BOTTOM LINE

KEY TAKEAWAY: Bloomin’ Brands has solid brands and annual revenues well above $4 billion, but it needs to boost its Outback foot traffic, which has dwindled as competitors like Texas Roadhouse and LongHorn Steakhouse see more diners.

CORE CHALLENGE: Getting back to that old magic of the 1990s and 2000s, when an irreverent ad campaign and juicy steaks drew in diners.

WHAT’S NEXT: With a new activist investor, Starboard Value, and an altered board, Bloomin’ plans to up their ad buys in 2024 to convince diners they are the best casual steakhouse.