Business
Red Robin Gourmet Burgers Provides Additional Business and Operational Update Regarding COVID-19
Momentum in Off-Premise Sales Underscores Strength of the Company’s To-Go, Delivery, and Catering Platform GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- Red
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nMomentum in Off-Premise Sales Underscores Strength of the Company’s To-Go, Delivery, and Catering Platform\n\n GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--\nRed Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) (“Red Robin” or the “Company”) today provided an update on its sales performance during the first quarter of 2020 and an operational update on additional measures the Company is taking in response to the ongoing COVID-19 pandemic.\n\n\nPaul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We continue to be focused on protecting the health and safety of our Team Members and Guests, and are taking additional actions to preserve liquidity, reduce costs, and better position Red Robin for the long term. These include both short- and longer-term initiatives that will enable the Company to more effectively benefit from an eventual recovery in on-premise sales as the impact of COVID-19 subsides. At the same time, we continue to be encouraged by the strong growth in our off-premise sales, which is helping to reduce the impact of the temporary closures on the dine-in business.”\n\n\nBusiness Update\n\n\nComparable restaurant revenues and average off-premise restaurant revenues per restaurant following the onset of the COVID-19 crisis in the United States and through the week ended April 12, 2020 are as follows:\n\n\n\n\n \nQTD\n\nWeek ended\n\n\n\n \n\nthrough 23-Feb\n\n\n\n \n\n\n\n1-Mar\n\n\n\n \n\n\n\n8-Mar\n\n\n\n \n\n\n\n15-Mar\n\n\n\n \n\n\n\n22-Mar\n\n\n\n \n\n\n\n29-Mar\n\n\n\n \n\n\n\n5-Apr\n\n\n\n \n\n\n\n12-Apr\n\n\n\n\nWeekly Net Comparable Restaurant Revenues\n \n\n3.4%\n\n\n\n \n\n\n\n0.9%\n\n\n\n \n\n\n\n-3.7%\n\n\n\n \n\n\n\n-26.3%\n\n\n\n \n\n\n\n-72.7%\n\n\n\n \n\n\n\n-70.5%\n\n\n\n \n\n\n\n-63.9%\n\n\n\n \n\n\n\n-65.2%\n\n\n\n\nAverage Off-Premise Sales per Restaurant\n \n\n$7,674\n\n\n\n \n\n\n\n$8,264\n\n\n\n \n\n\n\n$7,963\n\n\n\n \n\n\n\n$7,534\n\n\n\n \n\n\n\n$13,172\n\n\n\n \n\n\n\n$18,259\n\n\n\n \n\n\n\n$20,782\n\n\n\n \n\n\n\n$19,033\n\n\n\n\n\n* Note: The week ended April 12 included the Easter holiday weekend which was one week earlier than the prior year\n\n\nThe Company is currently in the last week of its fiscal first quarter, which ends on April 19, 2020, and will provide a detailed financial update in conjunction with its first quarter 2020 earnings results.\n\n\nOperational Upd...