Shares of restaurant operator Bloomin’ Brands (NASDAQ:BLMN) are ticking upward today after the company posted better-than-anticipated first-quarter numbers.
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Revenue rose 8.8% year-over-year to $1.24 billion outperforming estimates by $20 million. EPS at $0.98 too handily beat expectations by $0.09. The company’s combined U.S. comparable restaurant sales rose by 5.1% during the quarter. Additionally, higher menu pricing, value-added tax exemptions in Brazil, and cost-saving measures helped drive better-operating margins.
Looking ahead, for Q2 2023, BLMN expects U.S. comparable restaurant sales to inch up in the range of 0.5% and 1.5%. EPS is seen landing between $0.62 and $0.67.
Overall, the Street has a $29.90 consensus price target on BLMN, pointing to a 26.9% potential upside in the stock.
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