Shares of restaurant company Bloomin' Brands Inc. (BLMN) - Get Report were falling by 8.69% to $18.97 on heavy trading volume on Wednesday afternoon, after the company reported its second quarter financial results, which showed the company has been impacted by slowing industry traffic.
Bloomin' Brands posted adjusted earnings of 28 cents per share for the most recent quarter, in line with analyst expectations. Revenue came in at $1.03 billion, just below the $1.04 billion that Wall Street forecast.
The company posted soft same store sales and pointed to an industry slowdown spurred by the trend of more diners eating at home.
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"We have seen some strengthening of casual dining sales trends over the past two quarters since a significant pullback of the industry in Q4 2016," Bloomin' Brands CEO Elizabeth Smith said during an earnings conference call, CNBC noted.
"We have also seen improvement in key indicators such as employment, confidence and wage growth that suggests the state of the consumer is better. While this improvement is positive, we've yet to see a meaningful change in measured casual dining restaurant industry traffic," she continued.
Bloomin' Brands owns the restaurants Outback Steakhouse, Bonefish Grill, Carrabba's Italian Grill, and Fleming's Prime Steakhouse and Wine Bar.
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