By Dean Seal
Shares of Bloomin' Brands fell to their lowest level since the pandemic-driven market rout of March 2020 after the Outback Steakhouse owner said sales could decline up to 2% this year.
The stock dropped 19% to a low of $9.63 in premarket trading. Shares were trading at $27.87 this time a year ago.
The restaurant operator, which also owns Bonefish Grill and Carrabba's Italian Grill, said comparable sales for 2025 are expected to come in flat year-over-year at best and fall 2% at worst. Analysts surveyed by FactSet had been forecasting a 1% gain.
Full-year earnings are targeted at $1.08 to $1.28 a share while adjusted earnings, which strip out one-time items, are seen at $1.20 to $1.40 a share. Analysts surveyed by FactSet had been projecting $1.77 a share in 2025 adjusted earnings.
The dim outlook accompanied results for the fourth quarter that ended Dec. 29, in which Bloomin' recorded a loss of $79.5 million, or 93 cents a share, compared with a year-ago profit of $43.3 million, or 45 cents a share.
Revenue fell 9.3% to $972 million, missing analyst estimates for $1.09 billion, according to FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 26, 2025 11:37 ET (16:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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