RISE - Menu Monitor

Outback Steakhouse
Headquarters
2202 N. Westshore Blvd. 5th FL, Tampa, Florida 33607 USA
Tel: (813)282-1225 Fax: (813)282-1209
www.outback.com
Ownership: Private
Segment: Full Service Steak
System Characteristics 2006 2005 2004
U.S. Systemwide Sales ($000) 2,619,000 2,599,000 2,539,000
Company-owned ($000) 2,260,000 2,237,000 2,198,000
Franchised ($000) 359,000 362,000 341,000
U.S. Number of Units 786 775 756
Company-owned 679 671 652
Franchised 107 104 104
International Sales ($000) 414,000 361,000 276,000
International Units 162 140 125
Average Sales/Unit ($000) 3,348 3,425 3,465
Concept Positioning |
Outback Steakhouse is an Australian steakhouse concept open for dinner only. Although beef and steak items make up a
good portion of the menu, the full-service concept offers a variety of chicken, ribs, seafood and pasta dishes. The company
differentiates itself by offering generous portions at moderate prices and a casual atmosphere suggestive of the Australian
Outback. OSI Restaurant Partners Inc. owns and operates Outback Steakhouse units throughout the U.S. The company also
operates, through joint-venture and franchise agreements, additional Outback restaurants, including international locations. By
far the largest and most profitable international growth area is South Korea, where Outback has more than 50 restaurants.
Units are typically freestanding and located in high-traffic areas such as strip shopping centers. The average Outback
restaurant measures 6,000 sq. ft., including dining room seating for 200 plus an island bar. Décor evokes the rugged
Australian Outback and includes blond woods, large booths and tables, mounted boomerangs, surfboards, maps and flags.
The units are open seven nights a week. OSI Restaurant Partners is currently implementing several initiatives to reignite
interest in Outback Steakhouse with women and younger diners. Changes include an interior design makeover at all of its
locations nationwide and the creation of a broader menu with healthier options.
Outback was founded in 1988 in Tampa, FL, by Chris Sullivan, Robert D. Basham, Tim Gannon and Trudy Cooper. Originally
incorporated as Multi-Venture Partners, Inc., the company changed its name to Outback Steakhouse and made an initial
public offering in 1991. Outback grew in following years with the acquisition of various casual-dining brands, such as
Carrabba’s Italian Grill in 1995 and Chi Chi’s Mexican Restaurant in 2004. In 2006, Outback Steakhouse announced a
company name change to OSI Restaurant Partners, Inc.; the New York Stock Exchange trading symbol remains OSI. OSI
Restaurant Partners went private in 2007 in a deal valued at $3.2 billion, including debt. Outback chairman Chris Sullivan led
an investor group that included Bain Capital Partners, Catterton Partners and company founders Robert Basham and J.
Timothy Gannon to take the company private. In addition to its Outback restaurants, OSI owns and operates units of
Carrabba's Italian Grill, Lee Roy Selmon's, Cheeseburger in Paradise and Bonefish Grill, and has joint-venture and franchise
agreements for additional Carrabba's Italian Grill locations and Fleming's Prime Steakhouse & Wine Bar. In 2006, Outback
announced plans to launch a new high-end seafood concept called Blue Coral Seafood & Spirits, with the first unit in Newport
Beach, CA. Currently operating two units, Blue Coral is a joint venture between Outback and restaurant developer Paul
Fleming, who owns 25% of the new concept. OSI also has a joint-venture development relationship with Roy Yamaguchi, the
chef and creator of Roy's Restaurants located in Hawaii, the U.S. mainland and Japan.
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