Bloomin’ Brands Inc. stock soared 11% Thursday, after the parent of Outback Steakhouse beat profit estimates for the fourth quarter and offered guidance for 2023 that was well above consensus. The company
which also operates Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar, said profits and margins were above prepandemic levels despite “significant” inflation.
“All U.S. brands finished the year with positive comparable restaurant sales and our Brazil business achieved record levels of profits and sales,” Chief Executive David Deno said in a statement. On the company’s earnings call with analysts, Deno said 2023 would be a year with a focus on driving sales and traffic by improving execution and consistency. The company aims to do that by investing in technology — all servers now have handheld technology — by remodeling restaurants, introducing new products and new sales layers. See now: Toast’s stock dives after earnings as outlook ‘may not meet investor enthusiasm’ For Fleming’s, that means introducing “social hour” to capture the early evening restaurant-goer. Brunch is returning to Bonefish. The company is rolling out new cooking technology, including advanced grills and ovens. It’s also planning to expand its off-premises business with new carryout and delivery capabilities. “We intend to remodel over 100 locations this year as the beginning of a multiyear effort to touch a large percentage of our business,” he said, according to a FactSet transcript. “We know keeping our assets, looking at their best along with our ongoing relocation program is a key element to growing traffic.” The company also aims to become more digitally savvy after 76% of total U.S. off-premise sales were made through digital channels in the quarter. Read: McDonald’s introdu …