Bloomin’ Brands falls after Q1 results miss

Bloomin' Brands

07/05/2024 17:24

** Shares of casual dining restaurant company Bloomin’
Brands  BLMN.O  fall 2.4% to $24.36
    ** Reports Q1 adjusted EPS of 70 cents, missing analysts'
estimates of 74 cents - LSEG data
    ** Q1 revenue of $1,195 mln, slightly below estimates of
$1,197 mln
    ** Co says decrease in revenues was due to lower comparable
restaurant sales, net impact of restaurant closures and openings
and the impact of Brazil's value added tax exemptions during
2023
    ** Lowers FY 2024 EPS forecast to range between 79 cents to
94 cents, compared with earlier forecast between $2.27 to $2.46
    ** Announces retirement of CEO David Deno, who will 
continue until a successor is named and successful transition
period is completed
    ** Stock had fallen ~13% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))