Outback Steakhouse parent Bloomin's Brands stock slides after company lowers guidance in soft market

Outback Steakhouse parent Bloomin' Brands Inc.'s stock (BLMN) tumbled 6.7% premarket Friday, after the company cut its full-year guidance to reflect a soft casual dining environment. The company is now expecting full-year adjusted EPS of $2.80 to $2.90, down from prior guidance of $2.91 to $3.00. It expects same-store sales to rise 1.5% to 2%, versus prior guidance of 2% to 4%. The company, which also operates Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar, said it had net income of $44.5 million, or 45 cents a share, in the third quarter, up from $31.9 million, or 34 cents a share, in the year-earlier period. Adjusted per-share earnings came to 44 cents, ahead of the 41 cent FactSet consensus. Revenue rose to $1.079 billion from$1.056 billion, just below the $1.082 billion FactSet consensus. Combined U.S. same-store sales fell 0.5%. "We remain focused on driving traffic and maintaining margins as we navigate the near-term sales environment," CEO David Deno said in a statement. The stock has gained 17% in the year to date, while the S&P 500 has gained 12%.

-Ciara Linnane

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11-03-23 0705ET

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