STOCKS | Bloomin’ Brands Raises Earnings Outlook as Outback Steakhouse Transformation Advances

Bloomin’ Brands raised its full-year adjusted earnings-per-share forecast to $0.97-$1.02 from $0.90-$1.00, saying its restaurant-brand transformation plans continued to progress. According to Sina Finance, the company lowered the upper end of its U.S. same-store sales growth forecast to 1%-1.5% from 1%-2%. For the fourth quarter, Bloomin’ Brands expects adjusted earnings per share of $0.07-$0.12, below analysts’ consensus estimate of $0.14, and same-store sales ranging from flat to 1% growth. The company’s third-quarter net loss narrowed to $2.2 million, or $0.02 per share, from $45.9 million, or $0.54 per share, a year earlier. Adjusted loss per share was $0.17, compared with analysts’ expected loss of $0.24. Revenue rose 1.7% to $944.3 million, above the $925.2 million analyst estimate. U.S. same-store sales increased 1.9%, driven mainly by Bonefish Grill; Outback Steakhouse and Carrabba’s Italian Grill also posted gains. CEO Mike Spanos said Outback Steakhouse’s transformation was progressing and customer satisfaction had risen year over year for five consecutive quarters. Shares rose 3.8% to $10.87 in premarket trading Friday.