Red Robin Gourmet Burgers, Inc. (RRGB) posted mixed third-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Both top and bottom lines declined year over year.  Following the results, the company’s shares declined 10.1% during yesterday’s after-hours trading session.Red Robin’s third-quarter fiscal 2024 results declined despite some positive developments in restaurant performance and customer satisfaction. The company’s CEO G.J. Hart emphasized tha ...

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) Q3 2024 Earnings Conference Call November 6, 2024 4:30 PM ET Company Participants G.J. Hart - President & Chief Executive Officer Todd Wilson - Chief Financial Officer Conference Call Participants Todd Brooks - The Benchmark Company Alex Slagle - Jefferies Alex Sturnieks - Lake Street Capital Andrew Wolf - C.L. King Operator Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers Incorporated Third Quarter 2024 Earnings Call. This conference is be ...

Red Robin (RRGB) reported $274.64 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 1.1%. EPS of -$1.13 for the same period compares to -$0.79 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $271.64 million, representing a surprise of +1.10%. The company delivered an EPS surprise of -29.89%, with the consensus EPS estimate being -$0.87.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Red Robin (RRGB) came out with a quarterly loss of $1.13 per share versus the Zacks Consensus Estimate of a loss of $0.87. This compares to loss of $0.79 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -29.89%. A quarter ago, it was expected that this casual restaurant chain would post a loss of $0.41 per share when it actually produced a loss of $0.48, delivering a surprise of -17.07%.Over the last four quarters, the company ...

Financial Performance - Total revenues for Q3 FY2024 were $274.6 million, a decrease of $2.9 million compared to Q3 FY2023[46] - Net loss for Q3 FY2024 was $18.9 million, compared to a net loss of $8.2 million in Q3 FY2023[46] - Adjusted EBITDA for Q3 FY2024 was $2.1 million, down from $6.8 million in Q3 FY2023[46] - Year-to-date total revenues for FY2024 were $963.3 million, a decrease of $30.7 million compared to the same period in FY2023[46] - Net loss for the year-to-date period of FY2024 was $37.8 million, compared to a net loss of $7.5 million in the prior year[46] - Adjusted EBITDA for the year-to-date period of FY2024 was $26.1 million, down from $58.3 million in the prior year[46] - Adjusted income per share for the twelve weeks ended October 6, 2024, was $(1.13), compared to $(0.79) for the same period in 2023[75] - Net loss for the twelve weeks ended October 6, 2024, was $18.9 million, compared to a loss of $8.2 million for the same period in 2023[77] - Adjusted EBITDA for the twelve weeks ended October 6, 2024, was $2.1 million, down from $6.8 million in the prior year[77] Revenue and Sales Trends - Comparable restaurant revenue increased by 0.6% in Q3 FY2024[46] - Comparable restaurant revenue declined by 2.6% year-to-date FY2024, excluding a deferred revenue benefit[46] - Restaurant revenue decreased by $2.5 million, or 0.9%, in Q3 2024 compared to Q3 2023, primarily due to the closure of 9 locations[57] - Comparable restaurant revenue increased by 0.6%, with a 4.9% increase in average Guest check offset by a 4.3% decrease in Guest count[57] - Year-to-date restaurant revenue decreased by $29.7 million, or 3.0%, compared to the same period in 2023, with a 2.1% decrease in comparable restaurant revenue[57] - Dine-in sales comprised 76.5% of total food and beverage sales during the year-to-date period of 2024, compared to 74.8% in the same period in 2023[57] - Restaurant revenue for the twelve weeks ended October 6, 2024, was $270.6 million, a decrease of 0.9% from $273.1 million in the same period last year[72] Operating Costs and Expenses - Cost of sales as a percentage of restaurant revenue increased by 30 basis points in Q3 2024 compared to Q3 2023, driven by commodity inflation and higher discounts[58] - Labor costs increased by 3.8% in Q3 2024 compared to Q3 2023, with labor as a percentage of restaurant revenue rising by 180 basis points[60] - Other operating costs remained unchanged as a percentage of restaurant revenue in Q3 2024 compared to Q3 2023[61] - Occupancy costs as a percentage of restaurant revenue increased by 20 basis points in Q3 2024 compared to Q3 2023, primarily due to fixed rents from the sale-leaseback of 28 locations[62] - Selling, general, and administrative expenses decreased by $1.7 million, or 6.0%, in Q3 fiscal 2024 compared to the same period in 2023[66] - Total restaurant operating costs for the twelve weeks ended October 6, 2024, were $246.4 million, an increase of 1.5% compared to $242.7 million in the prior year[72] - Restaurant level operating profit for the twelve weeks ended October 6, 2024, was $24.2 million, a decrease of 20.4% from $30.4 million in the same period last year[72] - Restaurant level operating profit margin decreased to 9.0% for the forty weeks ended October 6, 2024, compared to 10.6% for the same period in 2023[79] Cash Flow and Liquidity - Net cash provided by operating activities decreased by $15.5 million to $1.8 million for the year-to-date period of fiscal 2024 compared to $17.4 million in fiscal 2023[84] - Total capital expenditures for the forty weeks ended October 6, 2024, were $19.4 million, down from $37.1 million in the prior year[85] - As of October 6, 2024, the company had approximately $42.0 million in liquidity, including cash and cash equivalents and available borrowing capacity[82] - Net cash used in financing activities decreased to $8.0 million for the year-to-date period of fiscal 2024, compared to $33.7 million in the prior year[86] - Net cash flows provided by investing activities decreased to $4.9 million for the year-to-date period of fiscal 2024, down from $19.0 million in fiscal 2023[84] Debt and Financing - Outstanding borrowings under the Credit Facility as of October 6, 2024, were $180.7 million, with $20.0 million of available borrowing capacity[88] - The company entered into a second amendment to its Credit Agreement on August 21, 2024, increasing revolving commitments by $15.0 million to $40.0 million[88] - As of October 6, 2024, the company was in compliance with all debt covenants under its Credit Facility, with a maximum net total leverage ratio covenant extended through the end of Q1 2026[89] - The company operates with a working capital deficit, relying on cash or credit card sales, with future cash flows expected to meet anticipated cash requirements and fund capital expenditures over the next 12 months[90] - Interest expense for Q3 fiscal 2024 was $6.3 million, an increase from $6.1 million in Q3 fiscal 2023, primarily due to an increase in the weighted average interest rate to 14.0%[69] - The effective tax rate for Q3 fiscal 2024 was a 0.5% benefit, compared to a 3.5% expense in Q3 fiscal 2023[70] Strategic Initiatives and Future Outlook - The loyalty program membership increased to 14.5 million members, up from 13.1 million in the previous year[46] - The company completed a sale-leaseback transaction for ten restaurants, generating net proceeds of approximately $23.3 million[46] - No new restaurants were opened in the year-to-date period of fiscal 2024, while one restaurant was opened and 25 Donatos locations were rolled out in the same period last year[68] - The current share repurchase program allows for up to $75.0 million in common stock repurchases, with $58.5 million available as of October 6, 2024, and no repurchases completed during the quarter[91] - The company anticipates continued investments in partnerships and restaurant improvements as part of its strategic plans[97] - Forward-looking statements indicate expectations regarding working capital, cash flows, and the effectiveness of strategic initiatives, with potential risks outlined[97] Risk Factors - The company’s business is subject to seasonal fluctuations, with historically higher sales during spring and winter holiday seasons, impacting quarterly operating results[93] - As of October 6, 2024, the company had $187.9 million in borrowings subject to variable interest rates, with a 1.0% change in interest rates resulting in a pre-tax interest expense fluctuation of $1.9 million annually[99] - A 1.0% increase in food and beverage costs would negatively impact cost of sales by approximately $2.9 million on an annualized basis[99] - The company continues to monitor interest rate risk and may use interest rate swaps to manage exposure to interest rate changes[99] - There were no significant changes in critical accounting estimates since the last annual report, with estimates based on historical experiences and current economic conditions[95]

Exhibit 99.1 Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Third Quarter Ended October 6, 2024 Delivers Comparable Restaurant Sales Increase Relaunched Loyalty Program Continues Growth Announces Credit Agreement Amendment Englewood, CO – November 6, 2024 – Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial resul ...

Delivers Comparable Restaurant Sales IncreaseRelaunched Loyalty Program Continues GrowthAnnounces Credit Agreement AmendmentENGLEWOOD, Colo., Nov. 6, 2024 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal third quarter ended October 6, 2024.Highlights for the Third Quarter of Fiscal 2024, ...

ENGLEWOOD, Colo., Oct. 30, 2024 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced it will release financial results for its fiscal third quarter 2024 on Wednesday, November 6, 2024, after the market close, followed by a conference call to discuss these results at 4:30 p.m. ET.The conference call can be accessed live over ...

The Veterans Day offer includes a complimentary Red's Big Tavern Burger – made with one juicy flat-top grilled beef patty topped with melted American cheese, Red's Secret Tavern Sauce, fresh lettuce and vine-ripened tomato all piled high on a toasted brioche bun and served with the choice of a Bottomless Side, including Red Robin's famous Bottomless Steak Fries, Yukon Chips, Steamed Broccoli or Side Salad. Substitutions, additions or premium sides may result in an added charge.For years, Red Robin has serve ...

With multiple layers of heat, meet the newest addition to Red Robin's gourmet burger lineup: the Jalapeño Heatwave. This spicy delight presents a slow burn that builds with each bite, featuring grilled jalapeño, pepper-jack cheese, caramelized onion, green chili aioli and freshly smashed avocado with red pepper flakes, topped with crispy fried jalapeño coins for a satisfying crunch. The Jalapeño Heatwave joins Red Robin's more than 20 gourmet burger lineup and is served with a choice of Bottomless side, fro ...