Englewood / 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 second quarter ended July 09 (Q2-2023).
Highlights for the Second Quarter of Fiscal 2023, Compared to Q2-2022
- Total revenues are USD 298.6 million, an increase of USD 4.6 million compared to 2022.
- Comparable restaurant revenue increased 1.5 percent.
- Tenth consecutive quarter of comparable restaurant revenue growth.
- Comparable restaurant dine-in sales increased 5.9 percent.
- Net income is USD 3.9 million, an increase of USD 21.9 million compared to 2022.
- Adjusted Ebitda (a non-GAAP metric) is USD 15.5 million, a USD 3.7 million increase compared to 2022.
- Completed Sale-Leaseback transaction for nine restaurants, generating net proceeds of approximately USD 28.5 million and a gain, net of expenses of USD 14.6 million.
- Repaid USD 15.5 million of debt and repurchased USD 5.0 million of stock.
Highlights for the YTD Period of Fiscal 2023, Compared to the YTD Period 2022
- Total revenues are USD 716.5 million, an increase of USD 27.3 million compared to 2022.
- Comparable restaurant revenue increased 5.5 percent.
- Comparable restaurant dine-in sales increased 11.8 percent.
- Net income is USD 0.7 million, an increase of USD 22.2 million compared to 2022.
- Adjusted Ebitda is USD 51.5 million, an USD 11.6 million increase compared to 2022.
President and CEO G.J. Hart: «In the first half of 2023, we began executing the North Star plan by investing in our people, food, and hospitality. We are pleased with our traction so far, the clear improvement in guest satisfaction, and reinvigorated financial performance. Adjusted Ebitda is USD 51.5 million in just the first half of 2023, compared to USD 52.1 million in the entire year of 2022. The meaningful changes we have implemented are delivering on our promises to team members, guests, and investors. While we are in the early stages of the comeback of this iconic brand, we are confident in our strategic direction and see tremendous runway ahead.» For additional info please read the Company’s PDF file below (119 KB):20230818-RED-ROBIN-Q2-2023