Business
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Third Quarter Ended October 4, 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 October 4, 2020.\n\nThird Quarter 2020 Financial Summary Compared to Third Quarter 2019\n\n\nTotal revenues were $200.5 million, a decrease of 31.9%, 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 25.1% with sequential improvement through the quarter; comparable restaurant revenues for the fiscal periods ended August 9, September 6, and October 4, 2020 decreased 34.2%, 24.9% and 14.9%, respectively;\n\n\nOff-premise sales increased 127.2% and comprised 40.7% of total food and beverage sales;\n\n\nNet loss was $6.2 million compared to net loss of $1.8 million;\n\n\nGAAP loss per diluted share was $0.40 compared to GAAP loss per diluted share of $0.14;\n\n\nAdjusted loss per diluted share was $0.19 compared to adjusted loss per diluted share of $0.24 (see Schedule I);\n\n\nAdjusted EBITDA was a loss of $0.7 million compared to adjusted EBITDA of $14.7 million (see Schedule III); and\n\n\nThe Company received $49.4 million in cash tax refunds, including interest, subsequent to our third quarter balance sheet date and expects to generate between $12 million to $15 million of additional cash tax refunds within the next 12 months.\n\n\nPaul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, \"The third quarter was an inflection point for the brand with robust sequential sales improvement throughout the quarter, closing the traffic gap to our casual dining peers. This, in conjunction with prudent restaurant and overhead cost structure enhancements in place, drove better-than-expected cash flow performance. These enhancements were achieved through actions such as a new restaurant management structure, significant menu rationalization, portfolio optimization, and streamlining of corporate overhead, and we believe will deliver at least a full percentage point of enterprise m...