16 July 2024
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Market + Management

Red Robin: Reported Results for Fiscal Q3-2023

Englewood / 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 fiscal third quarter of the current financial year ended October 01 (Q3-2023).

Highlights for the Third Quarter of Fiscal 2023

  • Total revenues are USD 277.6 million, a decrease of USD 9.2 million.
    – Comparable restaurant revenue decreased 3.4 percent.
    – Comparable restaurant dine-in sales increased 0.5 percent.
  • Net loss is USD 8.2 million, a decrease of USD 4.5 million from a net loss of USD 12.7 million during the same period of 2022.
  • Adjusted Ebitda (a non-GAAP metric) is USD 6.8 million, a USD 2.9 million increase.
  • Completed Sale-Leaseback transaction for nine restaurants, generating net proceeds of approximately USD 30.4 million and a gain, net of expenses of USD 14.9 million.
  • Repaid USD 8.4 million of debt and repurchased USD 5.0 million of stock.

Highlights for the Year-to-Date Period of Fiscal 2023

  • Total revenues are USD 994.0 million, an increase of USD 18.1 million.
    – Comparable restaurant revenue increased 2.9 percent.
    – Comparable restaurant dine-in sales increased 8.4 percent.
  • Net loss is USD 7.5 million, a decrease of USD 26.7 million from a net loss of USD 34.2 million during the same period of 2022.
  • Adjusted Ebitda (a non-GAAP metric) is USD 58.3 million, a USD 14.5 million increase.
  • Completed two Sale-Leaseback transactions for eighteen restaurants, generating net proceeds of USD 58.8 million and a gain, net of expenses of USD 29.4 million.
  • Repaid USD 24.9 million of debt and repurchased USD 10.0 million of stock.

President and Chief Executive Officer G.J. Hart: «We have made tremendous progress in 2023, first investing in people and hospitality and recently launching quality upgrades to ingredients and offerings across our menu. The enhancements we are making across all touch points continue to resonate with our guests resulting in increases in satisfaction, and we expect will ultimately drive increased traffic counts.»

For additional information please read the Company’s PDF file below (120 KB):

20231104-RED-ROBIN-Q3-2023.


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