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Bloomin' Brands explores strategic options for Brazil business after 1Q loss

An Outback Steakhouse sign

Photo: Scott Olson/Getty Images

After reporting a loss-making first quarter, Outback Steakhouse parent Bloomin' Brands said it was exploring strategic options for its Brazil business.

Why it matters: Outback Steakhouse in Brazil represented a bright spot for the company last year.

The latest: Bloomin' Brands CEO David Deno, who had been with the company for 12 years, is also stepping down from his role to retire.

  • He will stay in the role until his successor is named.

By the numbers: The Tampa restaurant chain posted a 1Q loss of $83.9 million, swinging from a profit of $91.3 million in the year-earlier period.

  • Revenue also declined to $1.195 billion, from $1.245 billion in the first quarter of 2023.

Zoom in: Its comparable restaurant sales at Outback Steakhouse in Brazil were negative 0.7%.

  • Comparable restaurant sales in the U.S. were negative 1.2%.

Catch up quick: In February, the company behind Carrabba's Italian Grill and Bonefish Grill said it would close 41 restaurants across its portfolio.

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