Red Robin Gourmet Burgers (RRGB) Prelim. Q3 Results Miss Expectations
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Red Robin Gourmet Burgers, Inc., (Nasdaq: RRGB) announced preliminary results for its fiscal third quarter ended October 2, 2016. The Company also revised its outlook for fiscal year 2016.
The Company expects to report the following estimated financial results for the fiscal third quarter 2016:
- Total revenues of approximately $297 million (The Street sees revenue of $301.2 million.)
- Comparable restaurant revenue decrease of 3.6%
- Net loss of approximately $3.0 million or $0.23 per diluted share
- Adjusted net income of approximately $5.1 million or $0.38 per diluted share (excluding restaurant impairment and closure costs of $8.1 million, net of tax, or $0.61 per diluted share) (Consensus estimates called for EPS of $0.49.)(1)
Preliminary results remain subject to the completion of the Company’s quarter-end accounting procedures and adjustments and are subject to change.
“We are making real progress in improving guest traffic and service, fueled by investments in select initiatives focused on guest engagement, technology and operational efficiencies,” said Denny Marie Post, Red Robin Gourmet Burgers, Inc. chief executive officer. “During the third quarter, we outperformed the industry benchmark on guest traffic. Our investment in regaining our edge on everyday value has come at a cost to profits, further undermined by weakening industry trends. In addition to acting on improvements in our core business, we have identified and begun implementing a path forward to strengthen our earnings performance, which we will discuss during our third quarter 2016 earnings conference call on November 2nd.”
Revised Outlook for Fiscal Year 2016
The Company revised its guidance for full fiscal year 2016, lowering adjusted EBITDA to an estimated range of $141 million to $145 million(1). Additional details regarding the Company’s 2016 outlook will be provided on the third quarter 2016 earnings conference call.
Fiscal Third Quarter 2016 Earnings Conference Call
Final results for the fiscal third quarter of 2016 will be released shortly after 4:00 p.m. ET on Wednesday, November 2, 2016. The Company will also host an investor conference call to discuss these results at 5:00 p.m. ET that same day. The conference call number is (888) 211-0226, or for international callers (913) 312-0944. The call will also be webcast live from the Company's website at www.redrobin.com under the investor relations section.
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