Bloomin' Brands, Inc. (NASDAQ:BLMN) reported Q1 adjusted EPS of 70 cents, missing estimates by 4 cents, and sales of $1.195 billion, slightly below expectations. The company cited decreased restaurant-level operating margins, the 2023 Closure Initiative, and higher expenses as reasons for the shortfall. Additionally, it announced the exploration of strategic alternatives for its Brazil operations, including a potential sale, with BofA Securities as its financial advisor. Despite the miss, Bloomin' Brands reaffirmed its FY24 adjusted EPS outlook and expects flat to 1.5% US comparable restaurant sales growth in Q2. Shares fell 2.72% to $24.28.