Bloomin' Brands down after annual profit forecast cut
Updates
** Shares of casual dining restaurant company Bloomin' Brands BLMN.O fall as much as 12.7% to nearly a four-year low of $14.72
** Stock set for its worst day since March 2022, if losses hold
** Company lowers annual adjusted EPS to $1.72 to $1.82 from the previous $2.10 to $2.30, while analysts' average consensus is $2.08 - LSEG data
** Q3 comparable sales decline across all of its restaurants, including Outback Steakhouse and Carrabba's Italian Grill, barring Bonefish Grill; U.S. comparable sales down 1.5%
** Posts Q3 revenue of $1.04 bln; adjusted EPS of 21 cents, both in line with Street estimates
** U.S. comps and traffic are relatively in line with broader casual dining segment trends, says brokerage Raymond James
** Brokerage attributes the U.S. comp decline to lower-than-expected average check — amount spent per customer per visit
** BLMN sees Q4 adjusted EPS between 32 cents and 42 cents, below analysts' estimate of 67 cents
** Up to Thursday's close, stock down ~41% YTD
Reporting by Neil J Kanatt in Bengaluru
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