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Bloomin’ Brands Stock Plunges on Disappointing Q3 Guidance Despite Solid Q2 Results
Bloomin’ Brands Stock Plunges on Disappointing Q3 Guidance Despite Solid Q2 Results
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BTCCSquare news:
Shares of Bloomin' Brands (BLMN) cratered 28.5% after the restaurant chain operator delivered mixed quarterly results. While Q2 revenue edged up 0.3% to $1 billion and adjusted earnings of $0.33 per share beat analyst estimates, the company forecast a Q3 net loss of at least $0.10 per share - sharply below Wall Street's $0.05 profit expectation.
The operator of Carrabba's Italian Grill and other chains faces shrinking margins, with adjusted restaurant-level operating margin contracting from 14% to 12% year-over-year. Management is attempting a turnaround strategy inspired by Chili's parent Brinker International (EAT), focusing on menu simplification and customer experience improvements.
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