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Combined U.S. comparable restaurant sales fell 0.4% during the quarter, with a 1.1% slide in Outback Steakhouse and a 1% drop in Carrabba’s Italian Grill.
Restaurant sales grew 5.1% Y/Y to $1.1 billion, while Franchise and other revenues fell 26.6% to $16.2 million.
U.S. segment revenue dropped 0.4% Y/Y to $985.9 million, and the International segment increased 70.3% Y/Y to $126.5 million.
Total cost and expenses for the quarter increased 8.9% Y/Y to $1 billion.
Restaurant-level operating margin contracted by 480 basis points to 15.5%.
The operating margin was 7.8%, and the operating income was $87.7 million.
The company held $95.3 million in cash and equivalents as of June 26, 2022. The company had a net debt of $801.7 million.
Adjusted EPS of $0.68 beat the analyst consensus of $0.62.
Dividend: The company’s quarterly cash dividend of $0.14 per share will be paid on August 24, 2022, to all stockholders of record on August 10, 2022.
Outlook: Bloomin’ Brandsraised its FY22 sales outlook to $4.40 billion – $4.45 billion from $4.35 billion – $4.40 billion, versus the consensus of $4.39 billion.
Bloomin’ sees Q3 sales of $1.05 billion – $1.07 billion versus the consensus of $1.04 billion.
It expects Q3 adjusted EPS of $0.31 – $0.36, against the consensus of $0.39.
Price Action: BLMN shares are trading higher by 2.74% at $20.32 on the last check Friday.
