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Bloomin’ Manufacturers Inc. is contemplating “strategic options” together with a attainable sale, the corporate mentioned in a launch saying its third-quarter earnings. 

“The Firm plans to proceed in a well timed method, however has not set a definitive timetable for completion of this course of,” based on the information launch. “There may be no assurance that this evaluation will lead to a transaction or different strategic different of any type.”

Comparable restaurant gross sales have been principally flat for Outback Steakhouse, the corporate’s largest model. Bloomin’ additionally owns Carrabba’s Italian Kitchen, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. For the third quarter, web revenue totaled $9.2 million. Income was $967.1 million, up from $965.0 million for the third quarter final 12 months. 

“Over the previous few years, Bloomin’ Manufacturers has made important progress in direction of its long-term targets to raise the shopper expertise, capitalize on the rising off-premises phase, increase the quickly rising worldwide enterprise, and enhance working margins. These efforts have created important market share positive aspects and enhanced profitability,” mentioned David Deno, CEO of Bloomin’ Manufacturers.

“Nevertheless, regardless of this continued progress, we imagine the present inventory value doesn’t replicate the worth of the Firm. That’s the reason the time is correct to discover strategic options which have the potential to maximise worth for our shareholders. Our Board of Administrators is dedicated to totally evaluating acceptable strategic options whereas concurrently supporting the Firm’s ongoing progress towards our marketing strategy.”

Contact Gloria Dawson at [email protected]

Comply with her on Twitter: @GloriaDawson

 



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