NEW YORK (TheStreet) -- Bloomin' Brands  (BLMN - Get Report) stock is advancing 8.52% to $18.86 on heavy trading volume on Tuesday afternoon after the company delivered solid sales growth in its Brazilian locations for the 2016 first quarter.

Before today's opening bell, the Tampa, FL-based restaurant operator reported an 8.8% increase in comparable store sales at Outback Steakhouse locations in Brazil despite macro-economic concerns in the South American country.

Comparable store sales were down 1.5% in the U.S. because of weakness from the Outback Steakhouse, Carrabba's Italian Grill and Bonefish Grill brands.

Bloomin' Brands reported earnings of 47 cents per share on revenue of $1.16 billion for the quarter ended March 27. The results were below consensus that called for earnings of 50 cents per share on revenue of $1.17 billion.

Additionally, the company repurchased about 4.4 million shares for $75 million during the first quarter.

So far today, 2.42 million shares of Bloomin' Brands have been traded, compared with its average daily volume of 1.56 million shares.

Separately, Bloomin' Brands has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's strengths, such as reasonable valuation levels and notable return on equity, and its weaknesses, including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow.

You can view the full analysis from the report here: BLMN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.