Red Robin Gourmet Burgers Inc
NASDAQ:RRGB
Red Robin Gourmet Burgers Inc
Red Robin Gourmet Burgers, Inc. develops, operates, and franchises full-service restaurants North America. The company is headquartered in Greenwood Village, Colorado and currently employs 22,483 full-time employees. The company went IPO on 2002-07-19. The firm's menu features a line of Gourmet Burgers made from fresh ground beef, as well as line of Red's Tavern Double burgers, and Red Robin's Finest line made with toppings. The company also offers burgers made with other proteins, including chicken breasts (grilled or fried), turkey patties, as well as a vegetarian patty and the plant-based burger patty. The firm offers a range of buns, including gluten free, sesame, brioche, and lettuce wraps, with a variety of toppings, including house-made sauces, crispy onion straws, sauteed mushrooms, several cheese choices, and a fried egg. Its beverages include alcoholic and non-alcoholic specialty drinks, cocktails, wine, and a variety of national and craft beers. The firm also offer a range of single-serve and shareable desserts, as well as its milkshakes.
Red Robin Gourmet Burgers, Inc. develops, operates, and franchises full-service restaurants North America. The company is headquartered in Greenwood Village, Colorado and currently employs 22,483 full-time employees. The company went IPO on 2002-07-19. The firm's menu features a line of Gourmet Burgers made from fresh ground beef, as well as line of Red's Tavern Double burgers, and Red Robin's Finest line made with toppings. The company also offers burgers made with other proteins, including chicken breasts (grilled or fried), turkey patties, as well as a vegetarian patty and the plant-based burger patty. The firm offers a range of buns, including gluten free, sesame, brioche, and lettuce wraps, with a variety of toppings, including house-made sauces, crispy onion straws, sauteed mushrooms, several cheese choices, and a fried egg. Its beverages include alcoholic and non-alcoholic specialty drinks, cocktails, wine, and a variety of national and craft beers. The firm also offer a range of single-serve and shareable desserts, as well as its milkshakes.
Revenue: Q3 revenue was $265.1 million, down from $274.6 million last year, but in line with expectations.
Traffic Trends: Traffic improved throughout the quarter, with a 250 basis point sequential uptick attributed to the Big Yummm promotion.
Profitability: Restaurant-level operating profit rose by 90 basis points year-over-year to 9.9%, driven by labor efficiency.
EBITDA: Adjusted EBITDA was $7.6 million, up $3.4 million versus last year and above internal expectations.
Guidance Updated: Full-year adjusted EBITDA guidance was raised to at least $65 million, and CapEx guidance increased to $33 million.
Cost Control: G&A costs dropped to $16.9 million from $20.8 million, with further efficiencies expected.
Off-Premise Growth: Off-premise sales were about 25% of revenue, with 2.9% traffic growth in this segment.
Capital Structure: The company extended its credit agreement by six months for a 50 basis point cost, launched a $40 million ATM equity program, and continues to explore refranchising.
