By Christiana Sciaudone
Investing.com – We’ve had enough of home cooking.
That’s good news for Bloomin’ Brands, which improved U.S. sales for the second quarter, leading to positive cash flow in June. Shares are up nearly 9%. The stock has more than doubled since hitting a 2020 low in March.
Bloomin’ also reported a second quarter loss per share of 74 cents, less painful than analyst predictions for a loss of $1.13 a share.
As of July 19, 928 company-operated restaurants (approximately 92% of U.S. restaurants) have reopened with limited in-restaurant dining capacity, Chief Executive Officer David Deno said in a statement. More than half are Outback Steakhouse locations, where comparable sales were down almost 11% from the prior year.
Bloomin’ has 286 company-owned locations in hard-hit Florida and Texas, where some local governments implemented a further reduction of in-restaurant capacity. “Although this is a developing situation, to this point these capacity reductions have had a minimal impact on our overall sales trends,” Deno said.
The company has six buy ratings, eight holds and no sells, according to analysts tracked by Investing.com.
Bloomin’ Brands Q2 Sales Jump as Weary Americans Dine Out
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