Red Robin: Reported Results for Fiscal Q3-2021

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, today reported financial results for the quarter ended October 3, 2021. Key highlights:

  • Restaurant revenue of USD 270.2 million and Restaurant Level Operating Profit as a percentage of restaurant revenue (a non-GAAP metric) of 12.5 percent;
  • Third quarter 2021 comparable restaurant revenue increased 34.3 percent over the same period in 2020, and increased 0.6 percent compared to the same period in 2019;
  • Improving comparable restaurant revenue during the Company’s third fiscal quarter, and positive 4.0 percent for the first period of the fourth fiscal quarter(3) compared to 2019, with the improving trajectory driven by strategic growth initiatives, and improvements in staffing levels;
  • Off-premises sales continue to sustain at high levels and comprised USD 81.0 million, USD 80.7 million and USD 35.0 million of comparable restaurant revenue for the third quarters of 2021, 2020 and 2019, respectively;
  • On track to launch two new mobile apps, iOS and Android, a new website ordering experience, and a new loyalty platform before the end of the year, creating an integrated digital ecosystem which we expect will improve traffic, order completion and average guest check; and
  • Restaurants that have been serving «Donatos» pizza prior to 2021 are continuing to benefit from growing incremental sales beyond their first year as operations mature and brand affinity grows, with comparable restaurant revenue up 8.7 percent in the third quarter compared to 2019 in restaurants without supply chain impacts.

Paul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, «Our confidence is strengthened by the positive trajectory in our sales and traffic trends over the past eight weeks, despite softness earlier in the third quarter due to concerns about the Delta variant and continued staffing and supply chain challenges. In fact, we believe there is more opportunity for upside through the remainder of the year and beyond by ensuring that each restaurant is effectively managed, optimally staffed, and our Team Members are well trained, enabling us to capture the full benefits of our proven strategic growth initiatives.»

Murphy continued, «We have now sustained six consecutive quarters of off-premises sales at more than double 2019 levels, even as Guests return for in-person dining, while we continue to benefit from our value proposition and menu offerings, and our enhancements to the efficiency and accuracy of this burgeoning channel. Additionally, our successes with key initiatives this year, including continued «Donatos» pizza expansion, advancements in our digital ecosystem, and menu innovation demonstrate how we are differentiating Red Robin, expanding our market share and frequency, and supporting the ongoing execution of our business strategy.»

For additional information please read the Company’s PDF file below (106 KB):

20211112-RED-ROBIN-Q3-2021
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