Bloomin' Brands (BLMN) stock surged 9.82% in pre-market trading on Thursday following the company's announcement of better-than-expected third-quarter results and a comprehensive turnaround strategy. The parent company of Outback Steakhouse and other restaurant chains is making bold moves to drive long-term sustainable and profitable growth.

For the third quarter, Bloomin' Brands reported revenue of $928.8 million, surpassing analysts' expectations of $906.2 million. The company's adjusted earnings per share came in at -$0.03, significantly better than the estimated loss of $0.12 per share. Notably, all four of Bloomin's restaurant brands reported positive comparable store sales growth for the first time since Q1 2023, signaling a potential turnaround in consumer demand.

The company unveiled a new turnaround strategy primarily focused on revitalizing its Outback Steakhouse brand. Key elements of the plan include enhancing the dine-in experience, expanding brand reach, reinvesting in employees, and updating existing restaurant assets. To fund these initiatives, Bloomin' Brands has suspended its dividend and plans to reallocate available free cash flow into strategic investments and debt reduction. Despite these changes, the company reaffirmed its full-year adjusted EPS guidance of $1.10 to $1.15, instilling confidence in its ability to navigate the challenging restaurant industry landscape.