Red Lobster’s $20 Ultimate Endless Shrimp deal was fun while it lasted, but as with all good things, the unreal price is coming to an end.
During third-quarter earnings call this month, a representative for the restaurant chain’s parent company revealed that the price has increased from $20 to $25 in the past five months due to unexpected demand and a decline in profits.
“The proportion of the people selecting this promotion was much higher compared to expectation,” Thai Union Group chief financial officer Ludovic Garnier said, as reported by NBC News.
Once upon a time, the all-you-can-eat promotion was simply a fleeting deal that popped up occasionally. But in June, the restaurant chain announced the offer had become a permanent part of the Red Lobster menu. With the recent price hike, it appears Red Lobster might’ve bitten off more than it could chew.
Case in point? The company reported an $11 million operating loss after the introduction of the permanent promotion.
“We knew the price was cheap, but the idea was to bring more traffic in the restaurant,” Garnier said.
To balance rising demand and decreased profits, the restaurant has been slowly raising the price over the past few months. While it started at $20, it soon transitioned to $22 and now rings in at $25.
Red Lobster fans may have to shell out a bit more for the endless shrimp promotion, but they don’t have to worry that it’s swimming away anytime soon.
“It’s one of the iconic promotions for Red Lobster, so we want to keep it in the menu but, of course, we we need to be much more careful regarding what is the entry point and what is the price point we’re offering for this promotion,” Garnier said.
How does the Ultimate Endless Shrimp offer work?
When Red Lobster added the endless shrimp deal to its permanent menu over the summer, the restaurant outlined the following terms of the deal:
- Start by choosing two shrimp options
- Order more shrimp over the course of your meal
- The meal comes with one side and Cheddar Bay Biscuits
The offer includes the following shrimp options:
- Garlic Shrimp Scampi
- Coconut Shrimp
- Shrimp Linguini Alfredo
- Walt’s Favorite Shrimp
- Garlic Grilled Shrimp Skewer