People are Flocking to These Restaurant Chains and Sales Prove it
Even though several states are seeing an increase in COVID-19 case numbers and deaths, some restrictions are lifting. Americans are now leaving the house more often, especially to eat at their favorite restaurants. Some regional and fast-food chains suffered huge losses because of COVID-19 and the switch to takeout, and they might have to close their doors for good because of it. But others are slowly seeing their numbers inch back up as dining rooms are opening again. Some of those include Outback Steakhouse and Carrabba's Italian Grill.
Both are owned by Bloomin' Brands Inc. (a nod to Outback's famous Bloomin' Onion). The company also owns and operates Fleming's Prime Steakhouse & Wine Bar, Aussie Grill by Outback and Bonefish Grill. In early June, 760 locations were back open for dine-in customers at a limited capacity. The company owns over 1,450 total locations.
The company announced that restaurant sales are starting to slowly improve again, despite profits falling in May 2020 compared to May 2019. Year-over-year profits for Outback Steakhouse fell only 24.7% the week ending on June 6, despite falling 24.8% the week before. Carraba's saw a 21.4% decline for the week ending June 6 and a 24.1% decrease in profits the week before. Bonefish saw the most improvement, as sales fell only 40.5% the week ending on June 6, compared to falling 48.6% the week prior, according to MarketWatch.
Several other restaurant sales are seeing similar trends. Jack in the Box's profits are rebounding 5% after April 12 into the next quarter. Almost 90% of dining rooms at BJ's Restaurant and Brewhouse are now open as sales are recovering well. Brinker International Inc., which owns Chili's Grill & Bar and Maggiano's Little Italy is seeing a rebound just like Bloomin' Brands' as they open 82% of their restaurants.
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