Business
Red Robin Provides Business and Operational Update
Sales Momentum Continues to Build 158 Company-operated Dining Rooms have Re-opened as of May 24, 2020 Reports Preliminary Sales Results for the Fiscal First
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nSales Momentum Continues to Build\n158 Company-operated Dining Rooms have Re-opened as of May 24, 2020\nReports Preliminary Sales Results for the Fiscal First Quarter 2020 Ended April 19, 2020\n\n GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--\nRed Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”) today provided a business and operational update and reported preliminary sales results for the fiscal first quarter ended April 19, 2020.\n\n\nRelevant Highlights Year-To-Date Include\n\n\n\nThrough the first eight weeks of fiscal 2020, comparable restaurant revenue grew 3.7%, driven in part by positive Guest counts.\n\n\nSince the mid-March peak impact of the COVID-19 pandemic, substantial improvement in revenue with consistent and sequential increases in each of the last five weeks; preliminary comparable restaurant revenue was -47.0% for the week ended May 24, 2020.\n\n\nRe-opening dining rooms with a measured and strategic approach and a focus on health and safety; preliminary comparable restaurant revenue for restaurants with re-opened dining rooms was -31.9% for the week of May 24, 2020.\n\n\nMaintaining significantly higher off-premise sales, which have tripled when compared to pre-COVID-19 levels.\n\n\nWith improving revenue and previously taken cost reductions, reduced estimated average cash burn to $2 million per week for the second fiscal quarter.\n\n\nAs of May 29, 2020, the Company has approximately $80 million of total liquidity.\n\n\nFinalized an amendment to its credit facility, which provides further financial flexibility during the COVID-19 pandemic.\n\n\n\nPaul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are very encouraged by our five sequential weeks of sales improvement through May 24th due to the continued strong growth in off-premise sales and early traction in dine-in sales. We attribute these trends to our enhanced execution, developed around our strategic plan and implemented on an accelerated basis as restaurants re-open, which has resulted in record dine-in and off-premise Guest satisfaction scores. Across our 158 re-opened dining rooms, sales have been positively impacted by the accelerated implementation of our new hospitality model, coupled with strong health and safety standards. Notably, restaurants with re-opened dining rooms are still capturin...