Outback Steakhouse bounces back in 1Q
What a difference a quarter makes.
Same-store sales at Outback Steakhouse increased 1.4 percent in the first quarter ended March 26, parent company Bloomin’ Brands Inc. said on Wednesday.
That bested other casual-dining chains in the period, and it was a major improvement from the fourth quarter, when same-store sales fell 4.8 percent.
The results bolstered Bloomin’ Brands’ financial results in the quarter, and investors cheered the news. The company’s stock rose 6 percent through early afternoon trading on Wednesday.
“We saw meaningful, sequential improvement in sales trends,” Bloomin’ Brands CEO Liz Smith said during the company’s earnings call Wednesday.