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Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 16, 2023
“North Star” Five-Point Plan Demonstrating Early Traction Comparable Restaurant Revenue(1) Growth of 8.6%, Exceeding Industry Average Company Raises Outlook
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\n“North Star” Five-Point Plan Demonstrating Early Traction\nComparable Restaurant Revenue(1) Growth of 8.6%, Exceeding Industry Average\nCompany Raises Outlook for Fiscal 2023\n\n\n ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nRed 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 fiscal first quarter ended April 16, 2023.\n\n\nHighlights for the First Quarter of Fiscal 2023, Compared to the First Quarter of Fiscal 2022:\n\n\n\nTotal revenues are $418.0 million, an increase of $22.4 million compared to 2022.\n\n\nComparable restaurant revenue(1) increased 8.6%.\n\n\n\nNinth consecutive quarter of positive comparable restaurant revenue(1) growth.\n\n\n\nComparable restaurant traffic increased 0.6%.\n\n\n\nComparable restaurant revenue(1) and comparable restaurant traffic both exceeded the industry averages as measured by the Black Box Casual Dining index.\n\n\n\nComparable restaurant dine-in sales increased 16.4%.\n\n\n\nComparable restaurant sales for the first thirteen weeks of the quarter increased 10.0%(4).\n\n\n\n\n\n\nNet loss of $3.1 million was unchanged compared to 2022.\n\n\n\nIncome from operations was $4.3 million, or 1.0% of total revenues, compared to $4.4 million, or 1.1% of total revenues, in 2022.\n\n\n\nRestaurant Level Operating Profit Margin(2) (a non-GAAP metric) was 14.7% versus 14.0% in 2022.\n\n\n\nAdjusted EBITDA(3) (a non-GAAP metric) was $36.1 million, an $8.1 million increase compared to 2022.\n\n\n\n\n\n(1)\n\n\n\n\n\n\n\nComparable restaurant revenue represents revenue from Company-owned restaurants that have operated five full quarters as of the end of the period presented.\n\n\n\n\n\n\n\n\n(2)\n\n\n\n\n\n\n\nSee Schedule II for a reconciliation of Restaurant Level Operating Profit and Restaurant Level Operating Profit Margin, non-GAAP measures, to Income from operations and Income from operations as a percentage of total revenues, respectively.\n\n\n\n\n\n\n\n\n(3)\n\n\n\n\n\n\n\nSee Schedule III for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Net loss.\n\n\n\n\n\n\n\n\n(4)\n\n\n\n\n\n\n\nComparable restaurant sales for the first thirteen weeks of fiscal 2023 are calculated based on the Company’...