Bloomin’ Brands raised its full-year earnings guidance Wednesday after higher menu prices pushed second-quarter profit above analyst expectations.
The owner of Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar reported net income of $31.3 million, or 36 cents a share, for the quarter ended June 28, up from $25.4 million, or 30 cents a share, a year earlier
Adjusted earnings per share came in at 39 cents. Analysts had expected 29 cents, according to The Wall Street Journal. Total revenue rose 1.3% to $1.02 billion.
Analysts had projected $1.00 billion. U.S. comparable restaurant sales grew 2.3% in the quarter. Bonefish Grill posted the strongest gain among the company’s chains, with an 8.1% increase.