Tampa Welcomes New Addition to Bloomin’ Brands Board

News Summary

Bloomin’ Brands is expanding its board from 10 to 11 members with the addition of James Dinkins, a seasoned executive known for his leadership at The Coca-Cola Company. This move aims to enhance the company’s strategic direction and profitability, especially as it faces recent financial challenges. Dinkins will also take a role in the audit committee, ensuring smooth operations as the company plans to close underperforming locations while opening new ones in 2024.

Tampa Welcomes New Addition to Bloomin’ Brands Board

Exciting developments are happening right in sunny Tampa, Florida, as Bloomin’ Brands has decided to shake things up a bit by expanding its board of directors. Known for its popular restaurant chains like Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar, the company is adding new flavor to its leadership team.

A New Member Joins the Team

In a move that has many talking, Bloomin’ Brands is increasing the size of its board from 10 to 11 members. The new seat has been filled by none other than James Dinkins, a seasoned pro in the business world. At 62 years old, Dinkins brings his wealth of experience to the table, particularly from his impressive stint at The Coca-Cola Company, where he spent 18 years climbing the corporate ladder.

Before stepping into his current role as CEO of The HoneyBaked Ham Company in 2021, Dinkins took on major responsibilities at Coca-Cola, including overseeing operations in North America and heading the Minute Maid division. His knack for leadership and strategies in retail will surely contribute to the growth and stability of Bloomin’ Brands.

Board’s Future with Dinkins Onboard

This exciting appointment isn’t just about adding another name to the list. Dinkins will also be joining the company’s audit committee, ensuring that everything runs smoothly and efficiently. His official election to the board will take place at the annual shareholders meeting later this year, promising a new era for the company.

Facing Challenges Head-On

Despite its tasty offerings and a total of 1,450 restaurants across 46 states, Guam, and 13 countries, Bloomin’ Brands recently faced some financial bumps in the road. In the past year alone, the company reported revenues hitting approximately $4.54 billion, which sounds impressive, but there was a hiccup in the third quarter of 2024. They saw a 3.8 percent year-over-year drop in revenue, bringing in around $1.4 billion. Factors like lower comparable restaurant sales, along with the changes in their locations, played a role in this downturn.

The Bonefish Grill brand saw itself in a tricky situation, with a 4.1 percent drop in comparable sales and a significant 10 percent decrease in foot traffic this past July compared to the previous year. This kind of trend is certainly something that keeps the team on its toes.

Strategic Moves Ahead

Looking ahead, Bloomin’ Brands is not just sitting idly by. They’re planning to close down 41 underperforming locations as part of a broader strategy to optimize their asset base. However, they’re also looking to sprout new opportunities by opening an additional 40 to 45 restaurants in 2024. It seems the company is determined to balance the scales and get things back on track.

Stepping Up Amidst Competition

With fierce competition from places like LongHorn Steakhouse and Texas Roadhouse, traffic at Bloomin’ Brands locations has taken a hit. Just recently, the company’s stock was downgraded by Raymond James Financial from a “Strong Buy” to an “Outperform” rating, attributed to this slowdown in customer traffic.

A Transition in Finance Leadership

The financial side of things is also seeing changes as the company confirms that Christopher Meyer, CFO since early 2019, is set to retire in 2024. He has pledged to assist during the transition to ensure a smooth handover to his successor.

As Bloomin’ Brands navigates these waters, it appears they are taking significant strides to stabilize and innovate their restaurant offerings. Whether it’s through executive changes or strategic planning, the world will be watching closely to see how the Tampa-based company adjusts to the ongoing challenges.

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Additional Resources

• Business Observer: Tampa Welcomes New Addition to Bloomin’ Brands Board
• Seafood Source: Q3 2024 Revenue Falls at Bonefish Grill, Outback Steakhouse
• Business Observer: CEO David Deno Leaving Bloomin’ Brands
• Wikipedia: Bloomin’ Brands
• Encyclopedia Britannica: Restaurant