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
Author: STAFF HERE TAMPA WRITER
The TAMPA STAFF WRITER represents the experienced team at HERETampa.com, your go-to source for actionable local news and information in Tampa, Hillsborough County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Gasparilla Pirate Festival, Florida State Fair, and Tampa Riverfest. Our coverage extends to key organizations like the Tampa Bay Chamber of Commerce and United Way Suncoast, plus leading businesses in healthcare, finance, and technology that power the local economy such as BayCare Health System, Grow Financial Federal Credit Union, and KnowBe4. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERESTPetersburg.com, and HERETallahassee.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
