BUZZ-Bloomin' Brands down after annual profit forecast cut

Reuters
2024-11-08

** Shares of casual dining restaurant company Bloomin' Brands fall 12.4% to $14.70 premarket

** 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

** 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;))

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