Red Robin Q4 2022 Earnings Report
Key Takeaways
Red Robin's total revenues for Q4 2022 were $290.1 million, a 2.4% increase compared to 2021. Comparable restaurant revenue increased by 2.5%. The net loss was $44.2 million, including a non-cash impairment charge of $25.0 million. Adjusted EBITDA was $8.9 million, consistent with the previous year.
Total revenues increased by 2.4% to $290.1 million compared to the previous year.
Comparable restaurant revenue grew by 2.5%, marking the eighth consecutive quarter of positive growth.
Net loss increased to $44.2 million, which includes a non-cash impairment charge of $25.0 million.
Adjusted EBITDA remained consistent at $8.9 million compared to the same period in 2021.
Red Robin
Red Robin
Forward Guidance
The Company expects for full year 2023: Total Revenue of approximately $1.3 billion; Restaurant Level Operating Profit of at least 13.0%, inclusive of investments in the Guest experience, primarily in labor; Selling, general and administrative costs of $120 million to $125 million; Capital expenditures of $35 million to $40 million; and Adjusted EBITDA of $62.5 million to $72.5 million.
Positive Outlook
- Total Revenue of approximately $1.3 billion
- Restaurant Level Operating Profit of at least 13.0%
- Investments in the Guest experience, primarily in labor
- Capital expenditures of $35 million to $40 million
- Adjusted EBITDA of $62.5 million to $72.5 million