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Home Lifestyle

How Outback success in Brazil keeps Australian-style BBQ chain alive

INBV News by INBV News
September 12, 2023
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How Outback success in Brazil keeps Australian-style BBQ chain alive
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Outback Steakhouse, renowned for its American twist on Australian-style barbecue, has found unexpected success in Brazil as its U.S. business stalls.

The South American segment is answerable for an astonishing 83% of Bloomin’ Brands’ total international sales. In the primary half of 2023, Brazilian sales surged by 61%, foot traffic rose by 42% and the common check increased by 19.2% compared with the identical period in 2022.

These figures sharply contrast with Outback’s U.S. operations, during which sales grew 3.9%, foot traffic decreased 5%, and the common check increased 8.9%.

Brazil’s burgeoning middle class is an important think about this success.

Outback’s journey began in Tampa, Florida, in 1988. It established its first Brazilian franchise in Rio de Janeiro in 1997. The Latin American market quickly became pivotal to the corporate’s growth, and by 2020 it had 109 locations in Brazil.

But Bloomin’ Brands’ revenue stagnated within the years before the pandemic. In 2020, reports circulated that Bloomin’ Brands might divest its Brazil assets, valued at $472 million, to streamline operations and bolster margins. Those plans to divest fell through when the pandemic hit.

In 2021, the Brazil segment rebounded, as sales jumped 26% yr over yr to $259 million. The business commanded 42% of the corporate’s international footprint.

The mix of American and Australian-inspired barbecue resonated in a rustic steeped in traditional barbecue culture. As Brazilian consumers have returned to dining out, they’re on the lookout for recent experiences akin to themed restaurants, which have a mass appeal nationwide, especially within the southern and southeastern regions.

Outback’s footprint in Brazil is strategically placed in highly populated areas akin to São Paulo, Rio de Janeiro, and Brasilia. Those restaurants are also in areas where purchasing power and average earnings are increasing.

Nearly half, or 47%, of Brazil’s greater than 213 million individuals are considered middle class, in accordance with a study by the Harvard Review of Latin America. They’re known for his or her propensity to dine out. 

Within the second quarter, the Brazil segment saw same-store sales grow by 4.1%, with a slight dip in traffic compared with the previous yr. Restaurant sales surged by $119.3 million, up nearly 20%, in sharp contrast to its U.S. performance.

Bloomin’ Brands has seen a notable share price recovery, rising from pandemic lows to $28.18 a share as of Aug. 31. This uptick was catalyzed by activist investor Starboard Value’s acquisition of 9.9% of Bloomin’ shares in early August. The firm is understood for its success with corporations akin to Papa John’s and Darden Restaurants.

Watch the video above to find out how Outback Steakhouse won over Brazil. 

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