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Bloomin' Brands slides after weak forecast

Published 10/28/2016, 09:42 AM
Updated 10/28/2016, 09:42 AM
Bloomin' Brands slides after weak forecast
  • Bloomin' Brands (BLMN -5.5%) reports U.S. comparable restaurant sales fell 0.7% in Q3. Total sales were down 2.1% to $1.01B.
  • Comparable sales increased 7.3% for the Outback Steakhouse - Brazil business.
  • The U.S. restaurant-level operating margin rate improved 30 bps to 14.1%.
  • The international restaurant-level operating margin rate slipped 50 bps to 7.9%.
  • The company added 10 new restaurants during the quarter.
  • Total number of restaurants +6 Q/Q to 1,507.
  • Bloomin' expects comparable restaurant sales growth of -1.0% to -1.5% for the full year. EPS of $1.30-$1.35 is forecast.

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