Red Lobster 2002 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2002 Red Lobster annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 53

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53

Great Food and Beverage 16 Produce Great Results in 2002
During fiscal 2002, Smokey Bones BBQ performed very well.
Sales more than doubled. Ten locations were added for a total of
19 restaurants in operation in nine states. But there’s much more
to come, as we accelerate our national expansion.
With three years of testing and operations experience,
we are more convinced than ever of Smokey Bones’ market
potential. This confidence is based on three factors:
Differentiated Concept – The “three-dimensional” nature of the
concept – barbecue in a sports bar environment with a mountain
lodge décor – differentiates Smokey Bones from all other
competitors in casual dining, including other barbecue and
sports bar concepts.
Market Fragmentation – Barbecue restaurants and sports bars are
highly fragmented segments of casual dining, with no dominant
player on a national level.
Broad Appeal – Barbecue carries broad appeal across regional and
demographic lines, including age, gender, ethnicity and income.
The combination of these factors creates an expansion
potential that we believe could become an operating company
with at least $1.5 billion in annual sales in the future.
The Smokey Bones team spent much of fiscal 2002 fine-
tuning the concept. This included conducting intensive demo-
graphic and geographic research.
We also refined our site selection process and paid consider-
able attention to keeping guest satisfaction ratings at very high
levels, even during this period of rapid growth.
Results have been very encouraging. Through our “Fan Survey”
mystery shopper program, all Smokey Bones locations have
stayed above our high standard of at least 90% overall excellent
ratings. While we recognize that each restaurant has opportunities
for continued improvement, these results give us confidence that
we’re successfully translating our vision of friendly people, great
barbecue and an energetic atmosphere to each new restaurant.
Operations Overview
>> Casual Dining >> Awards and Recognition >> Growth Strategies
LOCATIONS THROUGH FISCAL 2002
Orlando (3)
Melbourne
Tallahassee
Bowling Green
Chicago (3) Pontiac
Columbus
Providence (2)
Albany Tyngsboro
Springfield
Fairview Heights
Springfield
Madison