Red Robin Gourmet Burgers (RRGB) Prelim. Q3 Results Miss Expectations
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sonoco (SON) Affirms FY16 Outlook; Guides FY17 EPS Below Views
- Oppenheimer Remains Sidelined on Ambarella (AMBA) Following 3Q
- Starbucks Coffee (SBUX): Regardless Of CEO Transition, Multiple Will Contract - Buckingham
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Hot Guidance, Retail Sales, Trading Halts
Related EntitiesTwitter, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!