Red Lobster Walt’s Favorite Shrimp is served with cocktail sauce.
Endless shrimp did not mean endless success for Red Lobster.
The seafood chain’s “Ultimate Endless Shrimp” offer became more popular than expected, inadvertently becoming a key factor in a $11 million loss in the third quarter.
The limited-time promotional deal, where guests picked two types of shrimp to have non-stop for $20, landed a permanent spot on Red Lobster menus in June. Red Lobster’s parent company, Thai Union Group, said earlier this month that the chain was headed toward a $20 million loss for 2023.
Start the day smarter. Get all the news you need in your inbox each morning.
Now the endless shrimp deal costs $25.
McRealEsate: McDonald’s biggest moneymaker isn’t its burgers. The surprising way it earns billions.
Red Lobster earnings call reveals
Thai Union Group CFO Ludovic Regis Henri Garnier said in an earnings report call that the company was aware the initial price for the endless shrimp deal was cheap. The offer was intended to draw customers into restaurants but orders exceeded expectations, he said.
“We wanted to boost our traffic, and it didn’t work,” Garnier told investors, according to Restaurant Business Magazine. “We want to keep it on the menu. And of course we need to be much more careful regarding what are the entry points and what is the price point we are offering for this promotion.”
Red Lobster representatives didn’t return USA TODAY’s calls for comment on Monday.
What comes with Red Lobster Endless Shrimp deal?
The “Ultimate Endless Shrimp” lets guests choose between two shrimp selections that they can continue to get throughout their meals. Each meal comes with a side and warm Cheddar Bay Biscuits.
The following items can be selected with the $25 offer:
- Garlic Shrimp Scampi
- Coconut Shrimp
- Shrimp Linguini Alfredo
- Walt’s Favorite Shrimp
- Garlic Grilled Shrimp Skewer
How much should you tip? How about nothing? Tipping culture is out of control.
This article originally appeared on USA TODAY: Red Lobster’s ‘Endless Shrimp’ deal surpassed expectations, cost company millions
News Related-
Russian court extends detention of Wall Street Journal reporter Gershkovich until end of January
-
Russian court extends detention of Wall Street Journal reporter Evan Gershkovich, arrested on espionage charges
-
Israel's economy recovered from previous wars with Hamas, but this one might go longer, hit harder
-
Stock market today: Asian shares mixed ahead of US consumer confidence and price data
-
EXCLUSIVE: ‘Sister Wives' star Christine Brown says her kids' happy marriages inspired her leave Kody Brown
-
NBA fans roast Clippers for losing to Nuggets without Jokic, Murray, Gordon
-
Panthers-Senators brawl ends in 10-minute penalty for all players on ice
-
CNBC Daily Open: Is record Black Friday sales spike a false dawn?
-
Freed Israeli hostage describes deteriorating conditions while being held by Hamas
-
High stakes and glitz mark the vote in Paris for the 2030 World Expo host
-
Biden’s unworkable nursing rule will harm seniors
-
Jalen Hurts: We did what we needed to do when it mattered the most
-
LeBron James takes NBA all-time minutes lead in career-worst loss
-
Vikings' Kevin O'Connell to evaluate Josh Dobbs, path forward at QB