A Historical Overview of Outback Steakhouse's Growth
Outback Steakhouse has a rich history of growth since its 1988 inception. From early expansion in the U.S. to international markets by the late 1990s, it became a global leader with nearly 1,000 locations. Strategic menu innovations, diversification with Carrabba’s, and targeted international expansion have fueled its impressive milestones and revenues exceeding $1 billion. Its continuous growth highlights its position as a top casual dining brand worldwide, driven by innovation, strategic expansion, and a strong customer base.
Outback Steakhouse is a renowned American casual dining chain rooted in Australia, headquartered in Tampa, Florida. Established in 1988 by Bob Basham, Chris T Sullivan, Trudy Cooper, and Tim Gannon, the brand now operates nearly 1,000 locations across 23 countries in North and South America, Asia, and Australia. Over the years, it has achieved significant milestones, making it a leading steakhouse globally. Their expansion and innovative menu have fueled consistent growth, solidifying their place in the restaurant industry.
The early 1990s marked rapid expansion as Outback went public, opening approximately 35 new locations by 1992. The addition of signature recipes helped boost popularity, with systemwide sales approaching $200 million by year's end. The company continued to grow steadily, surpassing 100 restaurants across 15 states and reporting 150% annual growth, solidifying its status as a major player.
In the mid-1990s, Outback diversified its offerings with the addition of Carrabba’s Italian Grill and expanded internationally. By 1994, 70 new Outback Steakhouses and 10 Carrabba’s outlets opened. By 1995, the total reached 300 Outback locations and 25 Carrabba’s restaurants, with revenues surpassing $665 million, doubling in just two years.
The late 1990s saw Outback cross the $1 billion revenue threshold, expanding into international markets like Canada, Aruba, Brazil, China, Guam, Mexico, and South Korea. By the decade's end, over 40 overseas Outback Steakhouses had opened. Into the new millennium, the company focused heavily on international growth, developing smaller concepts for airports and other locations, maintaining its trajectory of success.
