Restaurant owner sees decrease in revenue and comparable sales
- Bloomin’ Brands swung to a loss in Q1
- Revenue fell 4% and comparable sales decreased
- Loss of $83.9 million, or 96 cents a share
- Adjusted earnings were 70 cents a share
- Revenue slid to $1.2 billion
- Outback sales down 1.2%, Carrabba’s sales slightly up, Bonefish Grill sales down 4.9%
- Food and beverage costs decreased, labor costs and other operating expenses increased
Bloomin’ Brands, the owner of Outback Steakhouse, Carrabba’s Italian Grill, and other restaurant brands, reported a loss of $83.9 million, or 96 cents a share, in the first quarter. This is a significant decline compared to the profit of $91.3 million, or 93 cents a share, in the same quarter last year. The company’s revenue also fell by 4% to $1.2 billion. Outback sales were down 1.2%, Carrabba’s sales were slightly up, and Bonefish Grill sales decreased by 4.9%. Despite a decrease in food and beverage costs, labor costs and other operating expenses increased. Analysts had expected adjusted earnings of 75 cents a share, but the company reported adjusted earnings of 70 cents a share.
Factuality Level: 9
Factuality Justification: The article provides specific details about Bloomin’ Brands’ financial performance in the first quarter, including revenue, profit/loss, earnings per share, and comparable sales for its different brands. The information is clear, concise, and directly related to the main topic without any irrelevant details or bias. The article also includes information about analyst expectations and how the company performed in comparison. Overall, the article is factually accurate and objective in reporting the financial results of Bloomin’ Brands.
Noise Level: 3
Noise Justification: The article provides relevant information about Bloomin’ Brands’ financial performance in the first quarter, including details about revenue, comparable sales, and costs. It also compares the current results with the previous year and analyst expectations. The article stays on topic and supports its claims with data. However, it lacks a deeper analysis of the long-term trends or potential strategies to address the challenges faced by the company.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets may be impacted by the decrease in revenue and comparable sales for Bloomin’ Brands. Investors and shareholders may react to the company’s loss and lower earnings per share.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the financial performance of Bloomin’ Brands in the first quarter, indicating a loss and a decrease in revenue and comparable sales. While this is a negative development for the company, it does not describe an extreme event.
Public Companies: Bloomin’ Brands (BLMN)
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