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Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Fiscal Year Ended December 25, 2022
Issues Outlook for Fiscal 2023 ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nIssues Outlook for Fiscal 2023\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 fourth quarter and year ended December 25, 2022.\n\nHighlights for the Fourth Quarter of Fiscal 2022, Compared to the Fourth Quarter of Fiscal 2021\n\n\nTotal revenues are $290.1 million, an increase of 2.4% compared to 2021.\n\n\nComparable restaurant revenue increased 2.5%.\n\n\nEighth consecutive quarter of positive comparable restaurant revenue growth.\n\n\nComparable restaurant revenue(1) includes a benefit of approximately $2.9 million due to the Company's assessment of breakage related to its Red Robin Royalty® program. Excluding this benefit, comparable restaurant revenue would have increased 1.5% compared to the fourth quarter of 2021.\n\n\n\n\nNet loss is $44.2 million, an increase of $22.9 million compared to 2021 and includes a non-cash impairment charge of $25.0 million.\n\n\nAdjusted EBITDA(2) (a non-GAAP metric) was $8.9 million in 2022 and 2021.\n\n\nG.J. Hart, Red Robin’s President and Chief Executive Officer, said, “We completed important work in 2022 and now turn the page to a fresh new year. The ‘North Star’ plan we rolled out in January will guide our efforts over the next three years and is geared towards delivering the exceptional restaurant experience our Guests deserve. I am incredibly optimistic about Red Robin’s future and confident the investments we are making will resonate with Guests and drive value for our shareholders. We are moving aggressively to capture the opportunities in front of us, and are encouraged with very strong comparable restaurant sales through the first 9 weeks of our fiscal 2023.\"\n\nFourth Quarter 2022 Financial Summary Compared to 2021\n\nThe following table presents financial results for the fiscal fourth quarter of 2022, compared to results from the same period in 2021:\n\n\n\n \n\n\n\n \n\n\n\nTwelve Weeks Ended\n\n\n\n\n\n \n\n\n\n \n\n\n\nDecember 25, 2022\n\n\n\n \n\n\n\nDecember 26, 2021\n\n\n\n\n\nTotal revenues (millions)\n\n\n\n \n\n\n\n$\n\n\n\n290.1\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n283.4\n\n\n\n \n\n\n\n\n\nRestaurant revenues (million...