- Bloomin' Brands Inc BLMN reported second-quarter FY21 sales growth of 86.2% year-on-year, to $1.08 billion, beating the analyst consensus of $1.03 billion.
- Higher comparable restaurant sales from in-restaurant dining, strong retention of off-premises sales, and higher franchise revenues drove sales growth.
- Comparable Restaurant Sales in the U.S. grew 65.8% at Outback Steakhouse and 84.6% at Combined U.S.
- Restaurant sales grew 83.1% Y/Y to $1.1 billion, while Franchise and other revenues shot up 907% to $22.1 million.
- U.S. segment revenue rose 86.8% Y/Y to $1 billion and the international segment increased 79.6% Y/Y to $74.3 million.
- Total cost and expenses for the quarter increased 38% Y/Y to $952.7 million.
- Restaurant-level operating margin expanded sharply by 1760 basis points to 20.3%.
- The operating margin was 11.6%, versus (19.3)% last year. The operating income was $124.6 million.
- The company held $101.3 million in cash and equivalents as of June 27, 2021. The company had a net debt of $850.1 million.
- Adjusted EPS of $0.81 beat the analyst consensus of $0.65.
- "Q2 represented another quarter of strong results. We are well-positioned to grow sales and capture additional market share," said CEO David Deno.
- U.S. comp sales in first four weeks of the third quarter up 15.2% on a two-year basis versus 2019.
- Outlook: Bloomin' Brands sees Q3 revenue of at least $1.015 billion, versus the consensus of $983.83 million.
- It expects Q3 adjusted EPS of at least $0.50, compared to the consensus of $0.30.
- Price action: BLMN shares are trading higher by 5.00% at $26.45 in premarket on the last check Friday.
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BLMNBloomin Brands Inc
$7.62-4.87%
Edge Rankings
Momentum
8.29
Growth
42.10
Quality
-
Value
42.38
Price Trend
Short
Medium
Long
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