Bloomin' Brands (BLMN) stock surged 9.82% in pre-market trading on Thursday following the announcement of a comprehensive turnaround strategy and better-than-expected third-quarter results. The company, which owns popular restaurant chains including Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill, is making strategic moves to drive long-term sustainable and profitable growth.

The newly unveiled turnaround strategy primarily focuses on revitalizing the Outback Steakhouse brand. Key elements include enhancing the dine-in experience, expanding brand reach, reinvesting in employees, and updating existing restaurant assets. To support these initiatives, Bloomin' Brands has suspended its dividend and plans to reallocate available free cash flow into strategic investments and debt reduction.

Adding to investor optimism, Bloomin' Brands reported strong third-quarter financial results. The company's revenue rose 2.1% to $928.8 million, surpassing analyst expectations of $906.2 million. Adjusted earnings per share came in at -$0.03, beating the consensus estimate of -$0.12. Notably, all four of the company's brands reported positive comparable store sales growth for the first time since the first quarter of 2023, signaling a potential turnaround in consumer demand.

Despite the challenges faced in the current economic environment, Bloomin' Brands reaffirmed its full-year adjusted earnings per share guidance of $1.10 to $1.15. This show of confidence, combined with the strategic initiatives and better-than-expected quarterly performance, has sparked renewed interest from investors, driving the significant pre-market stock price increase.