BLMN - Why Bloomin' Brands Stock Fell Today
Shares of Bloomin' Brands (NASDAQ: BLMN) have fallen today, down by 7% as of 12:30 p.m. EDT, after the company reported preliminary first-quarter results. The restaurant chain operator also announced a proposed private offering of convertible notes.
Preliminary comparable-restaurant sales in the first quarter at Outback Steakhouse, Bloomin's largest chain, fell 9.5%. Carabba's saw comps decline 8.7%, Bonefish Grill comps dropped 13.9%, and Fleming's comps fell 13.2%. Comps at most of the chains have continued to show steady improvement each week since the quarter ended. Adjusted earnings per share are expected to be $0.14, which is shy of the $0.20 per share in adjusted profits that analysts are expecting.
Image source: Bloomin' Brands.