains, sales improving, that challenging year seeing that if the program business negative which look every to side, you're impact is too Florida inflation we've off investments the sale

do we cost chain We've and XXX what by I sales about. Liz the got operating expect basis expect? Got productivity going to So growth food still to XXX talked We finally continued what tools prepared cost margins mentioned that overhead. our that basis initiatives points to points my draw expand points. up quarter attention your margins, and our forward margins were efficiencies, basis international supply for did looking our management remarks management year-on-year. our in this and labor XXX as And I with and

So, a have becomes going portfolio, expansion. to bigger as of margin international the part we're

year feel though still operating about and we QX for been has margins can on So, this good we us. go where challenging even

Michael W. Gallo

Thank you.

Operator

you. Thank

from Our coming Please Bank of is next America. go Francfort question ahead. of Gregory

Gregory R. Francfort

Hey.

Just one then another one. question housekeeping quick

any help percentages. terms on XXrd the of Just cents the week or of in magnitude

the that making and maybe diners around. the you're the why that there changes how month help of marketing the you sustain than they in be approaching would is last question instituting. this you're November How did last the reason much out and we've other could just season and knowing approaching actually casual going any kind are year's happened you in from confident differently be holiday experiences terms kind does experience kind rather of than of the differently December, that of given the be guests of the And because this holiday color they've to approach that appreciated. would they last about turnaround second they're heard may then Just seen that part is

David Deno

week XXrd Sure. the take I'll first.

can Year's stay to tried is for you We away big Christmas which haven't if from But can we've you casual gotten but is dining. that quantify, week week to that. to kind that a between tell But week. New the holiday big imagine, and of that's I detail

Elizabeth A. Smith

the Yeah. And holiday me discussion. let take

know, really and it, As about in talked strong thing we our trends is you are the October. obvious

then was cautious have at one going be no could why down taking how here's to Last we you that it. predicted So, are and outlook a look year, December X%.

how don't in and – know structural think the yet We had you a I You is. landscape landscape. we crystal the what new still and shifting shift seeing so people the have normal this ball, are don't

people's it's So, I that to that about November, addresses feel with it's work want we've needs they really as be in been going assume delivery we delivery. they that. be that's challenging to home, doing to again in benefit to really look the service and think in whether this program mind, prudent at December. that want a And dine to us whether or holiday we off-premise absolutely, developed we good to going able And have holiday

and us. to celebrate going of go our advertising absolutely tell also business for into at will off. lot absolutely I that. here So, delivery, our And and programming no push are also being competitive for to be and of marketing. pay QX up want develop to but that mover any purposes, is looking arsenal geared paying we platters we QX our muscles. having on and off off-premise double get digits for geared detail crystal really on area honestly, developed dine-in we granular out with I that kind to with we opportunity supporting And brands more don't efforts our have first one will But forward has even want for to in that was QX. off-premise as purposes, of being I holiday too a a some But and and you – competitive home really and have ahead in don't ball. off-premise this we're But our around and holiday with more

focus landscape. I brands have lot are and absolutely assume to take somewhat going think the be we makes extent possible feel of November-December like and advantage to to have that capability it a of we built volatile, to challenged shifting to the and the sense

Gregory R. Francfort

crystal I was guys. hoping ball. a you you, appreciate had it. I Thank

Operator

Thank you.

Bernstein question Please ahead. is of from go next Our Barclays. coming Jeffrey

Jeffrey Bernstein

Great. Thank you very Happy Friday. much.

David Deno

Friday. Happy

Jeffrey Bernstein

you. questions. Two Thank

think updated by you on Dave, I it, step was a shift of much maybe and, you And the knew took the on XXXX $X.XX. you if guidance acknowledged the hurricane but going we lowered that commodity just $X.XX. the walked last First guidance Otherwise, back, you I I quarter. through was think mean,

and trying holidays. out I'm other was where in the into you're you reduction. I figure last the to the just encouraging nickel So, were quarter the you terms that caution going talking know be believe were I knew fourth be already to Street you'd at we the quarter guidance – November-December. that volatile underestimating time, we very lapping should But about of that were that estimates. raising mentioned And the quarter a you to

you that said your And numbers. better. is thought in would I much have been would now October So, have

I the to just color. I'm of especially hoping guidance kind this more just had surprised the much EPS reduction for was of fourth further see already known, So implied so follow-up. significant then one in quarter when And

David Deno

Sure. Yeah.

industry. sales of the the produce cuts hurricane, and positions, our QX season. step-down unlocked of impact of as big a a as inflation which We And includes did dining If step the pretty recall, our and holiday pressure the dairy, quarter guidance, CDR you the got big have if things beef. decline inventories pretty look outlook lost impact to in had impacting as compensating more which cautious some were casual step-down $X.XX is We're tighten and even some employees. quarter-to-quarter hourly you've of back took changed seeing Liz unexpected mentioned, we well with commodity QX the Jeff, outlook industry, additional due in you during at though we a decline of the And in results. labor of ahead and

at though think we month prudent will in it's look look So, the account of are our into take to you of we even especially sales results, that since October by December. come take we when a QX encouraged much as at

the and the commodity it's a that labor Jeff, tightened pressures, sales talked outlook, about. So, hurricane, additional we just some

lastly get you those of the back, top add $X.XX guidance if at our together. But back the talked $X.XX that end range, look our the the that range. bottom we Now, if of to about in we put the are end our in you items key we four

Elizabeth A. Smith

thing I Dave to we what – I that said would is do guess medium only add think of kind to views. take important the it's long-term the that

horizon. so last does industry mean? speaking had That's And has with for a since QX Well, the the softest the QX recession. X.X% except didn't you see that all, negative on traffic in what last we the traffic

I have be to think you and cautious. So, prudent

Dave as Now, October. we're happens share we volume December. November like seeing lion's really of in and category what in the the this in But said,

so, of also talked we of we're the we and what seeing. is I surprised to we we But up, we're prudent at And the think think And about trends to end be If place keep range. like sight if line that all. have to going be. be don't this low want right the Dave into

Jeffrey Bernstein

on of I guess, follow-up thought your And XXXX. on just broadly Understood. kind the initial then color, was question

to So, it up is sounds going be X%. like labor

does we of savings up And again on margin, pricing need low-single it that's food are word. mean, shift going menu think to lot of you'd like if where I would I to just leave margin? be seemed final wait pressure, now still pricing seem so. as saying the but digit. hesitant your just will and that where thoughts it's more tie to do for I'm like but just terms you discounting, you're away it I you assuming know up with that's a the from in intact, protect you that annual But XXXX. productivity restaurant you're in is in directionally that

So, in the think need that? how Thanks. margin restaurant do what Maybe you that to you comps about environment? hold

David Deno

demonstrated a we're there point, and behind like that exterior some lever big this forward, practice, at would years going things We seeing, that the be off-premise. the sales have few of of we would productivity in levers Jeff, longer-term would past detail there's we're our trends be that are continuing And our this given interior see two international, the good nature be would about, the did looks our on plans. good, in Outback ones on algorithm. we're But be we that our prudent challenging be do has and would us about, that program of that now progress some environment. that's could part what Those Liz tailwinds, be at Sure. just in and our that like the talk to giving everybody loyalty Steakhouse. current remodels soon-to-be and other similar a in growth we've XXXX update also going we that think past to we're talked look

but tailwinds on are call there costs those yes, details we out more forward, that can the we'll be call XXXX have we we on commodities, beyond. significant and but going February and labor and we providing some So, that headwinds, see on think

Jeffrey Bernstein

you. Thank Great.

Operator

you. Thank

ahead. Ivankoe John coming question JPMorgan. Our next is Please of from go

John William Ivankoe

Hi. Thank you.

more as Brazil You've many plan units you from priorities than but you talked about remodels typically in I the to could sales remodels. the a to in you capital fiscal the you exterior are was remodels, priorities, but hoping which of XXXX. shift And open I a also can, bigger are that And as for did about talk talk relocations part you of about XXXX. as well. some continue assume want mentioned if interior interior expensive

obviously, generation. part story free of casual is any dining important So, cash an flow

fiscal get about. should of at So CapEx kind point XXXX, what just we least want this to be for sense your thinking at

David Deno

Yeah.

Olympics, changed priorities the mean, overall you On But right. hasn't but in Outback capital down give we'll details Brazil give over put on same-store last as I got to Rio we've detail And the return, efficiency business, lapping number John, there the mean, is a that if years, mean, capital look again, XXXX. the first terrific. so I few priorities, goes, we'll positive business, the CapEx of number, place what the business, you're the far capital, at, I that more look much, growth all. great got sales but you that we've as Abbraccio more

because been we've Outback haven't at And five, getting refreshes years. like mentioned many that times, refreshed that we wrapping Steakhouse. business. lift we need part we're a Liz program interiors, big has Secondly, got a of exterior restaurants for the to It's six, had some now expected. this And seven to turn up interior are remodel

time. it's So

we're We'll some building So how that as big restaurants pleased our will the be then lastly, with relocation at do as new we're well. part capital very priority Outback. a of Outback pipeline And warranted.

And We've so and growth. XX% sales this new location. same-store XX% a to year. XX do we're between going to anywhere seen We move

So that's been very, very good for us and the pipeline's building.

we cash we've lens to and good of relocation continue. international. course, think interior cash job returning then international, done managing I really, shareholders, really (XX:XX)will remodels, a flow program and that and and, our And So have

John William Ivankoe

got a Outback and completely with attention The Can at my shrimp I certainly steak unlimited separate $XX.XX. promotion the current ask question? at

what over average shouldn't even be important direction about couple on those focus other the national average and and of or that talk the ticket how you a increase you traffic. need think it of for point words, is is more to ticket are pointed Just next lower In Outback of years. type the brand maybe promotions the should the at price

think the promotion Just or the be? can you should put the of the you the in future ticket direction context current current average what of

Elizabeth A. Smith

Yeah.

So question. great

at you by divided we total look as always As right. benefits know, value price,

you give right. to what certain for a they price, So need expect customer the

We're that. cheap going discounting get our we're play. lot it right value as of the to into ourself now. So taken is of a this see The, to you not intense returning out point, price or back We've as lowest can, not weaning and you that. lumps go

it. like last And experiences one those points. a time and been we've of going had always is successful Big with steak experience, to has program which it's for us. the is unlimited popular of brand you $XXs. provide It's to the a was Australia However, superior important for price in shrimp then somewhat lower us. more be of the and evergreen it's one really third very where year point But price have becoming This the

going we're points have in going price commercials and to some in to going We're there. also without had heavy variation price to we're so point be have have value. And not And them.

So see a quality traffic brand the the I for how don't want of we of we're we're different is, to get at – that food with message the us, strong the and getting, in that you'll the serving. coincident Outback think quality QX

the just we're price affordable get surprise total your knowing and delivering of not is to let pricing. of going of And the think delight we're at reasonable us, on surprise for game I point a name range ourselves and those, us. brand benefits value of at going So out but and either for to provide equation delight whack on

John William Ivankoe

to that I ticket I take average an you say have can don't mean, what that seems the just you So least clear down. intention be at to from said.

Elizabeth A. Smith

provide, we Yeah. we to menu. at But to have surprise delight. the don't have point range across price look intention any will I mean, okay, our stated opportunities always a deflationary and

John William Ivankoe

you. Thank

Operator

you. Thank

Slagle question from coming go next Alex Our Please ahead. is Jefferies. of

Alexander Russell Slagle

Good Thanks. morning.

David Deno

morning. Good

Elizabeth A. Smith

Good morning.

Alexander Russell Slagle

could is right the broad what you I if and consumer good talk could into insight about seeing now of little – more seen upon across glean additional could you portfolio October. driving expand and you mean, you've and just given the perhaps brands, pickup the improvements the October? – geographies what's And brands. Wondered morning any in multiple It feeling if what different on improvements sounds a bit like

Elizabeth A. Smith

Sure.

some volatility, discussing understood And a of think That's understandable gotten we it. everyone, else everybody you because – of question trends. the so more into there's So have monthly I the for further rebound what and so they're okay, lot And was of, that's with the comfortable October. saw in hurricane, given rebound?

think seeing brands, right. we're pleased seeing for we're it and I strength I've with hurricane, in beyond the the geographies said we're our that As

we're December the is extrapolating rebound consumer into have this October's is not for November, landscape given as December about a us. great story and say, deal of the you there. So retail trends I would hurricane by a heard November, from us, behavior cautious also really driven

I do it's at making the the was year's being the at we so but feel with term been that loyalty, And for in look We're and associated with QX of in, to see whether about have going whether the back I'm right it's is investing the last it's all category. that X% story you experience, patient investments off-premise, that to the last been been year's metrics good October, and are whether and about been positive long can – into metrics the us pleased December if look in serve good down medium the well. fact

about about landscape in. the that to the think the still investing we've we really been the So prudent retail playbook to appropriately that, we our we fact we're have of settled address hasn't guys progress programs that and the talking kind seeing good have that new on eye you to consistently feel and it's on and

Alexander Russell Slagle

the remodels we the might how rough of Thanks. And on with consider remodels? a have many of think about to do the a to should interior, follow-up shifting what lift idea you relative and then kind them exterior you

David Deno

program We'll be program, in But interior But on to because now three-year X%, detail right. more detail it's exterior to sales. that going need type we'll the Yeah. we has increases to something Typically, on provide a more on that. X% turn worked that. see It's so people well. remodels provide out

in So to detail QX. come more

Elizabeth A. Smith

know, get behind guys we're said time, also years, right. touched as the frequency. XXXX we going the remodel interior know, you program, increased never started to we even is interiors, just growing say, XX And at want I not And to in as you design Yeah. because with the having again for

So when to and at they as look for think long they touching for when again, that haven't eight you cycle used stores as as looking we've things to. before, interiors the right. pinpoint been about that we're years, it, like And start nine as to because going we touched XX-year fresh used we're said don't

get to these that bump more have into our I much we aren't we remodels to traffic in business kind The is part just tell to of to-go is looking conviction going other support what details I will out so in be we don't can are any that big that you, that at our and belief to that we rooms off-premise thing to what have adequately and so of want be at seeing support. of looking part and how the we're

of will firm XX% conviction grow sales. have off-premise We that our business to

where place expanded in absorb a to is part our rooms able making the going sure frankly to-go that be And we're to and so that capacity. of are interior

remodel. off-premise That that when itself that's of we part So for we not look the �� will incrementality an part insignificant more believe represents. the than at that's pay the of

capital a is off-premise with also but serve asset capability about growing business. refreshing, but we prudent be to sure it's making we'll have this the So about

Alexander Russell Slagle

Makes sense. Thank you.

Elizabeth A. Smith

into other and other the combines the interrupt, Carrabba's for kitchen to be probably we've the another part we four three And even takeout leverage know that business support that's off-premise kitchen Outback will be part delivery. location be our – which with piece got over to – very to probably – continuing to our Express and will months much delivery. of We'll That's be to going more to sorry that going part two plan of geographies the open of one next that well. as opening the

Alexander Russell Slagle

Thanks.

Operator

you. Thank

the last first of Our some is one, Credit A on Credit holding of quarter. coming the Outback West Jason couple Please third talked Securities I at Suisse taking the on guys ahead. you question I Thanks. Jason West - from Yeah. price Suisse. in go (USA) guess next about had questions. LLC off call think

there still XQ? holding are you you into going Or wondering back Just now have price taken that? on if some

David Deno

don't about part that, we pricing too want our but detail into to be of much get activity. will Yeah,

it's well value equation West sure that For some maybe the you're quarter And as at pretty comping - brands? are LLC pressure good that want pressure And bit at brands other as competitive the a margin as little look part reasons for our Steakhouse looking we into with brands fit like the non-Outback just even the at with timing. do Outback all coming from the well, but yes, we price, But, brands, kind And the again to Outback. then don't the with magnitude right our just always comp Jason pretty the at that significantly that, the less Okay. really comp down are we're it. also Credit traffic (USA) the there. is that had obviously Outback margins seeing make Suisse Securities driving to get thing? activity. and in the more were not you of a you or to hurricane of Or at Got

David Deno

No.

as any food by leaseback basis we impacts points I that knew in or this had XX by things, We've we forward, brand talked the that in about sales service things about S, those employees step nothing impact about XX But like still mentioned, margin restaurant earlier us and investments inventory As economic and and for have hours particular and on margins margins pay got we at us. back, off people, you we now hurricane, in our Outback year impacting the quarter. margins you then if margins. are and the the but are I look lost We as a piece fantastic we look as the was some restaurant paying inflation basis higher operating the that's to going trade. due if labor knew did and the Again, sale I NIM points. talked I go for talked, there's at to in now. line, that matters. particular And that's

through sales Jason, through our continued growth, through Now, point our XXX-basis XXX-basis that to margins growing international up still points. where we point we think margin opportunity business productivity, have basis are XXX

going ask forward. of (USA) job All to we've we've Okay. will a pipeline And done Suisse an Thank we on it. got this - look a you of we Credit how Jason quarter a West Got good cost example in that managed as at productivity go Securities that. you. us help LLC as I'd forward. food past, take and good the And

Operator

you. Thank

Glass Morgan go question next Stanley. ahead. is Our John Please from coming of

John Glass

much. very Thanks

other, or business? on doing average the you what delivery diners, are if First it see which check. at casual food are for meaningfully about industry is which higher had And delivery maybe, a you least the you on other many is meaningfully example. check Dave, delivery, check is experiencing, the than Liz do really lower How business, how just stores us how in doing one it, could update talked in fast different

Elizabeth A. Smith

Yeah.

that answering love I question. So

you, the robust, sure delivery to and staff, have opportunity want the and space, to to we consumers' and that because XXX to locations, is time. looking believe very we make expectations XX- we're on the XX-minute as said we hanging in pacing there I of, deliver are We is the which

sure kind we're getting we right of so those going absolutely to And right. XXX in, to slower stores it want fast, go in make it's that

feel really So good about we that.

actually said. seeing you of what are We the opposite

And We curbside is delivery. driven. are seeing a we something than that delivery are like the we We really that. check that's seeing think behaviorally higher that with

anecdotally call of at but a to et tend to you and ahead think you're things you for when on – then are There's that, delivery, a lot home curbside. think order, I the of ordering get a you're people adding You cetera. lot

we So potential see know you delivery Dave, to anything? check been continuing to want curbside, has and above I if this average don't add grow. certainly our

David Deno

No, happen. And Liz, mentioned experience you the delivery, delivery and have. of I and think, No. the the we most really us things we the off-premise that focusing all capability off-premise in for about importantly us have we this make people building off-premise are drive opportunities that in is on help to key that have

about very going. where we're this enthusiastic So is

John Glass

or just Outback, at at or just that like catering could Carrabba's simply clarify, either higher check component, that is orders? you does individual If some include

Elizabeth A. Smith

No. is This just individual orders.

John Glass

XXX-basispoint, XXXbasispoint opportunity. you talked Dave, then, the about margin And

inflation I has timeframe Does last to change normalize? to I that over? a to in structurally goal. What years. maybe What harder require a to and that business? think components mean, It's reasonable realize know is of have I to change think long-standing the been over what's somehow that's been other about the couple really this labor labor.

David Deno

about lot have. And, you over think Yeah. we've talked cost the through. productivity manage like restaurant a and and thinking we we're have. as continued structure details, of won't things what of and give companies we part are talked that our John, I And technology we and years opportunities about that sales got like growth sales that the few We've the see trends I've next the but

has have international that we an business in We margins what there. expanding have

ask we also again cost look to growth, at international the business. food the this piece, as forward, and think go as I John, we're side on we a of between I'd sales management continued take get becomes making productivity, progress into of bigger a So part the the

And done we're years. to with operating possible. efficient look margin, make that good always as obviously as our and effective Now, looking you job a we've at the over as organization as

as remind margins, margins sale-leaseback. impacts I can look impacts at excellent to on we want our look everybody, So, just that. by you lastly, operating It made you down trades then basis points. some restaurant XX operating basis And economic a by points. to take margin XX It

was that begin now. that obviously economic a So we'll fantastic lap to trade. But

Elizabeth A. Smith

only add, to shifting our marketing The we ROI, call I that is to John, being mass thing higher as personalization. from resource what move intensive structurally go-to-market is less would other I'd mass

personalized in to a our market Rewards we're them this et also of one big a one of which assets we how folks, get individually return Dine million to to a those when opening to science in talk on those proprietary we on we manner rates, think from up that on I know contact each personalized standpoint but a significant a and because cetera. them, members. bump is we about And in up X.X the relationship their we're program, building standpoint data is habits. way know And investment, system catching with

a but get I ability our data. don't to So in the lot ahead far to investing skis, mine too of we're want our

and personalization We the we we've are with built we for have becomes that very email $X journey couple on that marketing And when very million powerful. that that database efficient muscle.

John Glass

Thank you.

Operator

you. Thank

go is question Sachs. Please next Goldman Our coming of from Karen Holthouse ahead.

Karen Holthouse

Hi.

what it'll having on the take long similar in XXX have start like quarter, stores of question and to the of again. operations, through pretty can you'll pause think before bit feel delivery. little reported you you Looks do you Another is the rollout. so maybe like how sorted a Working last expanding stores model base

David Deno

Yeah.

on like We So don't have know make what us We're progress. standpoint. the from this operating really, Liz the it to customer can customer happy is very very great and right what sure, to sales seen a think seeing that making we've that. six a pretty but want get we quickly, whatever big really, we'll really and for But particular months, be, do measures three service provide. and opportunity we get that and after we very, we want might we're progress it's good to we're because months, do said, with a we

we've all got operating efforts against So, customers' up the and side. side on that of the

Elizabeth A. Smith

the continue go so in-store But – We slow fast. Yeah. the just work is staffing, learnings position it to our do going and XXX Outback, that. get compromise on experience take that. and we at time, and XX-minute And want to not all and have But restaurants same I think has about because either. grow expectations everything has next go asset the potential, measures, to right stream which to delivery the time we'll from willing we've appropriate we're to such that very staffing we're we against seen resources anticipate I year, to in XX- to expand Because implications, it to specific think that. it of be I implications, think

Karen Holthouse

Great. Thank you.

David Deno

Thank you.

Operator

Thank you.

Vaccaro coming Our from question Please go is ahead. James. of Raymond Brian next

Brian M. Vaccaro

morning. Thank you and good

Can impact and But by... question the on impact then the to I if quarter. that quick a hurricane a labor, could. (XX:XX)? third you the follow-up break on Just exposure on quantified down you

David Deno

to that well it and we And inventory, think labor. the going handled R&M, detail, not and it but into as I $X.XX share extremely covers lost a great it's the quarter. us And covers down it operating company. break for days a We're in

Brian M. Vaccaro

And of you're rebound the estimate how seeing of you benefit Just hurricane a if ballpark. Okay. have on much curious in October? ballpark a a

David Deno

said, But the our a like a like going and company, is have is especially broad-based Brian. the performance is by well. of Liz crazy, not Outback. We It's not ballpark, rest country that doing don't this Florida

not a of It's is it's in huge a the country. not bounce-back, this only particular and broad-based. seeing So part we're huge, huge,

Brian M. Vaccaro

Okay.

Elizabeth A. Smith

Yeah.

– Just on across We across to the brands, all see in geographies, right. strength is that. October all build don't

the been like that overall there in the October, been but So, overall driving the everybody else, what's that's – certainly, strength. rebound hasn't driving definitely some was thing key

Brian M. Vaccaro

think a the up little to standards? guided it labor like just investments versus cost, that out basis labor you're you Okay. parse improve XXXX, you And to? the even And look assuming then that week out year-on-year. X% cost on been wage line a into seeing to your you've about shouldn't a between X% That's question per helpful. you inflation on we labor if Can has trend bit as made X% that sort inflation running at service then year that of mellow line. the per-operating-week This

David Deno

Yeah.

aren't additional going Outback. but to we was details about XXXX, now, We talked at get into a as service XXXX of Brian, clearly, before, right investment year

called to that the lap starting that between be it is we'll making XXXX. business then X.X% So investments in able we're in the rest X%, labor we out inflation the of And and

Brian M. Vaccaro

to in. Okay. quarter The down the previous back in be had And if check third if comps I could more we you expectation, to for just squeeze think one quarter. go previously Outback, third expected I year-on-year average

thinking that quarter that or we average Thank increase check the and on comment fourth trends what about any if XXXX. be you. the curious should expectation, versus Just drove in into

David Deno

(XX:XX) not a at the we're a item or to potentially like Outback. items little the price we competitive anticipated. pricing little for check, we get But a out a QX mix favorable was to average than wasn't softening mix want difference. more because higher around in into in saw more It anything biggest No, that, check Yeah. call PP average we detail did but reasons going on

Brian M. Vaccaro

you. Thank

Operator

Thank you.

Our Matthew Guggenheim DiFrisco ahead. go is coming next Please from of question Securities.

Matthew DiFrisco

Thank you.

you XXXX? here. did early-stage can you development of of should heading it to just what Just relation context in in follow-up into we think give a couple got questions XXXX, what on in about us little a Question

David Deno

relocation. going – international, talked talk about Yeah. it the Outback, is capital priorities, No, we talked right. at in I just make program doing capital sure terrifically to question, John's We're want our and is utilization. priority right, Matt. about our February, people the interior earlier, the The but that well. about to know to We remodel Brazil

we'll we briefly more allocation details capital about wanted to just talk XXXX, but philosophy. So get in our

Matthew DiFrisco

if headwind is week that know XQ I but XXXX operating I fourth to so assume least the you powerful, quarter, look XXXX progress, the I for I going then being guess week. don't losing it, at would a And you Understood. how want might guess quantify extra by at significant that understanding to have

growth whatever, be a of the if would muted somewhat in it apples-to-apples earnings to So year context other quarters?

David Deno

about We in XXXX with XX QX, the and impact being Yeah. talked weeks correct. biggest weeks versus coming XX

Matthew DiFrisco

Right.

So it's Excellent. XQ? not QX,

David Deno

Correct.

Matthew DiFrisco

you And you're the look pressure Okay. wage about, if labor talking at X% just lastly, then pressure. you mentioned

over business items than thinking dinner. rollout However, you've Is next some hours, lower to periods some done or optimizing potentially in those two – curbing Outback significantly restaurants lower-margin take and potentially lower-capacity significantly be at that the where I'm business around opportunity of capacity? brought an the or least especially there at year new labor lunch look might a most incremental or in

David Deno

technology forward Yes, what optimize that. think, and labor periods that existing we to se. Yeah. good rolled per with very utilizing we so us, But for something really we not out, extremely go and labor it I still to that labor looking continues call, a our that's during, address glad as we're like capacity. be we and be thing important we're always shoulder will to Lunch innovation and particularly, tools around our and need looking things obviously, at

support lunch Matt, to program. our will we labor, but to continue we continue So, will optimize

Elizabeth A. Smith

and you complexity. we've would brands, Outback menu of as really simplification, our is The for driven particularly just other right, thing all on Carrabba's, know, of I add because a lot on that, had we

One over it of customer we of key took Same labor some of as are items seeing only complex. payoff the that number we that not but get of things in Carrabba's. Outback the better specifics, But want has becomes less service off. the I a to kind into to significant obviously is don't at terms long on thing term. that possibilities medium

Matthew DiFrisco

year to some to labor? aggressive just too assume would it be be, that offsets I guess, So, going is have regarding to of much pretty sort Or it a XXXX, tough get leverage? any you'd

David Deno

on have some will follow, trends, come to about in February. that More tailwinds we I've to of be Matt. but more and sales talked productivity the

Elizabeth A. Smith

a everybody same in market for talking, has and tough think XXXX, is everybody XXXX. I been the think But labor I outlook it's

Matthew DiFrisco

Thank you. Understood.

Operator

you. Thank

question is Please Blair. next Our coming of ahead. Sharon William go from Zackfia

Sharon Zackfia

Hi. Good morning.

David Deno

morning. Good

Elizabeth A. Smith

Hi, Sharon.

Sharon Zackfia

questions. Two

you you've ways buffer whether kind to occur? of the secondarily, there in better into levers where I up that the you position year's today? at are $XX could I just you're point that this appreciate incentive curious built then holidays, yourselves any think use had just I'm one if saying. against wondering comp you like or And what can that million built plan, On stands that might off-premises everything I'm loyalty the of for holidays

David Deno

our adjustment our on that as doing to we want it into this any what Yeah. guidance. details. dependent We did on a to like, incentive relates We incentive some quarter, always at but what comp we'll our is lot look December. all-important And be of get don't kind QX of comp make looks especially

judgments be some be will to there. needed made So,

So, that's how we're incentives. handling

Elizabeth A. Smith

you're QX absolutely the Sharon, of environment, terms in right. And Yeah.

trends and think your our as approach of has taking the developed cautious loyal our members looking I with which certainly guided we thinking is a at marketing and programs. dining this notion off-premise our

all into So, to, is that QX than what shaped the see and heading but going competitive we that. the that like shapes want thinking to where that our we're where I And But any programs. have we has certainly together QX. that. I do focus as we get don't for purposes, landscape we have with again, have our But, out, certainly put retail just further

Sharon Zackfia

Great. Thank you.

Operator

you. Thank

question is Markets. Andrew BMO next Please Our Strelzik Capital coming from go of ahead.

Andrew Strelzik

taking two the question. I had things. for Thanks morning. good Hey,

more with The talked last first, fourth it's those number years. the you of been thing you quarter? it for exploring And second organizational give cost on than structure neutral then are you've sounds two savings, can the reinvesting about investments that like the exterior the and left making what remodels us the the

you've that given to top? layer of pieces been the the those conceptually, the reinvestments seeing doing, the it and Just makes that investments wondering are the conceptually or kind really you've that is that of different on the how things touching that can from reinvestment of sales Thanks. that place thought that ultimately take lifts just interrelated. So, sense business two been is

David Deno

me handful done have more left, but of anything not program. remodels have and meaningful. pretty much a may number we many. into We're The we going Andrew, a exterior just QX not the escapes few but Sure. with

Elizabeth A. Smith

And do be up, coming been we've on the drive organizational front, levers nurturing we're okay. growth that these organized we that to it's really need seeing the holistic and look of to how

means that decreasing capital longer digital, de-resourcing it no At means focused, and down de-resourcing our a data areas in playbook. so in doubling our management. a and the And science, go-forward of in from investment investments are part same both time, data that the

I agility, there's in about effectiveness, E but also of as, about of E describe organizational terms a so but And terms would it it has nimbleness, look big is this it's efficiency. a in little

efficiency, areas into So, think more pivot de-resource net, in there's as that I opportunity but the digital we investing for data. to some and

play, be agility So, it efficiencies. as we're but there'll viewing an also some

Andrew Strelzik

Okay.

in I reinvestments where you to the and place for do stores things be? of the scores to where want the the you're got into the other given you really three so, that seeing go you round guess, are the of make does that side sense on And like based is, that like it feel that or lifts customer

David Deno

effectiveness improve Liz And about financially. Yeah. et E it's the in market, and forward whether we how company E we go Those thoughts are it's how go that to efficiency. customer at into experience, continue whether to restaurants, it's on We'll a we cetera. from as are mentioned and things always little off-premise, our look whether the the going on big just

Andrew Strelzik

you Thank Great. very much.

Operator

this floor Thank comments. for closing to I time, would back At Smith you. over any like turn to the Ms.

Elizabeth A. Smith

appreciate you call. We to the us operator. for again. on QX portfolio joining updating forward and the on everyone Thanks, today look we Great. Thanks

Operator

you thank This gentlemen, concludes and teleconference. participation. for today's your Ladies

this You a time may wonderful day. have at disconnect lines and your

Bloomin' Brands (BLMN) 3 Nov 172017 Q3 Earnings call transcript