Bloomin’ brands reports strengthening sales trends
Tampa, fla.--(business wire)--bloomin’ brands, inc. (nasdaq: blmn) today reported results for the third quarter 2020 (“q3 2020”) compared to the third quarter 2019 (“q3 2019”). statement from david deno, chief executive officer our priorities remain unchanged as we are focused on taking care of our people and serving food in an environment that protects both team members and customers. maintaining a motivated, well trained, and engaged employee base that is committed to providing a safe dining experience is critical to our long-term success. the decision not to furlough any employees during the pandemic reinforced this principle. this decision is paying off and has been a big part of our success in driving results throughout the pandemic. it is clear that customers want to come back to restaurants and they are confident in our ability to provide a safe and welcoming dining experience. our dining rooms across the country continue to maintain elevated safety measures, including additional sanitation and disinfecting practices, as well as contactless payment options for consumers. across the u.s. portfolio, we experienced consistent weekly sales momentum throughout the third quarter as we adapted to this evolving environment. in-restaurant sales continue to improve and our off-premises business remains robust as we are retaining approximately 50% of the incremental volume achieved while our dining rooms were closed. off-premises remains a priority and we will leverage our strong capabilities to capitalize on this important and growing channel. we are dedicated to growing sales while improving value. in september, we launched a new menu at outback steakhouse designed to reinforce our steak leadership through more accessible premium cuts and larger portions while also lowering menu prices. this efficient menu design reduces complexity, which improves execution and consistency that results in an improved customer experience. this past year we have learned even more about the business and rethought how we manage expenses. these learned efficiencies provide optimism about the ability to grow margins, once we exit the pandemic. our third quarter sales and profits were above expectations with u.s. comp sales exceeding knapp trends by over 850 basis points. in addition, our improved sales recovery, coupled with disciplined cost management, enabled us to generate positive cash flow in the quarter while paying down debt. we are becoming a better, stronger, operations-focused company. even though a challenging environment remains, i am more convinced than ever of the important role that full-service restaurants will continue to play in the lives of our customers and communities. third quarter diluted eps and adjusted diluted eps the following table reconciles diluted (loss) earnings per share attributable to common stockholders to adjusted diluted (loss) earnings per share for the third quarter 2020 (“q3 2020”) compared to the third quarter 2019 (“q3 2019”). q3 2020 2019 change diluted (loss) earnings per share attributable to common stockholders $ (0.20) $ 0.11 $ (0.31) adjustments 0.08 (0.01) 0.09 adjusted diluted (loss) earnings per share $ (0.12) $ 0.10 $ (0.22) ______________ see non-gaap measures later in this release. third quarter financial results q3 2020 q3 2019 change $ 771.3 $ 967.1 (20.3) % 10.7 % 12.9 % (2.2) % 10.7 % 12.5 % (1.8) % (1.8) % 2.3 % (4.1) % (1.3) % 2.3 % (3.6) % (1) see non-gaap measures later in this release. the decrease in total revenues was primarily due to: (i) significantly lower comparable restaurant sales and franchise revenues principally attributable to the covid-19 pandemic, (ii) the net impact of restaurant closures and openings and (iii) the effect of foreign currency translation of the brazil real relative to the u.s. dollar. gaap and adjusted restaurant-level operating margin decreased due to: (i) significantly lower comparable restaurant sales and costs incurred in connection with the covid-19 pandemic, including incremental delivery related costs, and (ii) higher labor costs. these decreases are partially offset by: (i) reduced advertising, utilities and operating expenses, (ii) a reduction in prep labor hours and (iii) cost savings from waste reduction initiatives. gaap operating income margin decreased due to: (i) a decline in restaurant-level operating margin discussed above, (ii) sales deleveraging in connection with the covid-19 pandemic across depreciation and amortization and general and administrative expense and (iii) certain costs in connection with our transformation initiatives. these costs in connection with transformation initiatives were excluded from our adjusted operating income margin. third quarter comparable restaurant sales company-owned (10.4) % (9.0) % (22.5) % (20.3) % (12.8) % (54.8) % (1) brazil comparable restaurant sales are on a one-month lag and are presented on a calendar basis. represents results through august 31, 2020. in september, brazil comparable restaurant sales were down (22.9%). 2020 financial outlook as announced on march 20, 2020, the company withdrew its 2020 financial guidance for the fiscal year ending december 27, 2020. due to the current global market and economic conditions as a result of covid-19, the company will not provide guidance for the remainder of the year. conference call the company will host a conference call today, october 23, 2020 at 8:30 am edt. the conference call will be webcast live from the company’s website at http://www.bloominbrands.com under the investors section. a replay of this webcast will be available on the company’s website after the call. non-gaap measures in addition to the results provided in accordance with gaap, this press release and related tables include certain non-gaap measures, which present operating results on an adjusted basis. these are supplemental measures of performance that are not required by or presented in accordance with gaap and include the following: (i) adjusted restaurant-level operating margin, (ii) adjusted (loss) income from operations and the corresponding margin, (iii) adjusted net (loss) income, (iv) adjusted diluted (loss) earnings per share, (v) adjusted segment restaurant-level operating margin and (vi) adjusted segment income (loss) from operations and the corresponding margin. we believe that our use of non-gaap financial measures permits investors to assess the operating performance of our business relative to our performance based on gaap results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. however, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. we believe that the disclosure of these non-gaap measures is useful to investors as they form part of the basis for how our management team and board of directors evaluate our operating performance, allocate resources and administer employee incentive plans. these non-gaap financial measures are not intended to replace gaap financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. we maintain internal guidelines with respect to the types of adjustments we include in our non-gaap measures. these guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. however, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. you should refer to the reconciliations of non-gaap measures in tables four, six and seven included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period. about bloomin’ brands, inc. bloomin’ brands, inc. is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. the company has four founder-inspired brands: outback steakhouse, carrabba’s italian grill, bonefish grill and fleming’s prime steakhouse & wine bar. the company operates more than 1,450 restaurants in 47 states, puerto rico, guam and 20 countries, some of which are franchise locations. for more information, please visit www.bloominbrands.com. forward-looking statements certain statements contained herein, including statements under the heading “statement from david deno, chief executive officer” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. these forward-looking statements include all matters that are not historical facts. by their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the company’s forward-looking statements. these risks and uncertainties include, but are not limited to: the effects of the covid-19 pandemic and uncertainties about its depth and duration, as well as the impacts to economic conditions and consumer behavior, including, among others: the inability of workers, including delivery drivers, to work due to illness, quarantine, or government mandates, temporary restaurant closures and capacity restrictions due to reduced workforces or government mandates, the unemployment rate, the extent, availability and effectiveness of any covid-19 stimulus packages or loan programs, the ability of our franchisees to operate their restaurants during the pandemic and pay royalties, and trends in consumer behavior and spending during and after the end of the pandemic; consumer reaction to public health and food safety issues; competition; increases in labor costs; government actions and policies; increases in unemployment rates and taxes; local, regional, national and international economic conditions; consumer confidence and spending patterns; price and availability of commodities; the effects of changes in tax laws; challenges associated with our remodeling, relocation and expansion plans; interruption or breach of our systems or loss of consumer or employee information; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; our ability to preserve the value of and grow our brands; the seasonality of the company’s business; weather, acts of god and other disasters; changes in patterns of consumer traffic, consumer tastes and dietary habits; the cost and availability of credit; interest rate changes; and compliance with debt covenants and the company’s ability to make debt payments and planned investments. further information on potential factors that could affect the financial results of the company and its forward-looking statements is included in its most recent form 10-k and subsequent filings with the securities and exchange commission. the company assumes no obligation to update any forward-looking statement, except as may be required by law. these forward-looking statements speak only as of the date of this release. all forward-looking statements are qualified in their entirety by this cautionary statement. note: numerical figures included in this release have been subject to rounding adjustments. table one bloomin’ brands, inc. consolidated statements of operations (unaudited) thirteen weeks ended thirty-nine weeks ended (in thousands, except per share data) september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 revenues restaurant sales $ 766,487 $ 951,816 $ 2,338,985 $ 3,069,145 franchise and other revenues 4,773 15,328 19,071 48,060 total revenues 771,260 967,144 2,358,056 3,117,205 costs and expenses food and beverage costs 230,547 300,375 730,998 965,165 labor and other related 246,861 288,552 761,667 908,780 other restaurant operating 207,301 240,372 631,702 732,121 depreciation and amortization 43,417 47,926 137,469 147,196 general and administrative 57,443 66,570 197,732 209,114 provision for impaired assets and restaurant closings (54) 1,391 66,223 6,917 total costs and expenses 785,515 945,186 2,525,791 2,969,293 (loss) income from operations (14,255) 21,958 (167,735) 147,912 loss on modification of debt — — (237) — other income (expense), net 1 11 (211) (145) interest expense, net (18,300) (13,256) (46,647) (36,885) (loss) income before (benefit) provision for income taxes (32,554) 8,713 (214,830) 110,882 (benefit) provision for income taxes (14,776) (660) (70,210) 6,051 net (loss) income (17,778) 9,373 (144,620) 104,831 less: net (loss) income attributable to noncontrolling interests (141) 125 (116) 2,262 net (loss) income attributable to bloomin’ brands (17,637) 9,248 (144,504) 102,569 redemption of preferred stock in excess of carrying value — — (3,496) — net (loss) income attributable to common stockholders $ (17,637) $ 9,248 $ (148,000) $ 102,569 (loss) earnings per share attributable to common stockholders: basic $ (0.20) $ 0.11 $ (1.69) $ 1.15 diluted $ (0.20) $ 0.11 $ (1.69) $ 1.14 weighted average common shares outstanding: basic 87,558 86,843 87,394 89,484 diluted 87,558 87,305 87,394 90,306 table two bloomin’ brands, inc. segment results (unaudited) (dollars in thousands) thirteen weeks ended thirty-nine weeks ended u.s. segment september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 revenues restaurant sales $ 719,406 $ 835,753 $ 2,141,062 $ 2,737,182 franchise and other revenues 2,332 12,691 12,253 39,988 total revenues $ 721,738 $ 848,444 $ 2,153,315 $ 2,777,170 restaurant-level operating margin 11.4 % 12.0 % 9.4 % 14.5 % income (loss) from operations $ 29,574 $ 50,318 $ (21,968) $ 242,167 operating income (loss) margin 4.1 % 5.9 % (1.0) % 8.7 % international segment revenues restaurant sales $ 47,081 $ 116,063 $ 197,923 $ 331,963 franchise and other revenues 2,441 2,637 6,818 8,072 total revenues $ 49,522 $ 118,700 $ 204,741 $ 340,035 restaurant-level operating margin (1.5) % 18.7 % 5.7 % 19.8 % (loss) income from operations $ (7,926) $ 10,550 $ (18,209) $ 31,179 operating (loss) income margin (16.0) % 8.9 % (8.9) % 9.2 % reconciliation of segment income (loss) from operations to consolidated (loss) income from operations segment income (loss) from operations u.s. $ 29,574 $ 50,318 $ (21,968) $ 242,167 international (7,926) 10,550 (18,209) 31,179 total segment income (loss) from operations 21,648 60,868 (40,177) 273,346 unallocated corporate operating expense (35,903) (38,910) (127,558) (125,434) total (loss) income from operations $ (14,255) $ 21,958 $ (167,735) $ 147,912 table three bloomin’ brands, inc. supplemental balance sheet information (unaudited) september 27, 2020 december 29, 2019 $ 160,032 $ 67,145 $ (540,778) $ (621,553) $ 3,367,598 $ 3,592,683 $ 1,147,890 $ 1,048,704 $ 12,555 $ 177,481 87,573 86,946 (1) in may 2020, we issued $230 million of senior convertible notes which yielded net proceeds of approximately $202 million after issuance costs and related hedge and warrant transactions. (2) we have, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). we operate successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on our current liabilities, and our inventory turnover rates require relatively low investment in inventories. additionally, ongoing cash flows from restaurant operations and gift card sales are typically used to service debt obligations and to make capital expenditures. table four bloomin’ brands, inc. restaurant-level operating margin non-gaap reconciliation (unaudited) thirteen weeks ended favorable (unfavorable) change in adjusted quarter to date september 27, 2020 september 29, 2019 gaap adjusted gaap adjusted (1) 100.0 % 100.0 % 100.0 % 100.0 % 30.1 % 30.1 % 31.6 % 31.6 % 1.5 % 32.2 % 32.2 % 30.3 % 30.3 % (1.9) % 27.0 % 27.0 % 25.3 % 25.6 % (1.4) % 10.7 % 10.7 % 12.9 % 12.5 % (1.8) % 11.4 % 11.4 % 12.0 % 11.5 % (0.1) % (1.5) % (1.5) % 18.7 % 18.7 % (20.2) % thirty-nine weeks ended favorable (unfavorable) change in adjusted year to date september 27, 2020 september 29, 2019 gaap adjusted (1) gaap adjusted (1) 100.0 % 100.0 % 100.0 % 100.0 % 31.3 % 30.9 % 31.4 % 31.4 % 0.5 % 32.6 % 32.6 % 29.6 % 29.6 % (3.0) % 27.0 % 27.0 % 23.9 % 24.0 % (3.0) % 9.2 % 9.5 % 15.1 % 15.0 % (5.5) % 9.4 % 9.6 % 14.5 % 14.4 % (4.8) % 5.7 % 6.7 % 19.8 % 19.8 % (13.1) % (1) the table set forth below titled “restaurant-level operating margin adjustments” provides additional information regarding the adjustments for each period presented. (2) the following categories of our revenue and operating expenses are not included in restaurant-level operating margin because we do not consider them reflective of operating performance at the restaurant-level within a period: (a) franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income. (b) 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. (c) general and administrative expense which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices. (d) asset impairment charges and restaurant closing costs which are not reflective of ongoing restaurant performance in a period. restaurant-level operating margin adjustments - following is a summary of unfavorable (favorable) adjusted restaurant-level operating margin adjustments recorded in other restaurant operating expense (unless otherwise noted below) for the following activities, as described in table six of this release: thirteen weeks ended september 29, 2019 thirty-nine weeks ended september 27, 2020 september 29, 2019 $ 3.8 $ 2.8 $ 4.0 (0.1) (0.1) (0.4) — (9.9) — $ 3.7 $ (7.2) $ 3.6 (1) includes $7.3 million of adjustments recorded in food and beverage costs, including $2.0 million of adjustments recorded in the international segment. all other adjustments were recorded within the u.s. segment. table five bloomin’ brands, inc. restaurant-level operating margin reconciliations (unaudited) consolidated thirteen weeks ended thirty-nine weeks ended (dollars in thousands) september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 (loss) income from operations $ (14,255) $ 21,958 $ (167,735) $ 147,912 operating (loss) income margin (1.8) % 2.3 % (7.1) % 4.7 % less: franchise and other revenues 4,773 15,328 19,071 48,060 plus: depreciation and amortization 43,417 47,926 137,469 147,196 general and administrative 57,443 66,570 197,732 209,114 provision for impaired assets and restaurant closings (54) 1,391 66,223 6,917 restaurant-level operating income $ 81,778 $ 122,517 $ 214,618 $ 463,079 restaurant-level operating margin 10.7 % 12.9 % 9.2 % 15.1 % u.s. thirteen weeks ended thirty-nine weeks ended (dollars in thousands) september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 income (loss) from operations $ 29,574 $ 50,318 $ (21,968) $ 242,167 operating income (loss) margin 4.1 % 5.9 % (1.0) % 8.7 % less: franchise and other revenues 2,332 12,691 12,253 39,988 plus: depreciation and amortization 35,057 36,670 110,005 114,372 general and administrative 19,732 24,405 68,955 77,078 provision for impaired assets and restaurant closings (86) 1,351 56,389 3,503 restaurant-level operating income $ 81,945 $ 100,053 $ 201,128 $ 397,132 restaurant-level operating margin 11.4 % 12.0 % 9.4 % 14.5 % international thirteen weeks ended thirty-nine weeks ended (dollars in thousands) september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 (loss) income from operations $ (7,926) $ 10,550 $ (18,209) $ 31,179 operating (loss) income margin (16.0) % 8.9 % (8.9) % 9.2 % less: franchise and other revenues 2,441 2,637 6,818 8,072 plus: depreciation and amortization 5,672 7,201 18,314 20,406 general and administrative 4,011 6,542 14,413 20,311 provision for impaired assets and restaurant closings — 39 3,640 1,840 restaurant-level operating (loss) income $ (684) $ 21,695 $ 11,340 $ 65,664 restaurant-level operating margin (1.5) % 18.7 % 5.7 % 19.8 % table six bloomin’ brands, inc. (loss) income from operations, net (loss) income and diluted (loss) earnings per share non-gaap reconciliations (unaudited) thirteen weeks ended thirty-nine weeks ended september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 $ (14,255) $ 21,958 $ (167,735) $ 147,912 (1.8) % 2.3 % (7.1) % 4.7 % 4,200 1,908 28,847 5,511 — — 79,218 — — 477 592 2,461 — 815 178 815 — (3,072) (2,797) 1,098 $ 4,200 $ 128 $ 106,038 $ 9,885 $ (10,055) $ 22,086 $ (61,697) $ 157,797 (1.3) % 2.3 % (2.6) % 5.1 % $ (17,637) $ 9,248 $ (148,000) $ 102,569 4,200 128 106,038 9,885 2,407 — 3,786 — 6,607 128 109,824 9,885 440 (471) (28,029) (1,703) — — 3,496 — 7,047 (343) 85,291 8,182 $ (10,590) $ 8,905 $ (62,709) $ 110,751 $ (0.20) $ 0.11 $ (1.69) $ 1.14 $ (0.12) $ 0.10 $ (0.72) $ 1.23 87,558 87,305 87,394 90,306 (1) severance and other costs incurred as a result of transformational and restructuring activities. (2) costs incurred in connection with the economic impact of the covid-19 pandemic, primarily consisting of fixed asset and right-of-use asset impairments, restructuring charges, inventory obsolescence and spoilage, contingent lease liabilities and current expected credit losses. (3) asset impairment charges and accelerated depreciation incurred in connection with our relocation program. (4) includes a lease termination gain of $2.8 million during the thirty-nine weeks ended september 27, 2020 and asset impairment charges and related costs primarily related to approved closure and restructuring initiatives during 2019. amount also includes gains on the sale of certain surplus properties of $3.8 million during 2019. (5) amortization of the debt discount related to the issuance of senior convertible notes. (6) income tax effect of the adjustments for the periods presented. (7) consideration paid in excess of the carrying value for the redemption of preferred stock of our abbraccio subsidiary. (8) due to the net loss, the effect of dilutive securities was excluded from the calculation of diluted and adjusted diluted loss per share for the thirteen and thirty-nine weeks ended september 27, 2020. following is a summary of the financial statement line item classification of the net (loss) income adjustments: thirteen weeks ended thirty-nine weeks ended (dollars in thousands) september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 food and beverage costs $ — $ — $ 7,345 $ — other restaurant operating — (3,685) (176) (3,642) depreciation and amortization — 611 407 1,783 general and administrative 4,200 2,776 32,056 7,106 provision for impaired assets and restaurant closings — 426 66,406 4,638 interest expense, net 2,407 — 3,786 — (benefit) provision for income taxes 440 (471) (28,029) (1,703) redemption of preferred stock in excess of carrying value — — 3,496 — net adjustments $ 7,047 $ (343) $ 85,291 $ 8,182 table seven bloomin’ brands, inc. segment income (loss) from operations non-gaap reconciliation (unaudited) thirteen weeks ended thirty-nine weeks ended september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 $ 29,574 $ 50,318 $ (21,968) $ 242,167 4.1 % 5.9 % (1.0) % 8.7 % — — 72,784 — — 477 592 2,461 — 59 — 759 — (3,164) (2,797) (1,083) $ 29,574 $ 47,690 $ 48,611 $ 244,304 4.1 % 5.6 % 2.3 % 8.8 % $ (7,926) $ 10,550 $ (18,209) $ 31,179 (16.0) % 8.9 % (8.9) % 9.2 % — — 5,651 — — 91 — 2,180 $ (7,926) $ 10,641 $ (12,558) $ 33,359 (16.0) % 9.0 % (6.1) % 9.8 % (1) costs incurred in connection with the economic impact of the covid-19 pandemic, primarily consisting of fixed asset and right-of-use asset impairments, restructuring charges, inventory obsolescence and spoilage, contingent lease liabilities and current expected credit losses. (2) asset impairment charges and accelerated depreciation incurred in connection with our relocation program. (3) severance costs incurred as a result of restructuring activities. (4) includes a lease termination gain of $2.8 million within the u.s. segment during the thirty-nine weeks ended september 27, 2020 and asset impairment charges and related costs primarily related to approved closure and restructuring initiatives during 2019. amount also includes gains on the sale of certain surplus properties of $3.8 million within the u.s. segment during 2019. table eight bloomin’ brands, inc. comparative restaurant information (unaudited) june 28, 2020 openings closures september 27, 2020 567 1 (1) 567 141 — (1) 140 708 1 (2) 707 199 — — 199 21 — — 21 220 — — 220 182 — (1) 181 7 — — 7 189 — (1) 188 65 — — 65 5 — — 5 1,187 1 (3) 1,185 103 1 — 104 30 1 — 31 85 3 — 88 55 1 — 56 273 6 — 279 1,460 7 (3) 1,464 (1) the restaurant counts for brazil are reported as of may 31, 2020 and august 31, 2020 to correspond with the balance sheet dates of this subsidiary. (2) as of september 27, 2020, the company had 14 international “dark kitchen” locations that offer delivery and carry-out only. one of these locations was included within company-owned other and the remaining 13 were included in franchised outback steakhouse - south korea. (3) includes three fast-casual aussie grill locations as of september 27, 2020. table nine bloomin’ brands, inc. comparable restaurant sales information (unaudited) thirteen weeks ended thirty-nine weeks ended september 27, 2020 september 29, 2019 september 27, 2020 september 29, 2019 (10.4) % 0.2 % (17.4) % 1.7 % (9.0) % 0.1 % (18.1) % (0.4) % (22.5) % (2.2) % (31.0) % — % (20.3) % 0.4 % (29.7) % 0.8 % (12.8) % (0.2) % (20.7) % 1.0 % (54.8) % 11.2 % (36.9) % 6.1 % (13.6) % (1.1) % (18.1) % (1.1) % (11.7) % 0.5 % (15.1) % (0.8) % (14.7) % (2.9) % (19.4) % (2.1) % (23.3) % (0.3) % (26.6) % 0.6 % (13.6) % (1.0) % (17.9) % (1.1) % (37.6) % 10.0 % (25.9) % 2.8 % 3.2 % 1.3 % 0.7 % 2.8 % 2.7 % (0.4) % (3.0) % 0.4 % (7.8) % 0.7 % (11.6) % 2.1 % 3.0 % 0.7 % (3.1) % 0.2 % 0.8 % 0.8 % (2.8) % 2.1 % (16.2) % 0.8 % (11.0) % 3.3 % (1) relocated restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening. (2) excludes the effect of fluctuations in foreign currency rates. includes trading day impact from calendar period reporting. (3) in q2 2020, bonefish grill replaced guest count with entrÉe count to measure restaurant traffic. bonefish grill and combined u.s. traffic for the thirty-nine weeks ended september 27, 2020 were calculated using the entrÉe count methodology for bonefish grill as if the new methodology was in effect at the start of the fiscal year, which would have increased traffic for bonefish grill and combined u.s. for the thirteen weekend ended march 29, 2020 by 3.1% and 0.5%, respectively. (4) average check per person includes the impact of menu pricing changes, product mix and discounts.
