Englewood / CO. (rrgb) Full-service restaurant chain Red Robin Gourmet Burgers Inc. reported financial results for the fiscal fourth quarter and year ended December 25, 2022.
Highlights for the Fourth Quarter of Fiscal 2022 versus Q4-2021
- Total revenues are USD 290.1 million, an increase of 2.4 percent compared to 2021.
- Comparable restaurant revenue increased 2.5 percent.
- Eighth consecutive quarter of positive comparable restaurant revenue growth.
- Comparable restaurant revenue includes a benefit of approximately USD 2.9 million due to the Company’s assessment of breakage related to its Red Robin Royalty® program. Excluding this benefit, comparable restaurant revenue would have increased 1.5 percent compared to the fourth quarter of 2021.
- Net loss is USD 44.2 million, an increase of USD 22.9 million compared to 2021 and includes a non-cash impairment charge of USD 25.0 million.
- Adjusted Ebitda (a non-GAAP metric) was USD 8.9 million in 2022 and 2021.
Highlights for the Fiscal Year 2022 Compared to FY-2021
- Total revenues in fiscal 2022 are approximately USD 1.3 billion, an increase of USD 104.5 million as compared to fiscal 2021.
- Achieved a comparable restaurant revenue increase of 9.2 percent compared to 2021.
- Comparable restaurant revenue and comparable restaurant traffic exceeded the industry average as measured by the Black Box Casual Dining index.
- GAAP loss per diluted share was USD 4.91 in 2022 compared to GAAP loss per diluted share of USD 3.19 in 2021.
- Adjusted loss per diluted share was USD 3.26 compared to adjusted loss per diluted share of USD 2.43 in the prior year.
- Adjusted Ebitda (a non-GAAP financial measure) is USD 52.8 million in fiscal 2022 versus USD 63.5 million in fiscal 2021.
President and Chief Executive Officer G.J. Hart: «We completed important work in 2022 and now turn the page to a fresh new year. The ‘North Star’ plan we rolled out in January will guide our efforts over the next three years and is geared towards delivering the exceptional restaurant experience our Guests deserve. I am incredibly optimistic about Red Robin’s future and confident the investments we are making will resonate with Guests and drive value for our shareholders. We are moving aggressively to capture the opportunities in front of us, and are encouraged with very strong comparable restaurant sales through the first 9 weeks of our fiscal 2023.»
For additional information please read the company’s PDF file below (102 KB):20230228-RED-ROBIN-FY2022