Article

2023-12-06 Economy

Red Lobster raises price for its endless shrimp in wake of $11 million operating loss

[Washington Examiner] Seafood restaurant chain Red Lobster has raised the price of its endless shrimp offer due to acquiring an $11 million operating loss.

The loss that Red Lobster underwent in its third quarter was due in part to its iconic endless shrimp offer, which only cost $20. The price has been raised to $25 to help minimize losses, according to a report.

"The proportion of the people selecting this promotion was much higher compared to expectation," said Ludovic Garnier, chief financial officer of Thai Union Group, Red Lobster's parent company.

The $20 endless shrimp offer was intended to win over new customers, and while the strategy worked, it was not as effective as the chain had hoped.

Posted by Besoeker 2023-12-06 02:14|| || Front Page|| [21 views ] Top

#1 Continued inflation will kill many of these businesses. They simply cannot keep up with increased operating costs and loss of customers.

Posted by Besoeker 2023-12-06 02:17|| 2023-12-06 02:17|| Front Page Top

#2 Seafood restaurant chain Red Lobster has raised the price of its endless shrimp offer due to acquiring an $11 million operating loss.

The loss that Red Lobster underwent in its third quarter was due in part to its iconic endless shrimp offer....

I mean, really? An offer on shrimp contributed "in part" to an $11 operating loss? O.k., if they say so.

Posted by DooDahMan 2023-12-06 02:27|| 2023-12-06 02:27|| Front Page Top

#3 And they "acquired" this operating loss.

"Alexa, it's like to order an operating loss."

"Sure. How much?

"Oh, ummm, let's say 11 million USD."

Posted by DooDahMan 2023-12-06 02:31|| 2023-12-06 02:31|| Front Page Top

#4 I had it recently and I suspect the waiter keeps away so that you can't get more than 1 or 2 additional servings as it is. And he waited 45 minutes to even bring the second one. Pretty much said we're not going back from how slow things were and they were NOT busy.

Posted by Silentbrick 2023-12-06 05:30|| 2023-12-06 05:30|| Front Page Top

#5
The Price increase won't stop many others from a occasional Cholesterol challenge.

But a Walt's 18 lately has been enough for me and then some.

I want them to bring back Red Lobster Endless Snow Crab I'd even pay $50 for that.

Posted by NN2N1 2023-12-06 06:27|| 2023-12-06 06:27|| Front Page Top

#6 ...Insofar as it matters, Red Lobster - at least the ones in Sumter and Columbia - are vaguely fish-flavored breading with grease. I do better with better quality at one of the Chinese buffets here.

Mike

Posted by MikeKozlowski 2023-12-06 09:31|| 2023-12-06 09:31|| Front Page Top

#7 "You been here four hours!"

Posted by swksvolFF 2023-12-06 10:21|| 2023-12-06 10:21|| Front Page Top

#8 There goes my Christmas standard gift to Mom.

Posted by Super Hose 2023-12-06 12:36|| 2023-12-06 12:36|| Front Page Top

#9 I mean, really? An offer on shrimp contributed "in part" to an $11 operating loss? O.k., if they say so.

Sounds like a lot, and I'd imagine there are other factors.

Remember that gal who slurped up three trays of oysters in 10 minutes? When the dude walked out the back? Imagine her and her three friends, and there is no hiding from them as two hunt for service and two make a scene. And when they've had enough, just walk out without paying. Oh, and go ahead and deny them service next time and see what happens.

Say those four consume $50 worth of product each, that being a medium size shrimp, condiments, delivery, prep, server wages, and built in building maintenance and taxes, costs etc. And, don't even make back the $20 each from the ticket.

I'd go with over in the Expenses, Endless Shrimp was probably the most PC line to focus cause. Like Target and 'lower profit margins'.

*funny that, these corporations blaming loses and closures on 'lower profit margins', then Brandon is all like prices are high so you companies need to lower your prices. Literally calling for even lower profit margins.

Posted by swksvolFF 2023-12-06 15:15|| 2023-12-06 15:15|| Front Page Top

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