Bloomin’ Brands Q2 revenue comes in at $1.02 billion

• Bloomin’ Brands’ second-quarter revenue increased 1.3% to $1.016 billion as comparable restaurant sales improved.
• Diluted EPS from continuing operations rose to $0.37, while adjusted diluted EPS reached $0.39.
• Bloomin’ Brands raised its full-year earnings guidance following progress with its Outback Steakhouse turnaround.

Bloomin’ Brands (NASDAQ:BLMN) reported second-quarter revenue of $1.016 billion, up 1.3%, as higher comparable restaurant sales offset restaurant closures.

Revenue increased from $1.002 billion, while combined U.S. comparable restaurant sales rose 2.3% and adjusted EPS exceeded the company’s previous $0.27–$0.32 outlook.

Net income attributable to Bloomin’ Brands reached $31.3 million, while continuing-operations EPS was $0.37, adjusted EPS was $0.39 and restaurant-level margin increased to 12.4%.

Bloomin’ Brands raised its full-year adjusted EPS forecast to $0.90–$1.

Meanwhile, comparable sales increased 1.4% at Outback Steakhouse, 1.7% at Carrabba’s, 8.1% at Bonefish Grill and 1.6% at Fleming’s.

The company operates and franchises more than 1,440 restaurants while focusing its turnaround on food, service, affordability and the broader guest experience.