Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 10, 2022
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":" 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 second quarter ended July 10, 2022.\n\nResults for the second quarter, as compared to the prior year as applicable, included the following:\n\n\nRestaurant revenue of $288.7 million increased 6.1% compared to 2021;\n\n\nNinth consecutive quarter of sustained off-premises sales dollars of more than double pre-pandemic levels;\n\n\n\n\nComparable restaurant revenue increased 6.7% and 4.1% compared to 2021 and 2019, respectively;\n\n\nApproximately 200 restaurants serving Donatos® pizza outperformed non-Donatos® locations by 8.4% in comparable restaurant revenues compared to 2019;\n\n\n\n\nNet loss of $17.9 million increased $12.9 million compared to 2021;\n\n\nRestaurant level operating profit margin decreased by 210 basis points driven primarily by commodity and wage rate inflation, partially offset by sales leverage and other labor costs; and\n\n\nAdjusted EBITDA(1) (a non-GAAP metric) of $11.9 million decreased $7.1 million compared to 2021.\n\n\nSecond Quarter 2022 Financial Summary Compared to 2021\n\nThe following table presents financial results for the fiscal second quarter of 2022, compared to results from the same period in 2021:\n\n\n\n \n\n\n\n \n\n\n\nTwelve Weeks Ended\n\n\n\n\n\n \n\n\n\n \n\n\n\nJuly 10, 2022\n\n\n\n \n\n\n\nJuly 11, 2021\n\n\n\n\n\nTotal revenues (millions)\n\n\n\n \n\n\n\n$\n\n\n\n294.1\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n277.0\n\n\n\n \n\n\n\n\n\nRestaurant revenues (millions)\n\n\n\n \n\n\n\n \n\n\n\n288.7\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n272.2\n\n\n\n \n\n\n\n\n\nNet loss (millions)\n\n\n\n \n\n\n\n \n\n\n\n(17.9\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n(5.0\n\n\n\n)\n\n\n\n\n\nRestaurant Level Operating Profit (millions)(2)\n\n\n\n \n\n\n\n$\n\n\n\n39.3\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n42.7\n\n\n\n \n\n\n\n\n\nRestaurant Level Operating Profit Margin(2)\n\n\n\n \n\n\n\n \n\n\n\n13.6\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n15.7\n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA (millions)(1)\n\n\n\n \n\n\n\n$\n\n\n\n11.9\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n19.0\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nL...