Wed, May 29, 9:03 PM (145 days ago)
Red Robin Gourmet Burgers, Inc. reported a net loss of $9.5 million for the quarter ended April 21, 2024, compared to a net loss of $3.3 million in the same period last year. Total revenues decreased by 7.0% year-over-year to $388.5 million, primarily driven by a 6.5% drop in comparable restaurant revenue. Key factors included a 9.4% decline in guest count, offset by a 2.9% increase in average guest check. Operating costs saw mixed trends: cost of sales as a percentage of revenue improved by 70 basis points, while labor costs increased by 360 basis points due to higher wages and incentive compensation. The company completed a sale-leaseback transaction for ten restaurants, generating net proceeds of $23.4 million and a gain of $7.4 million, which was used to repay $21.2 million of debt. Adjusted EBITDA fell significantly to $12.2 million from $35.9 million in the previous year. The company maintains $55.6 million in liquidity, including $25 million in available borrowing capacity.