Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 12, 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 ended July 12, 2020.\n\n\nSecond Quarter 2020 Financial Summary Compared to Second Quarter 2019\n\n\n\nTotal revenues were $161.1 million, a decrease of 47.7%, primarily resulting from our operational shift in response to COVID-19, including limited occupant capacity as we reopen dining rooms, operating an off-premise only model at our restaurants with closed dining rooms, and closed restaurants;\n\n\nComparable restaurant revenue decreased 41.4%;\n\n\nComparable average Guest check decreased 2.9%, resulting from a 5.7% decrease from menu mix, partially offset by a 2.2% increase in pricing and a 0.6% increase from lower discounting;\n\n\nComparable restaurant Guest counts decreased 38.5%;\n\n\nOff-premise sales increased 208.7% and comprised 63.8% of total food and beverage sales;\n\n\nGAAP loss per diluted share was $4.09 compared to GAAP earnings per diluted share of $0.08;\n\n\nAdjusted loss per diluted share was $3.31 compared to adjusted earnings per diluted share of $1.03 (see Schedule I);\n\n\nNet loss was $56.3 million compared to net income of $1.0 million; and\n\n\nAdjusted EBITDA was a loss of $15.3 million compared to adjusted EBITDA of $25.5 million (see Schedule III).\n\n\n\nPaul J.B. Murphy III, Red Robin's President and Chief Executive Officer, said, “We are accelerating the transformation of our business through exceptional hospitality and uncompromising health and safety standards, despite the challenges created by the recent surge in COVID-19 cases and localized, renewed mandates to re-close dining rooms. In addition to generating sequential improvement in average weekly net sales per restaurant over the last five weeks, our record-high dine-in and off-premise satisfaction scores validate our consistent, quality execution as we build trust and affinity within our communities.”\n\n\nMurphy continued, “Having strengthened our liquidity through our recent equity raise of almost $30 million, we are managing our business prudently while continuing to progress the foundational pillars in our previously articulated ...