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August 5, 2014
11:49 EDTBJRI, BLMN, DRI, CAKE, EATBloomin' Brands plunges to 52-week low after cutting full year profit outlook
Shares of casual restaurant operator Bloomin' Brands (BLMN) are sinking after the company reported mixed second quarter results and lowered its outlook for fiscal 2014 profit and same store sales. WHAT'S NEW: Bloomin' Brands this morning reported Q2 adjusted earnings per share of 27c and revenue of $1.1B, compared to analysts' consensus estimates of 29c and $1.09B, respectively. Same store sales for company-owned core domestic concepts increased 0.6% during the quarter, while traffic was flat, as increases from lunch expansion were offset by traffic declines in the dinner business. Elizabeth Smith, the company's Chief Executive Officer, commented that dinner traffic did not recover as the company had expected following the first quarter's winter weather events, adding that the company has responded by using marketing focused on dinner for the second half of the year. In addition, Smith said the company continues to face an increasingly competitive environment and "significant" macro issues in Korea. WHAT'S NOTABLE: Looking ahead, Bloomin' Brands lowered its FY14 adjusted EPS view to $1.05-$1.10 from its prior view of "at least" $1.21, well below consensus estimates for $1.22. The company also revised its FY14 revenue outlook to $4.4B-$4.45B from its previous view of "at least" $4.4B, compared to consensus $4.42B. It also lowered its FY14 SSS view to growth of 0%-1% from its prior view of 1%-2% growth. In addition, Bloomin' Brands now sees FY14 commodity inflation of 2.5%-3.5%, up from 2%-4% previously expected, and adjusted earnings before interest, taxes, depreciation and amortization of $459M-$470M, a decrease from prior guidance of $493M. The company still sees 55-60 new system-wide restaurants for the year. Bloomin' also said it plans to expand its Carrabba's brand to Brazil, with the first opening expected in the first half of 2015. Looking to the third quarter, the company noted that it expects certain restaurant operating expenses to be higher year over year due to the timing of marketing expenditures and costs associated with the Bonefish Grill menu rollout in early July. In addition, the company will incur additional general and administrative expenses related to its development of Carrabba's in Brazil in Q3. PRICE ACTION: In late morning trading, Bloomin' Brands plunged $4.30, or nearly 22%, to $15.50 on nearly five times its average daily trading volume. The stock continues to make fresh 52-week lows as the session unfolds. Including today's decline, the stock is down approximately 37% over the past 12 months. OTHERS TO WATCH: Other companies in the casual restaurant space include Brinker International (EAT), down 0.7%, Darden (DRI), up 0.5%, BJ's Restaurants (BJRI), up 0.7%, and The Cheesecake Factory (CAKE), down 0.1%.
News For BLMN;EAT;DRI;BJRI;CAKE From The Last 14 Days
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July 23, 2015
16:35 EDTBJRIBJ's Restaurants expands share repurchase program by $50M
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16:33 EDTBJRIBJ's Restaurants says expects to open 16 new restaurants in 2015
In the second quarter of fiscal 2015, BJ's opened five new restaurants in Towson, Maryland; Albuquerque, New Mexico; Columbus, Ohio; McCandless, Pennsylvania and Southlake, Texas. "Our pipeline for new restaurant openings is in excellent shape and we now expect to open 16 new restaurants this year," added CEO Greg Trojan. "We currently anticipate opening six new restaurants during the third quarter of fiscal 2015, two of which have already opened in Huntsville, Alabama and in Melbourne, Florida, and three new restaurants in the fourth quarter of fiscal 2015. Our runway for growth remains highly visible as we currently operate just 165 restaurants in 21 states while our long-term plans indicate national capacity for at least 425 BJ's restaurants. We are making excellent progress towards finalizing our fiscal 2016 new restaurant openings and are already building our fiscal 2017 and 2018 new restaurant pipeline."
16:30 EDTBJRIBJ's Restaurants reports Q2 EPS 47c, consensus 39c
Reports Q2 revenue $232M, consensus $236.22M. In Q2: Total restaurant operating weeks increased approximately 7%; Comparable restaurant sales increased 0.5%.
06:57 EDTDRIDarden threatened with default call by bondholders over real estate, WSJ reports
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July 22, 2015
19:02 EDTCAKEOn The Fly: After Hours Movers
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17:23 EDTCAKECheesecake Factory sees FY15 food cost inflation flat to up 1%
Management stated that the company expects to pay more for eggs this year due to impact from avian flu. The company is about 65% contracted for dairy in the second half of FY15, versus 10% in the second half of FY14.
17:21 EDTCAKECheesecake Factory sees Q4 SSS up 1%-2%
17:20 EDTCAKECheesecake Factory sees 'strong sales momentum to continue in Q3'
Sees Q3 G&A cost 70-90 basis points above Q3 of FY14.
17:19 EDTCAKECheesecake Factory raises FY15 EPS sensitivity to $2.29-$2.35, consensus $2.25
Sees FY15 SSS up 2.5% at its midpoint.
17:17 EDTCAKECheesecake Factory sees Q3 EPS 53c-56c, consensus 53c
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16:20 EDTCAKECheesecake Factory raises quarterly dividend by 21% to 20c per share
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16:19 EDTCAKECheesecake Factory continues to see 11 company-owned restaurants opening in FY15
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16:16 EDTCAKECheesecake Factory reports Q2 SSS up 2.8%
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16:16 EDTCAKECheesecake Factory reports Q2 EPS 69c, consensus 62c
Reports Q2 revenue $529.1M, consensus $530.45M.
15:26 EDTCAKENotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Qualcomm (QCOM), consensus 95... American Express (AXP), consensus $1.32... Texas Instruments (TXN), consensus 65c... Las Vegas Sands (LVS), consensus 61c... Crown Castle (CCI), consensus $1.06... Discover Financial (DFS), consensus $1.32... Tractor Supply (TSCO), consensus $1.11... SanDisk (SNDK), consensus 33c... SL Green Realty (SLG), consensus $1.56... Xilinx (XLNX), consensus 54c... Weatherford (WFT), consensus (12c)... F5 Networks (FFIV), consensus $1.60... United Rentals (URI), consensus $1.74... Fortinet (FTNT), consensus 9c... LaSalle Hotel (LHO), consensus 89c... Oceaneering International (OII), consensus 68c... Cheesecake Factory (CAKE), consensus 62c.
July 16, 2015
10:00 EDTDRI, CAKE, EATOn The Fly: Analyst Initiation Summary
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July 15, 2015
16:21 EDTDRIDarden initiated with a Buy at BTIG
Target $82.
16:21 EDTEATBrinker initiated with a Buy at BTIG
Target $66.
16:21 EDTCAKECheesecake Factory initiated with a Neutral at BTIG
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