By Dean Seal

Bloomin' Brands is sticking by its full-year outlook despite choppy consumer trends, though it is guiding for a softer current quarter than Wall Street had been targeting.

The Outback Steakhouse owner said it expects comparable sales to fall 1.5% to 2.5% in the current quarter and for adjusted earnings to come in at 22 cents to 27 cents a share.

Analysts polled by FactSet had been forecasting for comparable sales to fall by less than 1% and for adjusted earnings to hit 37 cents a share.

The restaurant operator, which also owns Bonefish Grill and Carrabba's Italian Grill, is maintaining its full-year guidance. Chief Executive Mike Spanos said the choppy macroeconomic environment is reflected in the current outlook.

For the first three months of the year, Bloomin' posted a profit of $42.2 million, or 50 cents a share, compared with a loss of $83.9 million, or 96 cents a share, in the same quarter a year earlier. The year-earlier quarter included a significant loss from the extinguishment of debt that didn't recur this year.

Adjusted earnings, which strip out one-time items, of 59 cents a share topped analyst estimates by 2 cents, according to FactSet.

Revenue ticked down slightly to $1.05 billion, ahead of projections for $1.03 billion.

Comparable sales were down half a percentage point overall, with Outback seeing a 1.3% decline and Bonefish a 4% drop. Carraba's recorded 1.4% higher comparable sales, and its smaller Fleming's Prime Steakhouse & Wine Bar notched a 5.1% gain.

The net impact of store closures and openings also weighed on the top line.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 07, 2025 07:35 ET (11:35 GMT)

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