Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Second Quarter Ended July 9, 2023
Raises Adjusted EBITDA Guidance for Fiscal 2023 Repaid $15.5 Million of Debt and Repurchased $5 Million of Stock ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Red
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nRaises Adjusted EBITDA Guidance for Fiscal 2023\n\n\nRepaid $15.5 Million of Debt and Repurchased $5 Million of Stock\n\n\n 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 9, 2023.\n\n\nHighlights for the Second Quarter of Fiscal 2023, Compared to the Second Quarter of Fiscal 2022:\n\n\n\nTotal revenues are $298.6 million, an increase of $4.6 million compared to 2022.\n\n\nComparable restaurant revenue(1) increased 1.5%.\n\n\n\nTenth consecutive quarter of comparable restaurant revenue(1) growth.\n\n\n\nComparable restaurant dine-in sales(2) increased 5.9%.\n\n\n\n\n\n\nNet income is $3.9 million, an increase of $21.9 million compared to 2022.\n\n\n\nAdjusted EBITDA(3) (a non-GAAP metric) is $15.5 million, a $3.7 million increase compared to 2022.\n\n\n\nCompleted Sale-Leaseback transaction for nine restaurants, generating net proceeds of approximately $28.5 million and a gain, net of expenses of $14.6 million.\n\n\n\nRepaid $15.5 million of debt and repurchased $5.0 million of stock.\n\n\n\nHighlights for the Year to Date Period of Fiscal 2023, Compared to the Year to Date Period of Fiscal 2022:\n\n\n\nTotal revenues are $716.5 million, an increase of $27.3 million compared to 2022.\n\n\nComparable restaurant revenue(1) increased 5.5%.\n\n\n\nComparable restaurant dine-in sales(2) increased 11.8%.\n\n\n\n\n\n\nNet income is $0.7 million, an increase of $22.2 million compared to 2022.\n\n\n\nAdjusted EBITDA(3) (a non-GAAP metric) is $51.5 million, an $11.6 million increase compared to 2022.\n\n\n\n\n\n(1)\n\n\n\n\n\n\nComparable restaurant revenue represents revenue from Company-owned restaurants that have operated five full quarters as of the end of the period presented.\n\n\n\n\n\n\n\n\n(2)\n\n\n\n\n\n\nComparable restaurant dine-in sales are calculated based on the Company’s point-of-sale sales data, which does not include adjustments for loyalty breakage.\n\n\n\n\n\n\n\n\n(3)\n\n\n\n\n\n\nSee Schedule III for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Net income (loss).\n\n\n\n\n\n\n\nG.J. Hart, Red Robin’s President and Chief Executive...