Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 14, 2024
Announces Credit Agreement AmendmentUpdates Full Year Guidance ENGLEWOOD, Colo., Aug. 22, 2024 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"Announces Credit Agreement AmendmentUpdates Full Year Guidance\nENGLEWOOD, Colo., Aug. 22, 2024 /PRNewswire/ -- Red 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 14, 2024.\n\nHighlights for the Second Quarter of Fiscal 2024, Compared to the Second Quarter of Fiscal 2023:\nTotal revenues are $300.2 million, an increase of $1.5 million.Comparable restaurant revenue(1) declined 0.8% excluding a deferred revenue benefit led by the change in the Company's loyalty program. Including this benefit, Comparable restaurant revenue(1) increased 1.4%.Net loss is $9.5 million, compared to net income of $3.9 million last year.Adjusted EBITDA(2) is $11.8 million compared to $15.5 million last year.Subsequent to the close of the second quarter, executed an amendment to the credit agreement that revises financial covenants and expands revolver capacity.Highlights for the Year to Date Period of Fiscal 2024, Compared to the Year to Date Period of Fiscal 2023:\nTotal revenues are $688.7 million, a decrease of $27.8 million.Comparable restaurant revenue(1) declined 4.0% excluding a deferred revenue benefit led by the change in the Company's loyalty program. Including this benefit, Comparable restaurant revenue(1) declined 3.2%.Net loss is $18.9 million, compared to net income of $0.7 million last year.Adjusted EBITDA(2) is $24.0 million compared to $51.9 million last year.Completed a sale-leaseback transaction for ten restaurants in the first quarter of fiscal 2024, generating net proceeds of approximately $23.3 million and a gain, net of expenses of $7.4 million.(1)\nComparable restaurant revenue represents revenue from Company-owned restaurants that have operated 18 months as of the beginning of the period presented.\n(2)\nSee \"Reconciliation of Non-GAAP Results to GAAP Results\" below for more details.\n \nG.J. Hart, Red Robin's President and Chief Executive Officer said, \"Our results for the second quarter and our reduced guidance for the year are not what we expected when we last communicated in May, with the slowdown experienced in the broader restaurant industry masking the substantial progress we continue to ...