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B NEWS Mark Graff BLOOMIN ' Group Vice President , IR & Finance BRANDS ( 813 ) 830-5311 Exhibit 99.1 Bloomin ' Brands Announces 2021 Q1 Financial Results and Strong Operating Margin Expansion Q1 Diluted EPS of $ 0.63 and Adjusted Diluted EPS of $ 0.72 Q1 Comparable Restaurant Sales Growth of 4.1 % at Outback Steakhouse and 3.3 % Combined U.S. U.S. Digital Revenue Increased 147 % Versus 2020 Strengthening Second Quarter - to - Date Sales Trends TAMPA , Fla . , April 29 , 2021 - Bloomin ' Brands , Inc. ( Nasdaq : BLMN ) today reported results for the first quarter 2021 ( " Q1 2021 " ) compared to the first quarter 2020 ( “ Q1 2020 ” ) . CEO Comments “ The first quarter was a strong start to the year . We are well positioned to grow sales , and capture additional market share as the economic recovery continues , ” said David Deno , Chief Executive Officer . “ As a result of investments made over the last few years we are making great progress in growing off - premises sales , improving margins , and increasing cash flow as dining rooms reopen . Our sales momentum has continued through the first four weeks of the second quarter with U.S. comp sales up 12.6 % on a two - year basis versus 2019. " Diluted EPS and Adjusted Diluted EPS The following table reconciles Diluted earnings ( loss ) per share attributable to common stockholders to Adjusted diluted earnings per share for the periods indicated : Q1 2021 2020 CHANGE Q1 2019 ( 1 ) Diluted earnings ( loss ) per share attributable to common stockholders Adjustments ( 2 ) $ Adjusted diluted earnings per share ( 2 ) $ 0.63 $ 0.09 0.72 $ ( 0.44 ) $ 0.58 0.14 1.07 $ 0.69 ( 0.49 ) 0.06 $ 0.58 $ 0.75 ( 1 ) Presented for improved comparability . ( 2 ) See Non - GAAP Measures later in this release . First Quarter Financial Results ( dollars in millions ) Total revenues ( 2 ) Q1 2021 $ 987.5 $ Q1 2020 1,008.3 CHANGE ( 2.1 ) % $ Q1 2019 ( 1 ) 1,128.1 Restaurant - level operating margin Adjusted restaurant - level operating margin ( 3 ) 18.8 % 12.1 % 6.7 % 17.1 % 18.8 % 12.5 % 6.3 % 17.1 % GAAP operating income ( loss ) margin Adjusted operating income margin ( 3 ) 9.2 % ( 4.1 ) % 13.3 % 7.3 % 9.2 % 2.7 % 6.5 % 7.8 % ( 1 ) Presented for improved comparability . ( 2 ) ( 3 ) Outback Steakhouse Brazil results are reported on a one - month lag and are presented on a calendar basis . Restaurant sales for Brazil during the first quarter of 2020 ( through February 29 , 2020 ) were not materially impacted by the COVID - 19 pandemic . See Non - GAAP Measures later in this release . 1