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Oct 04, 2020
Red Robin Q3 2020 Earnings Report
Reported financial results with robust sequential sales improvement and better-than-expected cash flow performance.
Key Takeaways
Red Robin reported a decrease in total revenues by 31.9% to $200.5 million, and a net loss of $6.2 million compared to a net loss of $1.8 million in the same quarter of the previous year. However, the third quarter was an inflection point for the brand with robust sequential sales improvement throughout the quarter, closing the traffic gap to casual dining peers.
Total revenues decreased 31.9% to $200.5 million due to COVID-19 impacts.
Comparable restaurant revenue decreased 25.1% with sequential improvement through the quarter.
Off-premise sales increased 127.2% and comprised 40.7% of total food and beverage sales.
Net loss was $6.2 million, and adjusted loss per diluted share was $0.19.
Red Robin
Red Robin
Forward Guidance
Red Robin expects to generate between $12 million to $15 million of additional cash tax refunds within the next 12 months.