Red Robin Gourmet Burgers(US:RRGB) Prnewswireยท2024-08-22 20:05Core Insights - Red Robin Gourmet Burgers, Inc. reported a net loss of $9.5 million for the second quarter of fiscal 2024, a significant decline from a net income of $3.9 million in the same period last year [1][2][3] - Total revenues for the second quarter were $300.2 million, reflecting a slight increase of $1.5 million compared to the previous year [1][2] - The company has amended its credit agreement to provide additional financial flexibility, including an increase in revolving commitments and adjustments to financial covenants [1][3] Financial Performance - Total revenues for the year-to-date period of fiscal 2024 were $688.7 million, down $27.8 million from the same period in fiscal 2023 [1][2] - Comparable restaurant revenue declined by 4.0% year-to-date, with a marginal improvement to a decline of 3.2% when including a deferred revenue benefit from a loyalty program change [1][2] - Adjusted EBITDA for the second quarter was $11.8 million, down from $15.5 million in the prior year [1][2] Operational Highlights - The company completed a sale-leaseback transaction for ten restaurants, generating net proceeds of approximately $23.3 million and a gain of $7.4 million [1][2] - Guest satisfaction scores have improved to levels not seen since 2016, and comparable restaurant revenue has exceeded the industry average over the past three months [1][2] - The company expects to meet or exceed industry average traffic for the remainder of the year, despite current challenges in the broader restaurant industry [1][2] Guidance and Outlook - Updated guidance for fiscal 2024 includes total revenue projections of approximately $1.250 billion and adjusted EBITDA of $40.0 million to $45.0 million [1][4] - The company anticipates a restaurant-level operating profit margin of 11.0% to 11.5%, factoring in investments in guest experience and rent expenses related to sale-leaseback transactions [1][4]