Owner of Outback sees group profit fall in Q4, but Brazilian units do well
Bloomin 'Brands, one of the largest casual dining restaurant groups in the world and the owner of the Outback Steakhouse brand, closed the fourth quarter of last year with net attributable sales of US $ 22.4 million, down by 62% on the same period last year, the company said.
In Brazil, the company opened five units in the fourth quarter, making 15 in the year, which resulted in additional sales in Brazilian restaurants making these units among the best in the world for there chain.
The company acquired a controlling stake in the Outback operation in Brazil in November 2013, when its share in the joint venture increased from 50% to 90%.
Bloomin' Brands attributed its slide in net profit to the loss of business days in the fiscal year and the closing of 52 restaurants since September 2013, as well as a decline in sales in South Korea. The company noted increases in health insurance costs and inflation in commodities.