OSI Restaurant Partners LLC, parent to Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and other casual-dining chains, reported Thursday a larger net loss for its third quarter, despite an 8.9-percent increase in revenue, driven by same-store sales increases at all concepts.
For the quarter ended Sept. 30, OSI posted a net loss of $8.5 million, compared with a loss in the year-ago third quarter of $7.7 million. The company booked a greater benefit for income taxes in the year-ago quarter, according to its filings with securities regulators. The company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 14.3 percent to $59.1 million.
Latest-quarter revenue rose 8.9 percent to $928.3 million, reflecting positive same-store sales at all of the company’s chains. Domestic systemwide same-store sales rose 5.6 percent at Outback Steakhouse, 6.3 percent at Carrabba’s, 7.4 percent at Bonefish Grill and 10.1 percent at Fleming’s Prime Steakhouse and Wine Bar. The company also operates the Roy’s casual-dining chain, which it has long planned to divest.
OSI Partners operates or franchises more than 1,400 restaurants.
Liz Smith, the chief executive of the Tampa-based company, said in a statement: “We are very pleased with our strong top line results in generating a sixth consecutive quarter of positive comparable-store sales growth and share gains at all of our major concepts.
“We have made excellent progress driving performance across all concepts by improving menu innovation, service and marketing while building infrastructure for future growth. As we look toward 2012, we will continue our focus on transforming OSI into a sustainable growth company by increasing existing unit sales and by accelerating expansion domestically and internationally.”
Contact Sarah Lockyer at [email protected].
Follow her on Twitter: @slockyerNRN