Tampa, Florida, U.S.A.-based restaurant group Bloomin’ Brands recently announced it sustained disappointing earnings in the fourth quarter of 2024.
In response, the group laid off 100 corporate employees and said it will also reduce the menu size at its Outback Steakhouse, Bonefish Grill, Carrabba’s Italian Grill, and Fleming Prime Steakhouse & Wine Bar restaurants.
Consolidated revenues for Bloomin’ Brands fell 9 percent to USD 1.1 billion (EUR 1 billion) in Q4 2024.
Comparable restaurant sales declined 1.8 percent at the company’s Outback Steakhouse restaurants, 1.5 percent at Bonefish Grill restaurants, and 0.9 percent at Carrabba’s Italian Grill. On the other hand, Fleming’s realized a sales increase of 3 percent in the quarter.
The company also discontinued its Brazil operations during the quarter.
“We are not pleased with our performance and acknowledge that we need to change the trajectory of the business,” Bloomin’ Brands CEO Mike Spanos said during an investor call on 26 February. The company is “currently not succeeding,” he said, noting that the company lost 260 basis points on sales and 410 basis points on foot traffic, as rated by Black Box Intelligence.
In an attempt to alleviate the issues, Spanos said the group is …
