A Bloomin’Brandsowner of Outbackannounced, in its earnings release, that it is evaluating the sale of its operations in Brazil. To achieve this, the company hired the Bank of America (BofA) as a financial consultant.
In the text released by the company, Bloomin’ Brands states that it is “exploring and evaluating strategic alternatives for the Company’s operations in Brazil that have the potential to maximize value for our shareholders, including, but not limited to, a possible sale of operations” .
Outback has been present in Brazil since 1997, when it opened its first restaurant in Rio de Janeiro. Today, it has 152 units in the country, with a presence in 20 states and the Federal District.
The group that owns the Outback totaled US$1.2 billion in total revenue in the first quarter of 2024, a drop of 4% over the same period in 2023 Photograph: Disclosure/Outback
The company has not yet defined a definitive schedule for completing this process, other than saying that there is no guarantee that in the end, there will be a sale or other strategic solution.
The group had US$1.2 billion in total revenue in the first quarter of 2024, a drop of 4% over the same period in 2023. There was also a drop in the company’s operating margin from 9.7% to 6.4%. In both indicators, fiscal changes in Brazil had some impact.
