Shares of Red Robin have returned -9.4% over the past month versus the Zacks S&P 500 composite's +4.3% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term. Number of restaurants - Total: 505 versus the three-analyst average estimate of 507. Comparable restaurant revenue - YoY change: -6.5% versus the three-analyst average estimate of -5.6%. Number of restaurants - Franchised: 92 versus the two-analyst average estimate of 92 ...

Red Robin (RRGB) came out with a quarterly loss of $0.80 per share versus the Zacks Consensus Estimate of a loss of $0.41. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of -95.12%. A quarter ago, it was expected that this casual restaurant chain would post a loss of $0.43 per share when it actually produced a loss of $0.66, delivering a surprise of -53.49%. Over the last four quarters, the c ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20(unaudited)) Unaudited statements show decreased assets, a widened stockholders' deficit, and a larger net loss despite positive operating cash flow Condensed Consolidated Balance Sheets | Balance Sheet Items (in thousands) | April 21, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $30,594 | $23,634 | | Total current assets | $93,268 | $91,781 | | Total assets | $717,086 | $741,934 | | **Liabilities & Stockholders' Equity (Deficit)** | | | | Total current liabilities | $197,643 | $186,337 | | Long-term debt | $161,961 | $182,594 | | Total liabilities | $746,187 | $762,376 | | Total stockholders' equity (deficit) | $(29,101) | $(20,442) | - Total assets decreased to **$717.1 million** while the total stockholders' deficit widened to **$(29.1) million**[10](index=10&type=chunk) Condensed Consolidated Statements of Operations and Comprehensive Loss | Income Statement Items (in thousands) | Q1 2024 (ended Apr 21) | Q1 2023 (ended Apr 16) | | :--- | :--- | :--- | | Total revenues | $388,541 | $417,812 | | Total costs and expenses | $390,652 | $413,631 | | Income (loss) from operations | $(2,111) | $4,181 | | Net loss | $(9,460) | $(3,256) | | Diluted loss per share | $(0.61) | $(0.20) | - Total revenues decreased to **$388.5 million** in Q1 2024, swinging from an operating income of **$4.2 million** to an operating loss of **$2.1 million**[13](index=13&type=chunk) - The total stockholders' deficit increased to **$(29.1) million** as of April 21, 2024, driven by a **$9.5 million** net loss during the quarter[17](index=17&type=chunk) Condensed Consolidated Statements of Cash Flows | Cash Flow Items (in thousands) | Q1 2024 (ended Apr 21) | Q1 2023 (ended Apr 16) | | :--- | :--- | :--- | | Net cash provided by operating activities | $13,734 | $17,342 | | Net cash provided by (used in) investing activities | $15,145 | $(16,084) | | Net cash used in financing activities | $(21,894) | $(1,017) | | Net change in cash, cash equivalents, and restricted cash | $6,987 | $240 | - Investing activities provided **$15.1 million** in cash, driven by a **$23.4 million** sale-leaseback transaction, while financing activities used **$21.9 million** for debt repayment[20](index=20&type=chunk) - As of April 21, 2024, the company operated **413 owned** and **92 franchised** restaurants[22](index=22&type=chunk) - A Q1 2024 sale-leaseback of ten properties generated net proceeds of **$23.4 million** and a net gain of **$7.4 million**[40](index=40&type=chunk) - Total term loan borrowings stood at **$167.9 million** as of April 21, 2024, with a variable interest rate of **11.59%**[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenues declined 7.0% due to a drop in guest count, while costs rose, leading to a lower Adjusted EBITDA and a wider net loss Highlights and Key Performance Indicators | Key Metrics | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $388.5 million | $417.8 million | | Comparable Restaurant Revenue | -6.5% | N/A | | Net Loss | $9.5 million | $3.3 million | | Adjusted EBITDA | $12.2 million | $35.9 million | | Restaurant Level Operating Profit | $41.5 million (11.0%) | $60.0 million (14.7%) | - The company generated net proceeds of approximately **$23.4 million** from a sale-leaseback of ten restaurants[68](index=68&type=chunk) - A total of **$21.2 million** of debt was repaid during the first quarter of fiscal 2024[66](index=66&type=chunk) Results of Operations - **Revenues:** Restaurant revenue decreased by **7.0%** to **$378.6 million**, primarily due to a **6.5%** decrease in comparable restaurant revenue driven by a **9.4%** drop in Guest count[86](index=86&type=chunk) - **Cost of Sales:** Decreased by **70 basis points** to **23.8%** of restaurant revenue, driven by menu price increases and cost savings initiatives[89](index=89&type=chunk) - **Labor Costs:** Increased by **360 basis points** to **39.3%** of restaurant revenue due to investments in wages, benefits, and a new bonus plan[91](index=91&type=chunk) - **Selling, General, and Administrative (SG&A):** Increased by **$4.9 million (14.1%)**, primarily driven by a **$5.2 million** increase in selling costs[96](index=96&type=chunk)[98](index=98&type=chunk) Liquidity and Capital Resources - Total liquidity was approximately **$55.6 million** as of April 21, 2024, including **$25.0 million** available under its credit facility[103](index=103&type=chunk) - Net cash from operating activities decreased to **$13.7 million** from **$17.3 million** year-over-year, mainly due to lower profitability[104](index=104&type=chunk)[105](index=105&type=chunk) - Q1 2024 capital expenditures were significantly reduced to **$8.2 million** from **$16.1 million** in the prior year[107](index=107&type=chunk) - The company was in compliance with all debt covenants as of April 21, 2024[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks remain interest rate fluctuations on its variable-rate debt and commodity price volatility - A **1.0%** change in interest rates on its **$167.9 million** of variable-rate debt would impact annualized pre-tax interest expense by **$1.7 million**[125](index=125&type=chunk) - A **1.0%** increase in food and beverage costs would negatively impact the annual cost of sales by approximately **$2.9 million**[126](index=126&type=chunk) [Controls and Procedures](index=35&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the quarter-end[127](index=127&type=chunk) - No material changes to internal control over financial reporting occurred during the most recent fiscal quarter[128](index=128&type=chunk) [PART II - OTHER INFORMATION](index=36&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=ITEM%201.%20Legal%20Proceedings) The company faces routine litigation but believes existing reserves are adequate and outcomes will not be materially adverse - The company is subject to various claims and litigation arising in the normal course of business, including employment, guest, and commercial disputes[58](index=58&type=chunk) - As of April 21, 2024, the company maintained reserves of **$9.2 million** for loss contingencies, included within Accrued liabilities[59](index=59&type=chunk) [Risk Factors](index=36&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the 2023 Annual Report on Form 10-K have occurred - No material changes have occurred to the risk factors disclosed in the Annual Report on Form 10-K for fiscal year 2023[133](index=133&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not engage in any unregistered equity sales or share repurchases during the first quarter of fiscal 2024 - The company made no unregistered sales of equity securities and no share repurchases during the first quarter of fiscal 2024[134](index=134&type=chunk) [Other Information](index=37&type=section&id=ITEM%205.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the first quarter - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the first quarter of 2024[136](index=136&type=chunk) [Exhibits](index=38&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the report, including certifications and interactive data files - The exhibits filed with this Form 10-Q include CEO and CFO certifications under Rule 13a-14(a) and Section 1350, as well as financial statements formatted in XBRL[138](index=138&type=chunk)

Exhibit 99.1 Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 21, 2024 Delivered positive comparable restaurant revenue in the first five weeks of the second quarter Launched new loyalty program on May 22nd Repaid approximately $21.2 million of debt Englewood, CO – May 29, 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-frie ...

ENGLEWOOD, Colo., May 29, 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 first quarter ended April 21, 2024. Highlights for the First Quarter of Fiscal 2024, Compared to the First Quarter of Fiscal 2023: (1) Comparable restaurant revenue represents revenue from Company-owned restau ...

Red Robin Gourmet Burgers, Inc. (RRGB) is scheduled to report first-quarter fiscal 2024 results on May 29, after the closing bell. In the last reported quarter, the company delivered a negative earnings surprise of 53.5%. Q1 Estimates The Zacks Consensus Estimate is pegged at a loss of 41 cents per share. In the prior-year quarter, RRGB reported earnings per share of 25 cents. The consensus mark for revenues is pegged at $397.1 million, suggesting a decline of 5% year over year. Factors at Play Red Robin's ...

In its upcoming report, Red Robin (RRGB) is predicted by Wall Street analysts to post quarterly loss of $0.41 per share, reflecting a decline of 264% compared to the same period last year. Revenues are forecasted to be $397.08 million, representing a year-over-year decrease of 5%. The consensus EPS estimate for the quarter has undergone a downward revision of 37.6% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial esti ...

Now, Red Robin Royalty members will earn one point for every dollar spent on qualifying purchases, not just entrees. For every 100 points earned, members will receive a $10 reward to use on their Red Robin favorites. * "Our Red Robin Royalty members deserve to feel like royalty when dining with us," said Kevin Mayer, Red Robin's Chief Marketing Officer. "This overhauled loyalty program is the latest in a series of upgrades at Red Robin to enhance the guest experience through culinary innovation and superb s ...

The market expects Red Robin (RRGB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss ...

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) Q4 2023 Earnings Conference Call February 28, 2024 4:30 PM ET Company Participants G.J. Hart - President and Chief Executive Officer Todd Wilson - Chief Financial Officer Conference Call Participants Alex Slagle - Jefferies Todd Brooks - The Benchmark Company Andrew Wolf - CL King Operator Good afternoon, everyone and welcome to the Red Robin Gourmet Burger Incorporated Fourth Quarter 2023 Earnings Call. This conference is being recorded. During management’s pre ...