Meat cooking at Fogo de Chao
The Brazilian steakhouse Fogo de Chão, known for it’s all you can eat buffet of meat, carved table side for guests, had a very good year in the U.S. Same-store sales rose 3.5% in the fourth quarter, and 6 more U.S. locations were opened (plus one unit in Mexico), leading to a 12.8% increase in revenue from the previous year. Net income increased even more, up 58.7% to $27.9 million, or $1.06 per share.
CEO Larry Johnson attributed their success to “initiatives we implemented to drive trial and frequency while at the same time growing our average check.” He specifically mentions the group dining platform, which markets the restaurant to large corporate gatherings, wedding parties and other celebrations. Johnson also calls out their expansion to other dayparts, including lunch and brunch.
The Brazilian branch of the chain did not meet the same success last year, due to the continuing Brazilian recession. Same store sales in Brazil fell 8.8% after a successful 2014, in which the world cup brought new guests from around the globe.
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paigepapers.com 
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