Why Bloomin’ Brands Stock Is Gaining After Q2 Report, Interim Business Update

Bloomin' Brands (NASDAQ: BLMN), parent company of Outback Steakhouse, Carrabba's Italian Grill, and other restaurant chains, has seen its share price edge upward in Friday morning trading after it provided an interim business update and second-quarter results. According to Zacks, Bloomin' beat on earnings per share (EPS), with a Q2 loss of $0.74 per share, a 35.65% positive surprise compared to analyst consensus estimates of a $1.15 loss per share.

While Bloomin's EPS losses were notably better than expected, its total quarterly revenue of $578.5 million missed predictions by 3.85%. The revenue haul also showed the powerful downward impact of COVID-19, coming in 43.4% lower year over year than Q2 2019's $1.02 billion. Combined U.S. comparable restaurant sales, or comps, across all of Bloomin's brands fell by 39.4% year over year for the 13 weeks ending on June 28.

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Source Fool.com