Restaurant company Bloomin’ Brands (NASDAQ:BLMN) will be reporting earnings tomorrow before the bell. Here's what you need to know.
Bloomin' Brands met analysts' revenue expectations last quarter, reporting revenues of $1.20 billion, down 4% year on year. It was a slower quarter for the company, with a miss of analysts' earnings estimates.
Is Bloomin' Brands a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Bloomin' Brands's revenue to decline 2.3% year on year to $1.13 billion, a reversal from the 2.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.58 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Bloomin' Brands has missed Wall Street's revenue estimates four times over the last two years.
Looking at Bloomin' Brands's peers in the sit-down dining segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Texas Roadhouse delivered year-on-year revenue growth of 14.5%, meeting analysts' expectations, and The Cheesecake Factory reported revenues up 4.4%, in line with consensus estimates. Texas Roadhouse traded up 2% following the results while The Cheesecake Factory was down 5.4%.
Read our full analysis of Texas Roadhouse's results here and The Cheesecake Factory's results here.
Investors in the sit-down dining segment have had steady hands going into earnings, with share prices flat over the last month. Bloomin' Brands is up 7.2% during the same time and is heading into earnings with an average analyst price target of $25.5 (compared to the current share price of $19.04).
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