BLMN CAN NOW SELL CARRABA’S
BYND is a SHORT
I have long contended that BLMN can never sell Carraba's because Johhny Carraba collects a 1.5% perpetual royalty payment. Who is going to buy that? In 3Q21 includes a $61.9 million payment made to the founders of our Carrabba's Italian Grill concept in the third quarter of 2021 in connection with an agreement to terminate future royalty payments, making the brand more attractive for buyers.
BLMN 3Q21 EPS $0.57 ex-items vs FactSet $0.54; Revenue $1.01B vs FactSet $1.04B - 4Q21 Guidance reset with the new outlook assumes no significant business interruptions related to COVID-19:
- EPS at least $0.50 ex-items vs FactSet $0.69
- Revenue at least $1.02B vs FactSet $1.11B
- EBITDA at least $115M vs FactSet $135.6M
- Continuing U.S. sales trends and includes a level of traditional Q4 seasonality;
- Achieving ongoing operating efficiencies from simplification efforts, waste reduction, and lower advertising;
- Impact from Florida minimum wage increases due to legislative changes that went into effect in September, higher wage pressures and retention efforts, as well as increased commodity inflation
FY21 Outlook:
- Increased commodity inflation reflected increases in protein costs, primarily chicken and seafood, as we acquired additional supply outside of our contracted terms due to higher sales volumes and strategic contract pricing to secure next year's supply
- Higher labor inflation from increased wage pressures, training costs, and retention efforts.
- Commodity inflation ~1.5% vs prior outlook ~1.0%
- Labor inflation ~4.5% vs prior outlook 3.0%-3.5%
Lightspeed
Lightspeed Commerce LSPD announced the expansion of Lightspeed Payments in Australia and to U.S. merchants who joined via the acquisition of Vend, extending merchant reach for Lightspeed Payments across new geographies and products. Lightspeed Payments integrated payment processing solution that has transformed the way merchants run their businesses. Lightspeed Payments is currently available to U.S. and Canadian retail customers, U.S. hospitality customers, and hospitality customers in the United Kingdom, France, Belgium, the Netherlands, Switzerland and Germany. As of today, Lightspeed Payments becomes available to tens of thousands of additional customer locations in Australia and the U.S., with additional retail customer locations in Australia and the United Kingdom coming by the end of the calendar year.
