Outback Steakhouse same-store sales recovering as dining rooms partially reopen
Outback owner Bloomin' Brands expects to have nearly all U.S. dining rooms partially reopened by July
Outback Steakhouse has seen sales slowly start to improve as the steakhouse chain reopens restaurants across the country.
Same-store sales for the chain known for its accessibly-priced cuts of beef dropped 24.7 percent for the week ending June 6, compared with a 32.8 percent drop for the week ending May 10.
Customers enter an Outback Steakhouse restaurant in New York. (Victor J. Blue/Bloomberg via Getty Images).
Outback owner Bloomin' Brands has reopened 74 percent of its restaurants across the country with limited in dining capacity in accordance with local mandates, the company said Thursday. It expects to have "substantially all" U.S. dining rooms partially reopened by July.
New health and safety protocol includes contactless payment options for customers, socially distanced seating, reduced capacity standards and allowing guests to wait for tables outside or in their cars to avoid crowding.
US FOOD PRICES SEE HISTORIC JUMP AND ARE LIKELY TO STAY HIGH
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLMN | BLOOMIN' BRANDS INC. | 13.94 | -0.31 | -2.18% |
When the pandemic broke out in mid-March, the chain, like many others, pivoted to a takeout-only model resulting in off-premises sales to triple per restaurant despite dining rooms being closed, the company said.
Before reopening some of its locations, Chicago-based Morton's steakhouse was selling its filet mignons for nearly $30 on Seamless. It's reopened a number of its dining rooms in Florida, Las Vegas and Arizona and more are set to reopen by the end of the month, according to its website. Even legacy steakhouse brands in local markets like cash-only Peter Luger in Brooklyn teamed up with third-party delivery services to keep business going amid closures.
HOW CORONAVIRUS MADE THIS STEAKHOUSE ADAPT
Supply chain issues as a result of the COVID-19 crisis have impacted meat prices. The costs of steaks, ribs and pork roasts are up 10 percent and whole chicken is up 7 percent, according to the latest stats from the Consumer Price Index.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
It's unclear if Outback will raise menu prices as a result. A spokesperson for the steakhouse chain did not immediately return a request for comment.