Restaurant Company Bloomin' Brands Cuts Annual Outlook After Mixed Q3 Performance
Portfolio Pulse from Shivani Kumaresan
Bloomin' Brands reported Q3 FY23 sales growth of 2.3% YoY to $1.079 billion, missing the analyst consensus estimate of $1.085 billion. U.S. comparable restaurant sales fell 0.5% during the quarter. The company cut its FY23 U.S. comparable restaurant sales outlook from 2%-4% to 1.5%-2% and adjusted EPS guidance from $2.91-$3.00 to $2.80-$2.90. BLMN shares are trading lower by 2.08% at $23.08.
November 03, 2023 | 3:56 pm
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NEGATIVE IMPACT
Bloomin' Brands reported lower than expected Q3 sales and cut its FY23 outlook, leading to a drop in its share price.
Bloomin' Brands reported lower than expected Q3 sales and cut its FY23 outlook. This negative news is likely to impact investor sentiment and put downward pressure on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100