For restaurant firm, shutdown cuts revenues like a steak knife

Bloomin’ Brands, the Tampa-based company that owns Outback Steakhouse and several other fast-casual restaurant brands, has sustained heavy losses during the COVID-19 crisis. On May 4, CEO David Deno provided an unvarnished look at the extent to which the $4 billion company sales have suffered as a result of the coronavirus pandemic. 

In a press release that announced its first quarter financial results, Bloomin’ (NASDAQ: BLMN) says Outback Steakhouse sales declined 28.1% in the five weeks that ended March 29. Bonefish Grill, another Bloomin’ restaurant brand, saw sales fall 38.6% during the same period.