Fleming’s Prime Steakhouse & Wine Bar
Fleming’s Prime Steakhouse & Wine Bar is a full-service “upscale” casual dining restaurant, according to the company, serving “USDA Prime corn-fed beef, both wet- and dry-aged for flavor and texture, in a selection of sizes and cuts.” The menu also includes appetizers, salads, sides, desserts, and a wide selection of wines. As of fiscal 2014, there were a total of 66 Fleming’s restaurants—all of which were company-owned.
Fleming’s contributed 6% towards Bloomin’ Brands’ fiscal 2014 revenue. The average check for fiscal 2014 was $71. About 71% of the average check at Bonefish came from food and non-alcoholic beverages, while the remaining 29% was from alcoholic beverages.
High average check
With an average ticket almost three and a half times that of other restaurants ($21 at Outback and Carrabba’s and $24 at Bonefish) under the umbrella of Bloomin’ Brands (BLMN), we can regard Fleming as a fine dining, upscale restaurant. Irrespective of its high prices, Bloomin’ Brands still increased menu prices by 3.1% in 2014. It had increased prices by 3.4% in 2013. The brand’s same-store sales growth was the highest among all the Bloomin’ brands, at 3.2% year-over-year. We’ll discuss the menu price increase and same-store sales growth in more detail later in this series.
Across the board, the menu price increase can be positive for restaurants as well as the Consumer Discretionary Select Sector SPDR ETF (XLY), which invests 10% of its holdings in restaurant stocks.
Fleming’s competes with other restaurants, such as The Capital Grille and LongHorn Steakhouse, which is under the umbrella of Darden Restaurants (DRI), Chilis under the umbrella of Brinker International (EAT), and Texas Roadhouse (TXRH). The Capital Grille and LongHorn Steakhouse have an average checks of $39.50 and $19.25. Chilis’ has an average check of $14.31. Finally, Texas Roadhouse has an average check of $16.02.