Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Year Ended December 26, 2021
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":" 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 fourth quarter and year ended December 26, 2021.\n\nFourth Quarter 2021 Key Highlights\n\n\nRestaurant revenue of $276.7 million increased 41.5% compared to 2020;\n\n\nComparable restaurant revenue increased 40.1% compared to 2020;\n\n\nRestaurants that were at or above 2019 staffing levels had comparable restaurant revenues of 49.3%, compared to 2020;\n\n\nNet loss of $21.3 million improved $18.0 million compared to 2020;\n\n\nAdjusted EBITDA(1) (a non-GAAP metric) of $8.9 million improved $15.3 million compared to 2020;\n\n\nAt the end of 2021, we were 93% staffed at the salaried manager positions, and 96% staffed in the General Manager role;\n\n\nSeventh consecutive quarter of sustained off-premises sales of more than double pre-pandemic levels, with off-premises sales mix of 31.4% compared to approximately 14.0% in the fourth quarter of 2019. Off-premises sales comprised $84.7 million, $85.1 million and $36.7 million of comparable restaurant revenue for the fourth quarters of 2021, 2020 and 2019, respectively;\n\n\nSoft-launched new iOS and Android mobile apps, a new website ordering experience, and a new loyalty platform, creating an integrated digital ecosystem which we expect will improve traffic, order completion and average Guest check; and\n\n\nRestaurants that have been serving Donatos® pizza prior to 2021 are continuing to benefit from growing incremental sales beyond their first year as operations mature and brand affinity grows, with comparable restaurant revenue up 8.1% in the fourth quarter compared to 2019 in restaurants without supply chain issues.\n\n\nPaul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, \"As the Omicron variant has receded in recent weeks, we are seeing encouraging signs that our business is beginning to normalize with improved staffing levels across our system, growing dine-in sales and sustained off-premises volumes. We remain intently focused on continuing to strengthen our staffing levels and reducing operational complexity to deliver a memorable quality Guest e...