Greenwood Village / CO. (rrgb) Red Robin Gourmet Burgers Inc., a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, reported financial results for the fiscal first quarter ended April 18, 2021. Key highlights:
- As of the end of our fiscal fifth period, all Company-owned restaurants have re-opened indoor dining rooms with varying levels of capacity;
- Restaurant revenue of USD 318.7 million and Restaurant Level Operating Profit (a non-GAAP metric) of 15.7 percent, an increase of 690 basis points over the same period in 2020;
- First quarter 2021 comparable restaurant revenue increased 10.0 percent over the same period in 2020, and decreased 12.8 percent compared to the same period in 2019;
- At the end of the first quarter 2021, 55 percent of Company-owned restaurants had positive comparable restaurant revenue compared to 2019;
- First quarter 2021 off-premises sales increased 75.5 percent compared to the period ended April 19, 2020, and comprised 41.7 percent, 26.3 percent, and 11.6 percent of total food and beverage sales for the first fiscal quarter of 2021, 2020, and 2019; and,
- For the last four weeks of the fiscal first quarter of 2021, 85 comparable Company-owned restaurants with no capacity or social distancing restrictions realized comparable restaurant revenue of 5.2 percent over the same period in 2019, while maintaining off-premises mix of 29.9 percent, more than double pre-pandemic levels. These restaurants also realized comparable restaurant margin of 21.1 percent, an increase of 1.5 percent over the same period in 2019. While these restaurants are able to operate with no restrictions, several are still operating below 100 percent capacity due to limited operating hours due to staffing challenges and Covid exclusions.
Paul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, «We are very excited to share the progress we have made towards recovery. Our initiatives to enhance the Red Robin Guest experience and enterprise business model since the onset of the pandemic, coupled with decreasing Covid cases and pent-up demand, have resulted in a meaningful improvement in our liquidity and enterprise margins. We are encouraged that by the end of our first fiscal quarter, more than half of our Company-owned restaurants had positive comparable restaurant revenue compared to 2019, despite pronounced capacity restrictions in our largest markets. For the first time since the beginning of the pandemic, all of our Company-owned restaurants are open for indoor dining at varying levels of capacity. As we welcome back our Guests, we are sustaining off-premises sales that are more than double pre-pandemic levels, even in comparable Company-owned restaurants we are able to operate at full indoor capacity.»
Murphy continued, «We believe the foundation that we have put in place will drive Guest activation, deliver a great brand experience, continue to generate incremental off-premises sales, and leverage our strengthened business model, together creating long-term value for our shareholders.»
For additional information please read the Company’s PDF file below (100 KB):
20210526-RED-ROBIN-Q1-2021.