Bloomin' Brands raised its full-year earnings guidance Wednesday after higher menu prices pushed second-quarter profit above ***** yst expectations. The owner of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar reported net income of $31.3 million, or 36 cents a share, for the quarter ended June 28, up from $25.4 million, or 30 cents a share, a year earlier.
Adjusted earnings per share came in at 39 cents. ***** ysts had expected 29 cents, according to The Wall Street Journal.
Total revenue rose 1.3% to $1.02 billion. ***** ysts had projected $1.00 billion.
U.S. comparable restaurant sales grew 2.3% in the quarter. Bonefish Grill posted the strongest gain among the company's chains, with an 8.1% increase. Outback Steakhouse, Carrabba's Italian Grill, and Fleming's each rose more than 1%. The company said revenue growth was driven by higher comparable restaurant sales, partially offset by net restaurant closures.
Higher menu prices lifted the per-guest tab, which the company said was the key driver of improved margins during the period. Spending on the Outback turnaround plan also declined during the period, contributing to lower general and administrative costs and a wider operating margin.

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