Business
Red Robin Gourmet Burgers Reports Results for the Fiscal First Quarter Ended April 19, 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 April 19, 2020.\n\n\nFirst Quarter 2020 Financial Summary Compared to First Quarter 2019\n\n\n\nTotal revenues were $306.1 million, a decrease of 25.3%, primarily resulting from the closure of the Company's dining rooms, and its operational shift to off-premise only in response to the COVID-19 pandemic;\n\n\nComparable restaurant revenue decreased 20.8% for the quarter after growing comparable restaurant revenue by 3.7% through the second fiscal period;\n\n\nComparable average Guest check increased 0.1%, resulting from a 1.6% increase in pricing and a 0.3% increase from lower discounting, partially offset by a 1.8% decrease from menu mix;\n\n\nComparable restaurant Guest counts decreased 20.9% for the quarter after growing comparable restaurant Guest counts by 0.9% through the second fiscal period;\n\n\nOff-premise sales increased 86.1% and comprised 26.3% of total food and beverage sales;\n\n\nGAAP loss per diluted share was $13.51 compared to GAAP earnings per diluted share of $0.05;\n\n\nAdjusted loss per diluted share was $6.66 compared to adjusted earnings per diluted share of $0.19 (see Schedule I);\n\n\nNet loss was $174.3 million compared to net income of $0.6 million; and\n\n\nAdjusted EBITDA was a loss of $10.7 million compared to adjusted EBITDA of $34.3 million (see Schedule III).\n\n\n\nPaul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, \"We entered 2020 with accelerating business momentum, generating positive comparable restaurant revenue of 3.7% and positive Guest counts of 0.9% through the end of our second fiscal period. However, the COVID-19 pandemic resulted in an immediate shift of our priorities, inclusive of pivoting to a 100% off-premise model, the preservation of liquidity and the reduction of costs amid the ongoing uncertainty.\"\n\n\n\"Since the onset of the health crisis, we have significantly improved our off-premise execution, resulting in a material improvement in Guest satisfaction scores. Comparable restaurant revenue trends have also shown continual improvement ...