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Red Lobster CFO blames 'Endless Shrimp' promotion for company's whopping $11M Q3 loss.
Posted on 11/29/23 at 8:13 am
Posted on 11/29/23 at 8:13 am
Which of you fatties are taking them to the cleaners?
LINK
quote:
Red Lobster faced a staggering $11 million loss in the third quarter of 2023 - which the company's CFO is blaming on the restaurant's all you can eat shrimp deal.
Financial reports from the third quarter - running from July 1 through September 30 - showed the iconic American seafood restaurant's drastic downfall.
Red Lobster wanted to lure more customers in after facing a significant financial loss of $5.4 million in the second quarter - but they massively fumbled their plans by offering an 'all you can eat' promotion that was a bit too generous.
The 'Endless Shrimp' offer was initially a special - but in June it claimed a permanent spot on the Red Lobster menu, and for just $20 diners could indulge in as much of the shellfish as they could stomach.
Foot traffic at the chain restaurant increased by four percent after the deal popped up as a permanent offer in June.
The owner of the Red Lobster chain - Thai Union Group - blames the Endless Shrimp for their detrimental third quarter loss.
More people were ordering the Endless Shrimp than the company anticipated - likely because the deal went viral on social media platforms like TikTok, where people showed off how much they ate to get their money's worth.
The company's yearly loss is now predicted to be at least $20 million - thanks to a combined losses in Q2 and Q1.
Red Lobster has now bumped the price of their Endless Shrimp up to $25 in a desperate bid to reclaim some of their losses before the end of the fourth quarter.
LINK
30
Posted on 11/29/23 at 8:16 am to Bunk Moreland
Staggering? 11 million doesn't seem that much for a large company.
Posted on 11/29/23 at 8:16 am to Bunk Moreland
i wonder how the servers did on tips.
Posted on 11/29/23 at 8:17 am to Bunk Moreland
Dollaritas > Endless shrimp as far as promotions go.
Posted on 11/29/23 at 8:17 am to Bunk Moreland
It’s that new ozempic shot killing all these classic American restaurants
My old lady never wants to go anymore because she had to throw up after the third plate of shrimp last time
My old lady never wants to go anymore because she had to throw up after the third plate of shrimp last time
Posted on 11/29/23 at 8:17 am to chryso
quote:
Staggering? 11 million doesn't seem that much for a large company
But it is a frick ton of shrimp. Multiple frick tons.
Posted on 11/29/23 at 8:17 am to Bunk Moreland
quote:
More people were ordering the Endless Shrimp than the company anticipated - likely because the deal went viral on social media platforms like TikTok, where people showed off how much they ate to get their money's worth.
I wonder how many refunds were given out after the clientele ate Shrimp for two hours then said "This not what we ordered."
Posted on 11/29/23 at 8:19 am to Chad504boy
quote:
i wonder how the servers did on tips
They got endless excuses
Well Red Lobster sold endless shrimp,
But their profits went painfully limp,
For too much of this nation,
Feasted on their crustaceans,
But on spending and tips they would skimp.
This post was edited on 11/29/23 at 9:16 am
Posted on 11/29/23 at 8:19 am to Bunk Moreland
A company that size doesn't do a pricing study on an "Endless Whatever" promotion? Seems fricky...
Posted on 11/29/23 at 8:19 am to Bunk Moreland
quote:
'Endless Skrimps'
Posted on 11/29/23 at 8:20 am to Bunk Moreland
Do they even have Red Lobsters down here?
Posted on 11/29/23 at 8:20 am to Bunk Moreland
Red Lobster has gone way downhill. It upsets me so much I actually just walked out instead of paying the last seven or eight times I ate there.
Posted on 11/29/23 at 8:21 am to Boss13
quote:
I wonder how many refunds were given out after the clientele ate Shrimp for two hours then said "This not what we ordered."
Classic move by my embarrassing sister and ex-brother-in-law.
The truth is that Red Lobster has been sub-par and getting worse for decades.
Posted on 11/29/23 at 8:25 am to Sus-Scrofa
quote:
But it is a frick ton of shrimp. Multiple frick tons.
you know RL is importing that shite from Asia...wonder how many shrimp RL gets wholesale for $25
Posted on 11/29/23 at 8:30 am to Bunk Moreland
Years ago I was traveling for work over Valentines day and there was a red lobstah next to my hotel...I walked over to order some food to go...BIG mistake...the place was PACKED with he usual suspects taking their boo's out for a fancy dinner and the food to forever and it was terrible. Haven't been back since
Posted on 11/29/23 at 8:32 am to Bunk Moreland
With the buying power they have, they are paying lower than normal prices for shrimp. $11m loss on that one problem seems like a shite excuse. If true they are not very smart
Posted on 11/29/23 at 8:32 am to sidewalkside
living south of I10 my entire life I am proud to say I have never been to a red lobster, a pure blood if you will
Posted on 11/29/23 at 8:34 am to Germantiger001
quote:
With the buying power they have, they are paying lower than normal prices for shrimp. $11m loss on that one problem seems like a shite excuse. If true they are not very smart
Not only that, but shrimp prices are really low and putting American shrimpers out of business
Americans love shrimp. But U.S. shrimpers are barely making ends meet
Posted on 11/29/23 at 8:35 am to Bunk Moreland
quote:
'Endless Shrimp'
Posted on 11/29/23 at 8:36 am to Bunk Moreland
Eatin so many skrimps, we iodine poisonin'
-Three 6 Mafia
-Three 6 Mafia
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