By Dean Seal
Shares of Outback Steakhouse owner Bloomin' Brands are on track for their worst day since the pandemic broke out in March 2020 after the company lowered its profit outlook for the year.
The stock was down 29% at $6.33 in afternoon trading, putting the stock at a 48% year-to-date loss.
The restaurant chain said before the opening bell that it now expects adjusted earnings of $1 to $1.10 a share for the full year, instead of $1.20 to $1.40 a share as previously projected.
The company also guided for an adjusted loss of 10 cents to 15 cents a share for the quarter that started July 1. Analysts polled by FactSet had been looking for adjusted earnings of 5 cents a share in the current quarter.
The company, which also owns Carrabba's Italian Grill and Bonefish Grill, said Wednesday that it now expects to record a roughly $6 million impact from tariffs on the year and that it won't raise prices in response.
Bloomin' is currently working on a turnaround at its Outback brand to reverse declining same-store sales and traffic amid choppy casual dining trends. It said earlier this week that its chief financial officer is leaving the role to assume a new position leading the turnaround.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 06, 2025 15:07 ET (19:07 GMT)
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