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Oct 06, 2024
Red Robin Q3 2024 Earnings Report
Red Robin reported third quarter results, with comparable restaurant sales increasing and a relaunched loyalty program continuing growth.
Key Takeaways
Red Robin's third quarter results were in line with expectations, with comparable restaurant revenue exceeding the industry average. Guest satisfaction scores improved to levels not seen since 2016, and the relaunched loyalty program showed potential. The company is focused on executing its strategic plan to drive long-term growth.
Total revenues decreased by $2.9 million to $274.6 million.
Comparable restaurant revenue increased by 0.6%.
Net loss was $18.9 million, compared to a net loss of $8.2 million last year.
Adjusted EBITDA was $2.1 million compared to $6.8 million last year.
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 at least 10.5%, inclusive of investments in the Guest experience and rent expense related to the sale leaseback transactions; •Adjusted EBITDA of $35.0 million to $37.5 million; •Capital expenditures of approximately $25 million.
Positive Outlook
- Total revenue of approximately $1.250 billion.
- Restaurant level operating profit of at least 10.5%, inclusive of investments in the Guest experience and rent expense related to the sale leaseback transactions.
- Adjusted EBITDA of $35.0 million to $37.5 million.
- Capital expenditures of approximately $25 million.
- Extended the terms of the Second Amendment through the first quarter of 2026.
Challenges Ahead
- Providing Income (loss) from operations and Net income (loss) guidance is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items.
- Fiscal 2024 includes 52 weeks versus 53 weeks in fiscal 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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