Shares of Bloomin' Brands (BLMN) plummeted more than 14% in pre-market trading on Thursday after the restaurant company reported weaker-than-expected fiscal third-quarter earnings and slashed its full-year guidance.
For the quarter ended September 29, Bloomin' Brands reported adjusted earnings of $0.21 per diluted share, down from $0.41 a year earlier and missing analysts' estimates of $0.20. Revenue fell to $1.04 billion from $1.08 billion in the year-ago quarter, though it matched analysts' expectations.
The company's U.S. comparable restaurant sales, a key metric for the industry, declined 1.5% during the quarter. Looking ahead, Bloomin' Brands expects Q4 adjusted earnings of $0.32 to $0.42 per share, well below analysts' forecast of $0.67. U.S. comparable restaurant sales are projected to drop by 1% to 2%.
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