Tampa, Florida-based Outback Steakhouse yesterday [Tuesday] reported that income for the three months ended 31 December 2001 before the impact of charges to write down impaired assets and costs associated with restaurant closings (net of the related tax effect) was US$35.17m, equal to US$0.45 per share (diluted), compared with US$31.68m or US$0.41 per share (diluted) for the same period in 2000.
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After giving effect to the impaired asset charge (net of the related tax effect), net income for the three months was US$33.5m or US$0.43 per share (diluted), compared with US$31.68m, or US$0.41 per share (diluted) for the same period in 2000. For the FY meanwhile, net income, including the impact of the US$7m “Dine Out for America” contribution (net of the related tax effect), was US$133.37m equal to US$1.70 per share (diluted) compared with net income of US$141.13m, or US$1.78 per share (diluted) for the same period in 2000.
Revenues for the quarter increased by 13% to US$537.99m, compared with US$474.48m year on year. For the FY, revenues grew to US$2.12bn, compared with US$1.9bn for the same period in 2000. System-wide sales grew by 13%, to US$660m, for the quarter and by 13%, to US$2.6bn, for the twelve month period, as compared with the respective periods last year.
Outback also reported that comparable store sales for the Q4 of 2001 increased by about 0.7% and 5.2% for domestic Outback Steakhouses and Carrabba’s Italian Grills, respectively, year on year. Average unit volumes decreased by approximately 0.4% for all domestic Outback Steakhouses and increased by approximately 8.8% for Carrabba’s Italian Grills, compared with the Q4 of 2000.
The company operates 739 Outback Steakhouses, 103 Carrabba’s Italian Grills and 13 Fleming’s Prime Steakhouse and Wine Bars, 13 Roy’s, one Lee Roy Selmon’s and four Bonefish Grills in 49 states and 21 countries internationally.
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