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Apr 16, 2023
Red Robin Q1 2023 Earnings Report
Reported strong Q1 2023 results driven by the ‘North Star’ plan implementation, exceeding industry average comparable restaurant revenue growth, and raised fiscal 2023 outlook.
Key Takeaways
Red Robin reported a solid first quarter, demonstrating the effectiveness of its 'North Star' plan. The company saw an increase in total revenues and comparable restaurant revenue, exceeding industry averages. Due to the strong performance, Red Robin raised its financial guidance for 2023.
Total revenues increased to $418.0 million, a $22.4 million increase compared to 2022.
Comparable restaurant revenue increased by 8.6%, exceeding industry averages.
Net loss remained unchanged at $3.1 million compared to 2022.
Adjusted EBITDA increased to $36.1 million, an $8.1 million increase compared to 2022.
Red Robin
Red Robin
Red Robin Revenue by Segment
Revenue by Segment
Restaurant Revenue
CapyFin.com Forward Guidance
Red Robin is raising its guidance for fiscal year 2023.
Positive Outlook
- Total Revenue: At least $1.3 billion
- Comparable Restaurant Revenue: Increase 2.0% to 4.0%
- Restaurant Level Operating Profit: At least 13.5%
- Adjusted EBITDA: $70 to $80 million
Challenges Ahead
- Selling, general and administrative costs: $127 to $132 million
- Capital expenditures: $45 to $50 million