BLMN - Bloomin' Brands rallies after pushing through inflation headwinds for earnings beat

Bloomin' Brands (NASDAQ:BLMN) soared in early trading on Friday after the restaurant operator reported Q1 results ahead of expectations. The company said the increase in revenue was due largely to higher comparable restaurant sales with increases in average check per person kicking in, as well as higher franchise revenues. The net impact of restaurant openings and closures was also positive during the quarter. Comparable restaurant sales were up 14.0% during the quarter, with gains across Outback Steakhouse (+9.2%), Carrabba's Italian Grill (+11.5%), Bonefish Grill (+21.3%) and Fleming's Prime Steakhouse & Wine Bar (+45.7%). Restaurant-level operating margin fell to 17.4% of sales from 19.2% as year ago due to commodity and wage rate inflation, higher operating expenses including utilities and higher advertising expense. Looking ahead, Bloomin' Brands (BLMN) pushed up guidance for FY22 to revenue of $4.35B to $4.40B vs. $4.30 to $4.35B prior view and $4.34B consensus. BLMN also sees

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Bloomin' Brands rallies after pushing through inflation headwinds for earnings beat