Outback Steakhouses Lose Crown as America's Favorite Steak Destination
Americans no longer crave Outback's Aussie-themed steaks. Now, they're longing for Texas-style cuts instead. Texas Roadhouse and LongHorn’s tender filets. Last year, both Texas Roadhouse and LongHorn’s outperformed Outback in terms of sales. Over the past twelve months, Texas Roadhouse's stock price rose approximately 15%, whereas shares of LongHorn’s owner, Darden, surged about 25%. Conversely, Bloomin' Brands, which owns Outback, saw its stock plummet more than 70%, now trading at around $8 per share. With rising inflation eroding consumer purchasing power, people in America are opting out of casual dining establishments like Outback because these places aren't seen as providing sufficient value for money. TGI Fridays Instead, they are moving to Roadhouse, LongHorn, Chili’s And other establishments they believe provide them a more advantageous option when dining out. This represents a significant decline for Outback, which pioneered the casual din...