BLMN - Why Bloomin' Brands Stock Popped to All-Time Highs Today
Shares of Bloomin' Brands (NASDAQ: BLMN) popped to all-time highs on Thursday following the release of the company's financial results for the first quarter of 2021. In short, investors are excited that its sales have completely recovered from the harsh operating environment of the COVID-19 pandemic. As of 11:20 a.m. EST, the stock was up 11%.
For 2020, Bloomin' Brands reported a 23% year-over-year decline in total revenues and registered a net loss of nearly $159 million. The company was at a disadvantage from coronavirus lockdowns and dine-in capacity limitations because it's primarily a dine-in restaurant operator. However, things are rapidly improving. Q1 comparable sales in the U.S. were up 3.3% from the first quarter of last year.
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Why Bloomin' Brands Stock Popped to All-Time Highs Today