Second-quarter revenue at Bloomin’ Brands doubled from 2020, driven by pent-up consumer demand and several efforts the company made to shore up sales.
The operator of Bonefish Grill, Fleming’s Prime Steakhouse and Wine Bar, Outback Steakhouse, and Carrabba’s Italian Grill reported total revenues of nearly USD 1.1 billion (EUR 927 million) for the second quarter of 2021, compared to USD 578.5 million (EUR 488 million) for the second quarter of 2020.
Overall company sales jumped 84.6 percent in the quarter, led by Fleming’s, which recorded a 182.6 percent hike in sales, and Bonefish Grill, which realized a 141 percent sales spike in the second quarter.
“We are very pleased with the second quarter sales and profit performance,” Bloomin’ Brands CEO David Deno said on the company’s Q2 earnings call. “Our strategies are working and setting the company up for even more sustainable growth. The success is directly tied to the planning and hard work that has taken place in our company over the last few years.”
Through the first four weeks of the third quarter, Bloomin’ Brands’ two-year U.S. comparable sales have risen 15 percent, and the chain has maintained nearly USD 71,000 (EUR 60,000) in weekly average unit volumes in what is traditionally a slower time of the year, Executive Vice President and Chief Financial Officer Chris Meyer said on the call. Bloomin’ Brands’ off-premises business is also booming, although sales are down from the first quarter of 2021, Meyer said.
“Off-premises is a large part of our ongoing success and will remain a key part of our growth strategy moving forward,” he said.
Comparable store sales for Bonefish Grill rose 4.2 percent in the second quarter compared to 2019, Meyer said.
“The in-restaurant experience and bar-centric culture of Bonefish was more impacted by capacity restrictions than our other casual dining brands. Despite this, we have built an impressive off-premises business at Bonefish, and it represented 19 percent of their sales in Q2,” Meyer said.
Fleming’s comparable sales rose 24.4 percent compared to the second quarter of 2019.
Despite the growth, Bloomin’ Brands’ executives are concerned about commodity inflation, and now expect around 1 percent inflation in the third quarter, versus their previous guidance of flat inflation numbers.
“Although we are locked on our largest commodities for the year, such as beef, our heavy sales volumes have required us to secure additional chicken and seafood supply outside of our contracted terms,” Meyer said. “Most of this inflation will impact the back half of the year.”
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