Red Robin Gourmet Burgers Reports Results for the Fiscal Second Quarter Ended July 14, 2019
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the quarter ended July 14, 2019.
Second Quarter 2019 Financial Highlights Compared to Second Quarter 2018
- GAAP earnings per diluted share were $0.08 compared to a $0.14 loss per diluted share;
- Adjusted earnings per diluted share were $1.03 compared to $0.46 (see Schedule I);
- Net Income was $1.0 million compared to a net loss of $1.9 million;
- Adjusted EBITDA was $25.5 million compared to $28.8 million (see Schedule III);
- Total revenues were $308.0 million, a decrease of 2.3%;
- Off-premise sales increased 25.7% and comprised 12.5% of total food and beverage sales, including catering;
- Comparable restaurant revenue decreased 1.5% (using constant currency rates); and
- Comparable restaurant guest counts decreased 6.4%.
Pattye Moore, board chair and interim chief executive officer of Red Robin, said, “We are making important progress on the execution of the five pillars in our strategic plan, designed to restore Red Robin’s growth and improve profitability, and believe we have reached an inflection point in our transformation. This was underscored during the second quarter by achieving our strongest comparable restaurant revenue result in five quarters, including a sequential improvement from the first quarter. Importantly, we are encouraged to see early signs of our recent sales momentum continuing, which reflect our ongoing improvements in operating and guest satisfaction metrics, as well as the new omni-channel advertising campaign that launched July 15th.”
Ms. Moore continued, “While there is still considerable work to do, our improving metrics, growing off-premise and catering channels, and traction in implementing technology solutions highlight what we have already accomplished in stabilizing the business and laying the foundation for long-term success. Additionally, the entire Red Robin Board, including our three new independent Directors announced earlier this month, remains committed to creating value for our shareholders.”
Fiscal Period Eight Comparable Restaurant Revenue
For the four-week period ended August 11, 2019, representing the Company’s fiscal period eight, comparable restaurant revenue improved to (0.1%), reflecting the continued momentum in the business.