BLMN - Bloomin' Brands +3% after topping estimates on sequential improvement

Bloomin' Brands (BLMN) reports comparable restaurant sales fell 10.4% in Q3.Comparable sales were lower across brands Carrabba’s Italian Grill (-9.0% Y/Y), Bonefish Grill (-22.5%), Fleming’s Prime Steakhouse & Wine Bar (-20.3%) and Outback Steakhouse-Brazil (-54.8%). Restaurant-level operating margin fell to 10.7% of sales from 12.5% a year ago as labor costs contributed a larger percentage of total costs. Bloomin' Brands ended the quarter with a cash position of $160M. CEO update: "Across the U.S. portfolio, we experienced consistent weekly sales momentum throughout the third quarter as we adapted to this evolving environment. In-restaurant sales continue to improve and our off-premises business remains robust as we are retaining approximately 50% of the incremental volume achieved while our dining rooms were closed. Off-premises remains a priority and we will leverage our strong capabilities to capitalize on this important and growing channel." The company did not provide any guidance due to the uncertainty around

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Bloomin' Brands +3% after topping estimates on sequential improvement