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Bloomin' Brands profit misses consensus by 23.4% in fiscal Q1

Bloomin' Brands Inc. said its normalized net income for the fiscal first quarter ended March 27 amounted to 38 cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS fell 15.2% year over year from 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $46.0 million, a decline of 20.4% from $57.9 million in the year-earlier period.

The normalized profit margin declined to 3.9% from 4.8% in the year-earlier period.

Total revenue decreased year over year to $1.16 billion from $1.20 billion, and total operating expenses declined on an annual basis to $1.08 billion from $1.09 billion.

Reported net income decreased 42.1% from the prior-year period to $35.0 million, or 29 cents per share, from $60.5 million, or 47 cents per share.