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Restaurant Company Bloomin' Brands Cuts Annual Outlook After Mixed Q3 Performance

Benzinga ·  11/03/2023 23:56

Bloomin' Brands Inc (NASDAQ:BLMN) reported third-quarter FY23 sales growth of 2.3% year-on-year to $1.079 billion, missing the analyst consensus estimate of $1.085 billion. Combined U.S. comparable restaurant sales fell 0.5% during the quarter, with a 1.1% decline in Outback Steakhouse and a 3% climb in Carrabba's Italian Grill. Restaurant sales grew 2.3% Y/Y to $1.1 billion, while Franchise and other revenues rose 0.2% to $15.4 million. U.S. segment revenue slipped 1% Y/Y to $912.9 million, and the International segment increased 25.2% Y/Y to $166.8 million. Total cost and expenses for the quarter increased 1.7% Y/Y to $1.02 billion. Restaurant-level operating margin expanded by 70 basis points

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