Bloomin' Brands down after annual profit forecast cut

Bloomin' Brands

08/11/2024 15:13

(Updates)
    ** Shares of casual dining restaurant company Bloomin'
Brands  BLMN.O  fall as much as 12.7% to nearly a four-year low
of $14.72 
    ** Stock set for its worst day since March 2022, if losses
hold
    ** Company lowers annual adjusted EPS to $1.72 to $1.82 from
the previous $2.10 to $2.30, while analysts' average consensus
is $2.08 - LSEG data
    ** Q3 comparable sales decline across all of its
restaurants, including Outback Steakhouse and Carrabba's Italian
Grill, barring Bonefish Grill; U.S. comparable sales down 1.5%
    ** Posts Q3 revenue of $1.04 bln; adjusted EPS of 21 cents,
both in line with Street estimates
    ** U.S. comps and traffic are relatively in line with
broader casual dining segment trends, says brokerage Raymond
James
    ** Brokerage attributes the U.S. comp decline to
lower-than-expected average check — amount spent per customer
per visit
    ** BLMN sees Q4 adjusted EPS between 32 cents and 42 cents,
below analysts' estimate of 67 cents
    ** Up to Thursday's close, stock down ~41% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))