Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Third Quarter Ended October 1, 2023
"North Star" Five-Point Plan Continues to Gain Traction Repaid $8.4 Million of Debt and Repurchased $5 Million of Stock ENGLEWOOD, Colo.--(BUSINESS WIRE)--
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\n\"North Star\" Five-Point Plan Continues to Gain Traction\n\n\nRepaid $8.4 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 third quarter ended October 1, 2023.\n\n\nHighlights for the Third Quarter of Fiscal 2023, Compared to the Third Quarter of Fiscal 2022:\n\n\n\nTotal revenues are $277.6 million, a decrease of $9.2 million.\n\n\nComparable restaurant revenue(1) decreased 3.4%.\n\n\n\nComparable restaurant dine-in sales(2) increased 0.5%.\n\n\n\n\n\n\nNet loss is $8.2 million, a decrease of $4.5 million from a net loss of $12.7 million during the same period of 2022.\n\n\n\nAdjusted EBITDA(3) (a non-GAAP metric) is $6.8 million, a $2.9 million increase.\n\n\n\nCompleted Sale-Leaseback transaction for nine restaurants, generating net proceeds of approximately $30.4 million and a gain, net of expenses of $14.9 million.\n\n\n\nRepaid $8.4 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 $994.0 million, an increase of $18.1 million.\n\n\nComparable restaurant revenue(1) increased 2.9%.\n\n\n\nComparable restaurant dine-in sales(2) increased 8.4%.\n\n\n\n\n\n\nNet loss is $7.5 million, a decrease of $26.7 million from a net loss of $34.2 million during the same period of 2022.\n\n\n\nAdjusted EBITDA(3) (a non-GAAP metric) is $58.3 million, a $14.5 million increase.\n\n\n\nCompleted two Sale-Leaseback transactions for eighteen restaurants, generating net proceeds of $58.8 million and a gain, net of expenses of $29.4 million.\n\n\n\nRepaid $24.9 million of debt and repurchased $10.0 million of stock.\n\n\n\n\n(1)\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. For the twelve and forty weeks ended October 1, 2023 there were 409 and 408 comparable restaurants, respectively, out of the total 417 Company-owned restaurants.\n\n\n\n\n\n\n\n(2)\n\n\nComparable restaurant dine-in sa...