BLMN - Bloomin' Brands Provides Update on Sales and Cash Describes COVID-19 Effects
The parent company of Outback Steakhouse and Carrabba's Italian Grill, Bloomin' Brands (NASDAQ: BLMN), provided a preliminary report yesterday detailing the sales of the past seven weeks, plus its current cash situation. The numbers are estimated, unaudited, and subject to change. However, the restaurant company seemingly has enough cash to continue operating under current conditions for at least seven more months.
Sales figures for the past seven weeks show the coronavirus began to reduce sales in the week ending March 8. Maximum losses hit during the weeks ending March 22 and March 29. During that time, Bloomin's two biggest brands, Outback Steakhouse and Carrabba's, saw weekly sales plunge up to 63.7% and 83.4% year over year respectively.
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