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August 5, 2014
11:49 EDTDRI, CAKE, EAT, BJRI, BLMNBloomin' 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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November 24, 2015
06:28 EDTEATImpact of low oil prices extends beyond oil industry, WSJ says
The fall in crude prices is having a ripple effect that extends beyond the oil industry, the Wall Street Journal reports. Sales of single family homes in Houston were down 10% year over year in October, the report says, and restaurants in Texas and the Southwest have seen a drop in sales and customer traffic. Brinker (EAT) credited weak oil prices for downbeat results in states that rely heavily on the energy industry, the report says. Occidental Petroleum (OXY) and American Eagle Energy (AMZG) have both exited Bakken last month, with Occidental selling its North Dakota assets and American Eagle seeking chapter 11 bankruptcy protection, the report says. Reference Link
November 19, 2015
10:00 EDTBLMN, EATOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Airgas (ARG) downgraded to Neutral from Accumulate at Seaport Global... Bloomin' Brands (BLMN) downgraded to Buy from Conviction Buy at Goldman... Brinker (EAT) downgraded to Neutral from Buy at Goldman... Civitas Solutions (CIVI) downgraded to Outperform from Strong Buy at Raymond James... Columbia Sportswear (COLM) downgraded on a more cautious outloook at BofA/Merrill... Fairchild (FCS) downgraded to Neutral from Buy at Citi... Lennox (LII) downgraded to Neutral from Buy at Longbow... Newfield Exploration (NFX) downgraded to Neutral from Buy at Goldman... Regis (RGS) downgraded to Neutral from Overweight at Piper Jaffray... Synergy Resources (SYRG) downgraded to Accumulate from Buy at KLR Group... Titan International (TWI) downgraded to Sell from Neutral at Goldman... eLong (LONG) downgraded to Hold from Buy at Brean Capital.
06:12 EDTBLMNBloomin' Brands downgraded to Buy from Conviction Buy at Goldman
Goldman analyst Karen Holthouse removed Bloomin' Brands from the Conviction Buy List and lowered her price target to $22 from $24 on shares. Holthouse sees risk to top-line growth given the competitive environment but retains her Buy rating given valuation and since the company is exploring strategic options.
06:12 EDTEATBrinker downgraded to Neutral from Buy at Goldman
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November 16, 2015
20:39 EDTCAKECheesecake Factory management to meet with William Blair
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