Bloomin’ Brands, the parent company of Outback Steakhouse based in Tampa, Florida, announced it is considering putting itself up for sale.
This announcement came as part of the company's third quarter review. The company stated it is: “Exploring and evaluating strategic alternatives that have the potential to maximize value for our shareholders, including but not limited to, a possible sale of the company.”
Bloomin’ said it would proceed in a “timely manner,” but has not set a timetable. There is also no guarantee the company will be sold or make any other change. Bloomin’ won’t share any further public comment on the matter until needed.
Adjusted EPS was 10 cents, which matched expectations. Revenue of $967.1 million was higher than last year’s $965 million figure.
Outback Steakhouse has 727 domestic locations as of June 30 (579 company run) — down one store from September 29. Q3 traffic declined 1.1 percent compared to 0.9 percent growth last year.
As well as the Aussie-themed steakhouse chain, Bloomin' Brands owns Bonefish Grill, Carrabba's Italian Grill and Fleming's Prime Steakhouse & Wine Bar.
Overall, the company has around 93,000 employees across more than 1,450 sites.