Red Robin: Reported Results for Fiscal Q3-2022

Englewood / CO. (rrgb) Full-service restaurant chain Red Robin Gourmet Burgers Inc. reported financial results for the fiscal third quarter ended October 02, 2022. Results for the third quarter, as compared to the prior year as applicable, included the following:

  • Restaurant revenue of USD 282.4 million increased 4.5 percent compared to 2021;
    • Tenth consecutive quarter of sustained off-premises sales dollars of more than double pre-pandemic levels;
    • «Red Robin Royalty» membership now exceeding 11 million, an increase of 0.4 million;
  • Comparable restaurant revenue increased 5.3 percent and 5.9 percent compared to 2021 and 2019, respectively;
    • Continued acceleration of comparable restaurant revenue outperformance at restaurants with «Donatos», now offered at over half of our Company locations, with comparable restaurant revenue growth compared to 2019 of 9.8 percent versus comparable restaurant revenue growth compared to 2019 for restaurants without «Donatos» of (0.3) percent;
  • Net loss of 12.6 million decreased USD 2.4 million compared to 2021;
  • Restaurant level operating profit margin increased by 10 basis points driven primarily by sales leverage, partially offset by commodity and wage rate inflation; and
  • Adjusted Ebitda, a non-GAAP metric, of USD 4.0 million decreased USD 4.3 million compared to 2021.

G.J. Hart, Red Robin’s President and Chief Executive Officer, «While operating costs were higher than expected, we once again outpaced the category in comparable restaurant sales and traffic as measured by Black Box Intelligence, and net value sentiment on social media channels. Our topline outperformance was driven by our barbell strategy, anchored by our popular Steakhouse Summer limited time product offers. Stabilized staffing and lower turnover have resulted in improved guest satisfaction scores. Finally, our targeted digital marketing is driving profitable traffic and we hit a new high mark for engagement among our more than 11 million «Red Robin Royalty» members.

«Since starting as CEO eight weeks ago, my excitement about the exceptional potential of Red Robin has only grown. While steady progress has been made in a difficult environment, my immediate focus is on accelerating the delivery of an extraordinary Red Robin restaurant experience, fulfilling our brand promise. We are moving with purpose to improve key aspects of the restaurant experience and being more relevant to our guests. Priorities include strengthening the restaurant management structure and service model, improving food quality to ensure we serve the very best gourmet burgers and American favorites, and elevating our dine-in atmosphere, creating a fun and playful environment where guests can connect with friends and family. Finally, we are committed to prudent cost management and capital allocation that includes refreshing our restaurants which will provide long-term shareholder value.»

For additional information please read the company’s PDF file below (102 KB):

20221102-RED-ROBIN-Q3-2022
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