Red Robin: Reported Results for Fiscal Q2-2020

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, reported financial results for the quarter ended July 12, 2020.

Second Quarter 2020 Financial Summary Compared to Q2-2019

• Total revenues were USD 161.1 million, a decrease of 47.7 percent, primarily resulting from our operational shift in response to Covid-19, including limited occupant capacity as we reopen dining rooms, operating an off-premise only model at our restaurants with closed dining rooms, and closed restaurants;
• Comparable restaurant revenue decreased 41.4 percent;
• Comparable average Guest check decreased 2.9 percent, resulting from a 5.7 percent decrease from menu mix, partially offset by a 2.2 percent increase in pricing and a 0.6 percent increase from lower discounting;
• Comparable restaurant Guest counts decreased 38.5 percent;
• Off-premise sales increased 208.7 percent and comprised 63.8 percent of total food and beverage sales;
• GAAP loss per diluted share was USD 4.09 compared to GAAP earnings per diluted share of USD 0.08;
• Adjusted loss per diluted share was USD 3.31 compared to adjusted earnings per diluted share of USD 1.03;
• Net loss was USD 56.3 million compared to net income of USD 1.0 million; and
• Adjusted Ebitda was a loss of USD 15.3 million compared to adjusted Ebitda of USD 25.5 million.

Paul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, «We are accelerating the transformation of our business through exceptional hospitality and uncompromising health and safety standards, despite the challenges created by the recent surge in Covid-19 cases and localized, renewed mandates to re-close dining rooms. In addition to generating sequential improvement in average weekly net sales per restaurant over the last five weeks, our record-high dine-in and off-premise satisfaction scores validate our consistent, quality execution as we build trust and affinity within our communities.»

Murphy continued, «Having strengthened our liquidity through our recent equity raise of almost USD 30 million, we are managing our business prudently while continuing to progress the foundational pillars in our previously articulated strategic plan to create long-term value for our shareholders. This plan includes executing our TGX hospitality model, implementing Donatos® Pizza in our restaurants, and improving our digital experience to drive increased Guest engagement and frequency.»

For additional information please read the Company’s PDF file below (217 KB):

20200812-RED-ROBIN-Q2-2020.