Outback parent Bloomin’ Brands beats on earnings and raises revenue outlook but revises profit guidance below expectations

Bloomin’ Brands Inc. reported a second-quarter net loss of $63.6 million, or 72 cents per share, after net income of $82.5 million, or 75 cents per share, last year. Adjusted EPS of 68 cents beat the FactSet consensus of 62 cents. Revenue of $1.125 billion was up from $1.077 billion last year and ahead of the FactSet consensus for $1.105 billion. U.S. comparable restaurant sales fell 0.4% with Outback Steakhouse down 1.1%, Carrabba’s Italian Grill down 1% and Fleming’s Prime Steakhouse & Wine Bar up 6%. For the full-year, Bloomin’ now expects revenue of $4.40 billion to $4.45 billion, up from $4.35 billion to $4.40 billion previously; and EPS of $1.11 to $1.22, down from $2.23 to $2.32 previously. The FactSet consensus is for revenue of $4.38 billion and EPS of $2.43. Bloomin’ stock fell 1.8% in Friday premarket trading and is down 5.7% for the year to date. The benchmark S&P 500 index has decline 14.6% for 2022 so far.

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