Bloomin', Outback Parent, Posts Narrower-Than-Expected Adjusted Loss

Bloomin' Brands, parent of Outback Steakhouse and Carrabba's Italian Grill, reported a narrower-than-expected third-quarter adjusted loss.
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Shares of Bloomin' Brands  (BLMN) - Get Report jumped on Friday after the parent of Outback Steakhouse and Carrabba's Italian Grill reported a narrower-than-expected third-quarter adjusted loss. 

The Tampa, Fla., company's net loss was $17.6 million, or 20 cents a share, swinging from net income of $9.2 million, or 11 cents, in the year-earlier period. 

On an adjusted basis the loss was 12 cents a share. Analysts surveyed by FactSet were expecting a net loss of 32 cents a share.

The company reported revenue of $771.3 million against the consensus analyst estimate of $752.8 million. 

"Across the U.S. portfolio, we experienced consistent weekly sales momentum throughout the third quarter as we adapted to this evolving environment," Chief Executive David Deno said in a statement.

"In-restaurant sales continue to improve and our off-premises business remains robust as we are retaining approximately 50% of the incremental volume achieved while our dining rooms were closed."

The company launched a new Outback Steakhouse menu, one that offered premium cuts and larger portions and lowered prices. 

Earlier this year, Bloomin' Brands withdrew its 2020 fiscal guidance due to uncertainty about the coronavirus pandemic and it won't provide guidance for the rest of the year. 

Year to date, Bloomin' Brands is down about 20%, but the stock has rebounded from its year-to-date lows reached during the height of the pandemic. 

Bloomin' Brands shares at last check rose 1% to $17.90. The shares are trading at nearly four times their 52-week low, set in mid-March. In early December they were trading above $24.