Red Robin Gourmet Burgers Provides Business and Operational Update Related to COVID-19

Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”) today announced several measures it is taking in response to the escalating COVID-19 pandemic.

Paul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are navigating an unprecedented time for our business, industry and country as we collectively work to combat the global COVID-19 crisis. With the health, safety, and well-being of Red Robin’s Team Members, Guests and communities as our top priority, we have shifted our restaurants to an off-premise model and are strictly adhering to CDC, state and local guidelines.”

Murphy added, “We are encouraged by our continuing off-premise sales momentum, which has more than doubled over the past two weeks compared to our trends before the impact of COVID-19. This will help mitigate the decline in comparable restaurant revenues due to the closure of dine-in services at substantially all Red Robin-operated restaurants and enable us to focus on optimizing the execution of our off-premise channels both during and following the crisis. Thanks to the tireless work of our great Team Members, we are grateful we can continue serving our Guests with to-go, delivery and catering options and providing convenient meal solutions during this unprecedented time.”

Business & Outlook Update

To preserve liquidity, enhance financial flexibility and help mitigate the impact of COVID-19, Red Robin has taken or is taking the following decisive actions:

• Temporarily closed dine-in services at substantially all Red Robin-operated restaurants while continuing to provide to-go, delivery and catering choices and ensuring the continuity of the Company’s supply chain;

• Implemented enhanced health and safety protocols across the business, emergency sick pay for hourly Team Members and telecommuting policies for nearly all corporate level employees;

• Meaningfully reduced restaurant level costs and selling, general and administrative expenses, including reducing executive base salaries by twenty percent, effective March 30, 2020, and reducing Board member cash retainer fees by twenty percent, while continuing to market off-premise opportunities primarily through digital channels;

• Postponing or eliminating all non-essential spending, including capital expenditures for previously planned growth and other projects, including the Company’s continued rollout of Donato’s, restaurant refreshes and IT projects;

• Drew down remaining capacity under the Company’s $300 million credit facility, bringing Red Robin’s cash balance to more than $91 million as of the end of our last fiscal week on March 29, 2020; and

• Suspended share repurchases and terminated the Company’s pre-arranged stock trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

In light of the ongoing uncertainty regarding the duration and impact of the COVID-19 pandemic, Red Robin is withdrawing its 2020 and long-term financial outlook. The Company is currently in its fiscal first quarter, which ends on April 19, 2020.