Share prices for Bloomin’ Brands, the parent company of U.S. restaurant chains Bonefish Grill, Outback Steakhouse, and others, slid 22 percent on 6 August after the company projected its U.S. comparable restaurant sales would decline 1 percent or remain flat in Q3 2025.
The Tampa, Florida, U.S.A.-based company reported a total revenue increase of 0.3 percent to around USD 1 billion (EUR 859 million) in Q2 2025, up slightly from USD 999 million (EUR 858 million) in the same period of 2024. Additionally, comparable store sales for Carrabba’s Italian Grille rose 3.9 percent, and sales at Fleming’s Prime Steakhouse & Wine Bar inclined 3.8 percent.
However, comparable store sales for Bonefish Grill continued to slide, plunging 5.8 percent in the quarter, while Outback Steakhouse sales declined 0.6 percent. The companies net income also dropped to USD 25 million (EUR 21 million), down from USD 28 million (EUR 24 million) in Q2 2024.
Traffic trends at Bonefish Grill “have been challenging,” Bloomin’ Chief Financial Officer and Executive Vice President Michael Healy said on an investor call.
“While the team remains very focused on improving the trend, we still see risk in this brand and have incorporated this in our guide,” Healy said.
Bloomin Brands had disappointing earnings in Q4 2024 and laid off 100 corporate employees earlier in 2025 as sales declined across its restaurants. During an investor call on 26 February, Bloomin’ Brands CEO Mike Spanos said the company was “currently not succeeding,” and in the most recent investor call he said the company is still working to turn things around.
"Turnaround takes time,” Spanos said on the call.
As part of its turnaround efforts, it has worked to increase the efficiency of its restaurants and menu offerings.
“We streamlined menus both on and off premise, removed items with low sales mix, low satisfaction scores, or items that did not travel well,” Spanos said.
The company also removed seasonal limited-time offerings from Outback, which has allowed it to focus on everyday execution.
Plus, as Americans seek more value, Outback’s “Aussie three course” everyday value offer was a “large contributor” to the traffic improvement in the quarter, Spanos said.
Fleming’s maintained sales momentum due to strong holiday and in-restaurant traffic, driven by events and catering.
“While we are making progress, we’re still losing share in the industry as defined by Black Box [traffic measurement],” Spanos said. “We know our in-restaurant dining is our biggest opportunity. We know that it will take time to reverse our market share trends given the state of our business, and we remain focused on improving our execution every day.”
