Red Robin Announces Preliminary Results for the Fiscal Third Quarter of 2016
Comparable restaurant revenue decrease of 3.6%
Red Robin Gourmet Burgers, Inc., (NASDAQ:RRGB) last week announced preliminary results for its fiscal third quarter ended October 2, 2016. The Company also revised its outlook for fiscal year 2016.
The Company expects to report the following estimated financial results for the fiscal third quarter 2016:
- Total revenues of approximately $297 million
- Comparable restaurant revenue decrease of 3.6%
- Net loss of approximately $3.0 million or $0.23 per diluted share
- Adjusted net income of approximately $5.1 million or $0.38 per diluted share (excluding restaurant impairment and closure costs of $8.1 million, net of tax, or $0.61 per diluted share)(1)
Preliminary results remain subject to the completion of the Company’s quarter-end accounting procedures and adjustments and are subject to change.
“We are making real progress in improving guest traffic and service, fueled by investments in select initiatives focused on guest engagement, technology and operational efficiencies,” said Denny Marie Post, Red Robin Gourmet Burgers, Inc. chief executive officer. “During the third quarter, we outperformed the industry benchmark on guest traffic. Our investment in regaining our edge on everyday value has come at a cost to profits, further undermined by weakening industry trends. In addition to acting on improvements in our core business, we have identified and begun implementing a path forward to strengthen our earnings performance, which we will discuss during our third quarter 2016 earnings conference call on November 2nd.”
Revised Outlook for Fiscal Year 2016
The Company revised its guidance for full fiscal year 2016, lowering adjusted EBITDA to an estimated range of $141 million to $145 million(1). Additional details regarding the Company’s 2016 outlook will be provided on the third quarter 2016 earnings conference call.
About Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., and under the trade name Red Robin Gourmet Burgers and Brews, is the Gourmet Burger Authority™, famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries® in a fun environment welcoming to guests of all ages. Whether a family dining with kids, adults grabbing a drink at the bar, or teens enjoying a meal, Red Robin offers an unparalleled experience for its guests. In addition to its many burger offerings, Red Robin serves a wide variety of salads, soups, appetizers, entrees, desserts and signature beverages. Red Robin offers a variety of options behind the bar, including its extensive selection of local and regional beers, and innovative adult beer shakes and cocktails, earning the restaurant a VIBE Vista Award for Best Beer Program in a Multi-Unit Chain Restaurant. There are more than 540 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements.
