Bloomin' Brands Stock Gains On Strong Q2, Upbeat Q3 Outlook

Bloomin' Brands Inc BLMN reported second-quarter FY21 sales growth of 86.2% year-on-year, to $1.08 billion, beating the analyst consensus of $1.03 billion.
Higher comparable restaurant sales from in-restaurant dining, strong retention of off-premises sales, and higher franchise revenues drove sales growth.
Comparable Restaurant Sales in the U.S. grew 65.8% at Outback Steakhouse and 84.6% at Combined U.S.
Restaurant sales grew 83.1% Y/Y to $1.1 billion, while Franchise and other revenues shot up 907% to $22.1 million.
U.S. segment revenue rose 86.8% Y/Y to $1 billion and the international segment increased 79.6% Y/Y to $74.3 million.
Total cost and expenses for the quarter increased 38% Y/Y to $952.7 million.
Restaurant-level operating margin expanded sharply by 1760 basis points to 20.3%.
The operating margin was 11.6%, versus (19.3)% last year. The operating income was $124.6 million.
The company held $101.3 million in cash and equivalents as of June 27, 2021. The company had a net debt of $850.1 million.
Adjusted EPS of $0.81 beat the analyst consensus of $0.65.
"Q2 represented another quarter of strong results. We are well-positioned to grow sales and capture additional market share," said CEO David Deno.
U.S. comp sales in first four weeks of the third quarter up 15.2% on a two-year basis versus 2019.
Outlook: Bloomin' Brands sees Q3 revenue of at least $1.015 billion, versus the consensus of $983.83 million.
It expects Q3 adjusted EPS of at least $0.50, compared to the consensus of $0.30.
Price action: BLMN shares are trading higher by 5.00% at $26.45 in premarket on the last check Friday.

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