Fogo de Chao serves mostly Brazilian BBQ, called churrasco, in an all-you-can-eat barrage of more than a dozen different cuts of meat cooked on skewers and sliced at the table.Menu items include six varieties of grilled beef plus lamb, chicken, pork, seafood, and a salad bar. Diners fork over $59.50 for unlimited food.This business model helped Fogo de Chao post $262 million in revenue in 2014 from only 35 locations in the US and Brazil, according to the SEC filing. That is up 20% from a year earlier. Net income was $17.6 million in 2014, following a loss of $937,000 in 2013.Each 8,500-square-foot location sees about $7 million in revenue per unit with a three-year average return on cash invested of 50% by the restaurant's third year of business, the company said in the filing.
I love that 20% growth rate in a business that charges $59.50 per person for a meal. I know I can eat $59 worth of meat so I don't think that price is very high but other people might be priced out of the market.
Unfortunately, the company seems to be doing a slow roll-out (they only opened 13 restaurants since 2010) so they probably won't be coming to Hawaii anytime soon. In any case a chain version of the churrasco sounds like just the kind of thing that carnivorous Americans would really enjoy.
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