Business
Red Robin Gourmet Burgers Reports Results for the Fiscal Fourth Quarter and Year Ended December 29, 2019
Delivered Second Consecutive Quarter of Comparable Restaurant Revenue Growth Consistent Measurable Progress Executing on Transformation Strategy GREENWOOD
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nDelivered Second Consecutive Quarter of Comparable Restaurant Revenue Growth\n\n\nConsistent Measurable Progress Executing on Transformation Strategy\n\n 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 and year ended December 29, 2019.\n\n\nFourth Quarter 2019 Financial Summary Compared to Fourth Quarter 2018\n\n\n\nTotal revenues were $302.9 million, a decrease of 1.2%;\n\n\nComparable restaurant revenue increased 1.3%, the second consecutive quarter of positive comparable restaurant revenue;\n\n\nComparable average guest check increased 4.7%, resulting from a 1.1% increase in menu mix, a 1.8% increase in pricing, and a 1.8% increase from lower discounting;\n\n\nComparable restaurant guest counts decreased 3.4%;\n\n\nOff-premise sales, including catering, increased 26.9% and comprised 13.9% of total food and beverage sales;\n\n\nGAAP loss per diluted share was $0.60 compared to $0.82;\n\n\nAdjusted loss per diluted share was $0.36 compared to adjusted earnings per diluted share of $0.43 (see Schedule I);\n\n\nNet loss was $7.7 million compared to $10.6 million; and\n\n\nAdjusted EBITDA was $26.7 million compared to $28.4 million (see Schedule III).\n\n\n\nPaul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are pleased with the continued, measurable progress we are making to deliver on our strategic plan, as we achieved the second consecutive quarter of comparable restaurant revenue growth in the fourth quarter of 2019, while intentionally unwinding significant discounting from the prior-year period. Importantly, our comparable restaurant revenue momentum has continued, and we expect it to accelerate in 2020, which we attribute to the foundational enhancements we made last year. These improvements include our focus on staffing, training, and retaining our Team Members; our commitment to delivering exceptional dining experiences at a compelling value; and our accentuation of brand attributes through the ‘All the Fulls’ creative campaign.”\n\n\nMurphy continued, “Having recently articulated a vision to accelerate Red Robin’s turnaround, transform th...