He said Red Lobster needs to make sure it has good value between big promotions like its Lobsterfest and Ultimate Endless Shrimp as consumers in the United States are sensitive to price. Prices at the restaurant chain have also gone up, Garnier said. Garnier attributed the first quarter profitability to Valentine’s Day as well as the “Lobsterfest” limited-time event that started in January with menu items such as lobster and shrimp tacos and lobster and shrimp topped sirloin. “Tactical marketing promotions and store-level operational excellence will be highly important for Red Lobster’s stability going forward.” “There’s no question that this is a pretty dramatic turnaround in quarter one,” Gordon said. Their loss in the first quarter of 2022 converts to about $7.2 million today. Thai Union’s share of profit in the first quarter of this year from Red Lobster converts from Thai currency to about $3.5 million. Red Lobster in Leesburg is pictured on Monday, May 15, 2023. Red Lobster shareholder Thai Union says the Orlando-based seafood chain is turning a profit again but challenges remain.
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