Bloomin’ Brands not bloomin’ as store closings are announced and losses surface
February 17, 2017 (STL.News) Bloomin’ Brands, Inc. (NASDAQ Ticker: BLMN) announced earnings earlier today that disappointed shareholders as a result of weak in-store sales across most of the company’s dining brands.
The company operates Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
With more than 1,500 locations they announced that they will be closing some 43 “under-performing” locations. The company operations include the US, Puerto Rico, Guam and approximately 20 other countries.
Earnings resulted in an operating loss of $4.3 million (-.04 cents per share), which is substantially lower than the $17.7 million profit made for the same period last year.
The stocks 52-week trading range is between $14.91 and $19.99 with more than 105 million shares outstanding, owned 99% by institutions, making its market capitalization approximately $1.96 billion.
The company blamed this loss on the fact that consumers have changed their dining habits that are obviously inconsistent with the company’s’ current business model.
It is not clear which brands or locations will be affected by the closings. However, rumor has it that the closings have already began.
2202 North West Short Blvd, Suite 500
Tampa, FL 33607-5761
Phone: (813) 282-1225