BLMN - Why Bloomin' Brands Stock Jumped 13% in Early Trading Today
Shares of Bloomin' Brands (NASDAQ: BLMN) , the restaurant operator that owns the Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill chains, rose as much as 13% in the first hour of trading on Friday. The gain came after the company reported fourth-quarter 2021 earnings, which clearly pleased investors.
On the top line, Bloomin' Brands reported revenue of roughly $1.05 billion in the final quarter of 2021, up nearly 29% from the $813 million it brought through the door in the fourth quarter of 2020. It was also just a touch higher than the $1.02 billion in sales during the fourth quarter of 2019, before the pandemic hit. Driving the top line was same-store sales growth of 20.7% at the company's Outback Steakhouse nameplate.
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Why Bloomin' Brands Stock Jumped 13% in Early Trading Today