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TAMPA, Fla. - Bloomin’ Brands, Inc. (NASDAQ: NASDAQ:BLMN), a casual dining restaurant company with a market capitalization of approximately $981 million, has expanded its Board of Directors with the addition of James (Jim) Dinkins, effective as of Monday. The appointment increases the board’s size from ten to eleven members. Dinkins, who is currently the CEO of The Honey Baked Ham Company LLC, brings a wealth of experience from his previous leadership roles at The Coca-Cola Company (NYSE:KO), where he served as Group President of Coca-Cola North America and Senior Vice-President.
With a career spanning 40 years, Dinkins has a background in general management and has been instrumental in driving brand strategy, product innovation, and consumer engagement. His expertise in digital engagement, brand partnerships, and retail promotions has been credited with contributing to sustained growth and market leadership in his past roles.
Dinkins is slated to stand for re-election at Bloomin’ Brands’ 2025 annual stockholders meeting and will also serve on the Board’s Audit Committee. His experience is expected to provide valuable insights into the supply side of the foodservice industry, franchising, and strategic marketing for the company.
Mike Mohan, Chairman of the Board at Bloomin’ Brands, commented on the appointment, stating that Dinkins’ comprehensive knowledge and strategic, customer-focused mindset would be invaluable as the company builds its plans for the future.
Bloomin’ Brands is one of the largest casual dining restaurant companies globally, owning and franchising over 1,450 restaurants across 46 states, Guam, and 13 countries. Their portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar.
This expansion of the board comes as the company continues to navigate the competitive landscape of the casual dining sector, with its stock currently trading near its 52-week low of $11.03. The information in this article is based on a press release statement from Bloomin’ Brands, Inc. For comprehensive analysis and Fair Value estimates of BLMN and other restaurant stocks, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, Bloomin’ Brands, a prominent player in the casual dining sector, has faced several analyst downgrades, reflecting concerns over the company’s growth prospects. BofA Securities recently downgraded Bloomin’ Brands from Neutral to Underperform, citing concerns about long-term transaction growth and market competition. The firm also lowered its price target for the company to $13.00 from the previous $18.00.
Goldman Sachs initiated coverage on Bloomin’ Brands with a Sell rating and a similar price target of $13.00. The firm expressed caution about the company’s near-term prospects, particularly regarding its core brand, Outback Steakhouse. Goldman Sachs also highlighted potential financial implications from the proposed sale of a significant portion of Bloomin’ Brands’ Brazil operations.
Piper Sandler reiterated a Neutral rating with a $16.00 price target on Bloomin’ Brands, awaiting detailed plans for the Outback U.S. brand and potential changes in capital allocation. These recent developments reflect a cautious outlook on Bloomin’ Brands’ ability to navigate the competitive landscape and achieve growth, potentially influencing investor sentiment as the market processes these revised expectations.
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