TAMPA, Fla. - Bloomin' Brands Inc. (NASDAQ:BLMN) reported second-quarter earnings that missed analyst expectations and provided weaker-than-anticipated guidance, sending shares down 3.2% in early trading.
The restaurant operator posted adjusted earnings per share of $0.51, falling short of the $0.58 consensus estimate. Revenue declined 2.9% YoY to $1.12 billion, slightly below analysts' projections of $1.13 billion.
Comparable restaurant sales in the U.S. were essentially flat at -0.1% compared to the same quarter last year. Outback Steakhouse, the company's largest brand, saw comparable sales dip 0.1% YoY.
"While our comparable sales growth outpaced the industry in Q2, we did not meet our expectations," said CEO David Deno. He noted the casual dining industry was "softer than anticipated" during the quarter.
Looking ahead, Bloomin' Brands lowered its full-year 2024 outlook. The company now expects adjusted EPS of $2.10 to $2.30, down from its prior guidance of $2.51 to $2.66 and below the $2.42 analyst consensus.
For the third quarter, Bloomin' Brands projects adjusted EPS of $0.17 to $0.25, significantly lower than the $0.39 Wall Street estimate.
Management said it remains focused on "delivering long-term sustainable growth" despite current industry headwinds.
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