Bloomin' Brands (NASDAQ: BLMN) stock declined on Tuesday, falling 11% by 11 a.m EDT. The restaurant chain announced solid third-quarter earnings that nonetheless failed to impress Wall Street.
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Sales for the three-month period that ended in late September rose to just over $1 billion, compared to $771 million a year ago. That boost translates into a 31% spike year over year. The news was just as good for the owner of the Outback Steakhouse chain when you compare the results with a more normal operating environment.
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Why Bloomin' Brands Stock Was Down 11% Today