Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Year Ended December 27, 2020
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 quarter and year ended December 27, 2020.\n\nFourth Quarter 2020 Financial Summary Compared to Fourth Quarter 2019\n\n\nTotal revenues were $201.1 million, a decrease of 33.6%, primarily due to the impacts of the COVID-19 pandemic including related state and local dining room restrictions;\n\n\nComparable restaurant revenue decreased 29.0%;\n\n\nOff-premise sales increased 131.8% and comprised 43.9% of total food and beverage sales, with approximately 80% of off-premise orders driven through digital channels;\n\n\nNet loss was $39.3 million compared to net loss of $7.7 million;\n\n\nGAAP loss per diluted share was $2.53 compared to GAAP loss per diluted share of $0.60;\n\n\nAdjusted loss per diluted share was $1.79 compared to adjusted loss per diluted share of $0.36 (see Schedule I);\n\n\nAdjusted EBITDA was a loss of $6.4 million compared to adjusted EBITDA of $26.7 million (see Schedule III); and\n\n\nThe Company received $49.4 million in cash tax refunds, including interest, and expects to generate approximately $16 million of additional cash refunds within the next twelve months.\n\n\nPaul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, \"2020 was a challenging year for our Team Members, for the Communities and Guests that we serve, and for our business. However, not only did Red Robin persevere, we took advantage of the opportunity created by the pandemic to improve our Guest experience and strengthen our enterprise business model. We implemented our Total Guest Experience hospitality model, optimized our management labor structure, simplified our menu, and renegotiated our lease portfolio, all of which will enable us to generate more than 100 basis points of incremental enterprise-level margin improvement when we return to pre-COVID sales volumes. In the first quarter of 2021, we also secured a second amendment to our credit facility, which provides increased near-term flexibility as we continue to de-lever our balance sheet and strategically position the brand for the future.\"\n\nMurphy concluded, \"...