Bloomin' Brands (BLMN) stock experienced a significant 6.72% pre-market plunge on Wednesday, following the company's disappointing financial results and guidance.
The casual dining restaurant chain reported adjusted earnings per share (EPS) of $0.38 for the fourth quarter of 2024, beating the consensus estimate of $0.36. However, the company's sales of $972.00 million missed the analyst consensus estimate of $1.08 billion, representing an 18.59% decrease from the same period last year.
Additionally, Bloomin' Brands provided a lower earnings guidance for fiscal year 2025, projecting adjusted EPS between $1.20 and $1.40, well below the consensus estimate of $1.77. The company also reported a 1.1% decline in U.S. comparable restaurant sales for the fourth quarter of 2024, further contributing to the stock's pre-market selloff.
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