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Jul 09, 2023
Red Robin Q2 2023 Earnings Report
Reported financial results for the second quarter of fiscal 2023 and raised adjusted EBITDA guidance for fiscal 2023.
Key Takeaways
Red Robin Gourmet Burgers, Inc. reported an increase in total revenues to $298.6 million and a net income of $3.9 million for the second quarter of fiscal 2023. The company also completed a Sale-Leaseback transaction and repaid $15.5 million of debt, repurchasing $5 million of stock.
Total revenues increased to $298.6 million, a $4.6 million increase compared to 2022.
Comparable restaurant revenue increased by 1.5%.
Net income increased by $21.9 million to $3.9 million compared to 2022.
Adjusted EBITDA increased by $3.7 million to $15.5 million compared to 2022.
Revenue by Segment
Forward Guidance
Red Robin expects total revenue to be at least $1.3 billion, comparable restaurant revenue to increase by 1.0% to 3.0%, restaurant level operating profit to be at least 13.5%, selling, general and administrative costs to be between $127 to $132 million, capital expenditures to be between $45 to $50 million, and adjusted EBITDA to be between $72.5 to $82.5 million for fiscal year 2023.
Positive Outlook
- Total Revenue: At least $1.3 billion
- Comparable Restaurant Revenue: Increase 1.0% to 3.0%
- Restaurant Level Operating Profit: At least 13.5%
- Adjusted EBITDA: $72.5 to $82.5 million
- Fiscal 2023 includes 53 weeks versus 52 weeks in fiscal 2022.
Challenges Ahead
- Selling, general and administrative costs: $127 to $132 million
- Capital expenditures: $45 to $50 million
- The Company has not provided a reconciliation of its Restaurant Level Operating Profit or Adjusted EBITDA outlook to the most comparable GAAP measure of Income from operations and Net income, respectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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