Bloomin' Brands Q1 Earnings Exceed Expectations - Bloomin Brands (NASDAQ:BLMN)

Bloomin' Brands Inc BLMN reported first-quarter FY22 sales growth of 15.5%, to $1.14 billion, beating the consensus of $1.13 billion.
Combined U.S. comparable restaurant sales grew 14.0% during the quarter, with 9.2% growth in Outback Steakhouse and 11.5% in Carrabba's Italian Grill.
Restaurant sales grew 14.7% Y/Y to $1.1 billion, while Franchise and other revenues shot up 111.4% to $16.9 million.
U.S. segment revenue rose 14.5% Y/Y to $1.04 billion, and the International segment increased 26% Y/Y to $104 million.
Total cost and expenses for the quarter increased 15.3% Y/Y to $1 billion.
Restaurant-level operating margin contracted by 170 basis points to 17.1%.
Operating margin was 9.4%, and the operating income was $107.3 million.
The company held $97.7 million in cash and equivalents as of March 27, 2022. The company had a net debt of $722 million.
Adjusted EPS of $0.80 beat the analyst consensus of $0.74.
Outlook: Bloomin' Brands raised its FY22 sales outlook to $4.35 billion - $4.4 billion from $4.3 billion - $4.35 billion, versus the consensus of $4.34 billion.
It raised the FY22 Adjusted EPS outlook to $2.45 - $2.55 from $2.35 - $2.45 versus the consensus of $2.39.
Bloomin' sees Q2 sales of $1.1 billion - $1.13 billion versus the consensus of $1.08 billion.
It expects Q2 adjusted EPS of $0.60 - $0.65, against the consensus of $0.60.
Price Action: BLMN shares are trading lower by 0.75% at $21.84 on the last check Friday.