Red Robin Q2 2024 Earnings Report
Key Takeaways
Red Robin Gourmet Burgers, Inc. reported an increase in total revenues to $300.2 million, a comparable restaurant revenue increase of 1.4% including a deferred revenue benefit led by the change in the Company's loyalty program, a net loss of $9.5 million, and an adjusted EBITDA of $11.8 million for the fiscal second quarter ended July 14, 2024.
Total revenues increased by $1.5 million to $300.2 million.
Comparable restaurant revenue increased by 1.4% including a deferred revenue benefit led by the change in the Company's loyalty program.
Net loss was $9.5 million, compared to a net income of $3.9 million in the same quarter last year.
Adjusted EBITDA was $11.8 million, compared to $15.5 million in the same quarter last year.
Red Robin
Red Robin
Red Robin Revenue by Segment
Forward Guidance
The Company's updated guidance for fiscal 2024 is: Total revenue of approximately $1.250 billion; Restaurant level operating profit of 11.0% to 11.5%, inclusive of investments in the Guest experience and rent expense related to the sale leaseback transactions; Adjusted EBITDA of $40.0 million to $45.0 million; Capital expenditures of $25 million to $30 million.
Positive Outlook
- Total revenue of approximately $1.250 billion.
- Restaurant level operating profit of 11.0% to 11.5%, inclusive of investments in the Guest experience and rent expense related to the sale leaseback transactions.
- Adjusted EBITDA of $40.0 million to $45.0 million.
- Capital expenditures of $25 million to $30 million.