Shares of Outback parent Bloomin’ Brands soar as U.S. comp sales more than double in last four weeks

Bloomin’ Brands Inc. stock soared 9% in Thursday premarket trading after the restaurant company said comparable sales have soared over the last month. Net income totaled $70.2 million, or 63 cents per share, after a loss of $38.1 million, or 44 cents per share, last year. Adjusted EPS of 72 cents beat the FactSet consensus for 32 cents. Revenue of $987.5 million was down from $1.01 billion, but also ahead of the FactSet consensus for $952.0 billion. Comparable sales were up 4.1% at Outback Steakhouse, and up 8.9% at Carrabba’s Italian Grill, with combined U.S. comparable sales up 3.3%. The FactSet consensus was for 2.1% growth in U.S. comparable sales. For the four weeks ending April 25, comparable sales at the four major Bloomin’ chains were up compared to last year, with Outback increasing 120.4%, Carrabba’s up 166.4% and Fleming’s Prime Steakhouse & Wine Bar up 360.5%. Combined U.S. comparable sales jumped 155.8% for the four weeks ending April 25. For the second quarter, Bloomin’ is guiding for revenue of at least $1.030 billion, EPS of at least 54 cents and adjusted EPS of at least 60 cents. The FactSet consensus is for revenue of $923.0 billion and EPS of 24 cents. Bloomin’ shares have gained 48.4% for the year to date while the S&P 500 index is up 11.4% for the period.

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