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For the second straight quarter, Bloomin' Brands stock is soaring after the company reported encouraging results from Outback Steakhouse.
Bloomin's share price was up 35% as of midday Wednesday, to $12.04, and has now increased more than 88% year to date.
It reflects continued progress at the 662-unit Outback, which is in the midst of a turnaround effort after falling behind its steakhouse competitors in recent years. In the quarter that ended on June 28, Outback's same-store sales rose 1.4% year over year, their highest mark since the first quarter of 2023.
Traffic was still down 2.8%. Executives noted that the chain did not run third-party delivery promotions in the quarter that drove traffic a year ago but were less profitable.
#outback #brands
For the second straight quarter, Bloomin' Brands stock is soaring after the company reported encouraging results from Outback Steakhouse.
Bloomin's share price was up 35% as of midday Wednesday, to $12.04, and has now increased more than 88% year to date.
It reflects continued progress at the 662-unit Outback, which is in the midst of a turnaround effort after falling behind its steakhouse competitors in recent years. In the quarter that ended on June 28, Outback's same-store sales rose 1.4% year over year, their highest mark since the first quarter of 2023.
Traffic was still down 2.8%. Executives noted that the chain did not run third-party delivery promotions in the quarter that drove traffic a year ago but were less profitable.
#outback #brands
3 months ago
