4 Steakhouse Chains That Have Increased Their Prices the Most

Chain steakhouses, in particular, have been hit hard. Not only has the price of beef risen in the last year (owing in part to drought and poor grazing conditions), but production is predicted to fall dramatically in 2023, with prices reaching all-time highs.

Ruth's Chris

The Florida-based steakhouse chain increased menu prices (on select items) by 3.4% in March. So far, however, the price hikes have not impacted store traffic, according to CFO and COO Kristy Chipman.

For the most recent quarter, Ruth's Chris reported comparable year-over-year sales improvements of 41.5 percent. A T-bone steak at Ruth's Chris Steakhouse costs $60.75 right now.

Texas Roadhouse

Texas Roadhouse announced a third round of price hikes in early 2022, following price hikes in May and November of last year. The 3.2 percent menu changes went into effect in April, yet customer traffic is still as high as ever.

As a result, Texas Roadhouse is sticking to its full-year commodity inflation forecast of 12 percent to 14 percent.

Outback Steakhouse

Bloomin' Brands, Outback's parent business, attempted a 3% menu pricing increase in late 2021, but increased it to 5% in early 2022. According to CFO Chris Meyer, the price increase will be in effect for the rest of the year.

So far, it doesn't appear that the price changes have deterred customers. In the most recent quarter, Outback recorded comparable year-over-year revenue growth of 9.2 percent.

Logan's Roadhouse

Following Logan's Roadhouse's takeover by Fortress Investment Group in 2020, CEO Jim Mazany announced "extremely small" price increases at the steakhouse business.

While steak prices at the restaurant appear to be remaining steady for the time being, PriceListo reports that the pricing of Logan's Ribeye cut recently jumped by 4.15 percent. It's around $5 more expensive than Outback and nearly $7 more expensive than Texas Roadhouse at $27.85 per serving.

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