Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 17, 2022
The Company Reaffirms Full Year 2022 Adjusted EBITDA Guidance GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nThe Company Reaffirms Full Year 2022 Adjusted EBITDA Guidance\n\n GREENWOOD VILLAGE, 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 17, 2022.\n\nResults for the first quarter, as compared to the prior year as applicable, included the following:\n\n\nRestaurant revenue of $380.6 million increased 19.4% compared to 2021;\n\n\nEighth consecutive quarter of sustained off-premises sales dollars of more than double pre-pandemic levels;\n\n\n\n\nComparable restaurant revenue increased 19.7% compared to 2021;\n\n\nApproximately 200 restaurants were serving Donatos® pizza prior to 2022, with comparable restaurant revenue growth of Donatos® locations outperforming non-Donatos® locations by more than 5% compared to 2019;\n\n\n\n\nNet loss of $3.1 million improved $5.6 million compared to 2021;\n\n\nRestaurant level operating profit margin decreased by 170 basis points driven primarily by commodity and labor cost inflation, partially offset by sales leverage;\n\n\nAdjusted EBITDA(1) (a non-GAAP metric) of $28.0 million improved $0.6 million compared to 2021;\n\n\nLaunched a new redrobin.com website in March offering an improved online ordering experience that we expect will drive increased frequency of guest visits and higher order conversion; and,\n\n\nCompleted a new $225 million, five-year credit agreement that provides us with long-term flexibility to strategically invest in our business and create value for our shareholders.\n\n\nFirst Quarter 2022 Financial Summary Compared to 2021\n\nThe following table presents financial highlights for the fiscal first quarter of 2022, compared to results from the same period in 2021:\n\n\n\n \n\n\n\n \n\n\n\nSixteen Weeks Ended\n\n\n\n\n\n \n\n\n\n \n\n\n\nApril 17, 2022\n\n\n\n \n\n\n\nApril 18, 2021\n\n\n\n\n\nTotal revenues (millions)(3)\n\n\n\n \n\n\n\n$\n\n\n\n395.6\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n326.3\n\n\n\n \n\n\n\n\n\nRestaurant revenues (millions)\n\n\n\n \n\n\n\n \n\n\n\n380.6\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n318.7\n\n\n\n \n\n\n\n\n\nNet loss (millions)\n\n\n\n \n\n\n\n \n\n\n\n(3.1\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n(8.7...