Red Robin Gourmet Burgers (NASDAQ: RRGB) reported Q4 EPS of $0.43, $0.05 better than the analyst estimate of $0.38. Revenue for the quarter came in at $306.8 million versus the consensus estimate of $309.22 million.

• GAAP loss per diluted share was $0.82 compared to earnings per diluted share of $0.68;
• Adjusted earnings per diluted share were $0.43 compared to $0.78 (see Schedule I);
• Total revenues were $306.8 million, a decrease of 10.8%, including the negative impact of $24.3 million from having one fewer week in 2018 compared to 2017;
• Off-premise sales increased 23.2%, now comprising 10.6% of total food and beverage sales, including catering;
• Comparable restaurant revenue decreased 4.5% (using constant currency rates); and
• Comparable restaurant guest counts decreased 4.4%.

“2018 was a very challenging sales year and the fourth quarter continued that trend, buoyed somewhat by better than expected growth in our new catering business, but dragged down by weakness at in-line mall locations. That said, we made measurable progress on the operations fundamentals we identified last August as critical to gradually regaining our momentum in 2019. We were more prepared to capture the seasonally higher traffic with improved staffing, scheduling and execution leading to shorter wait times, fewer Guests walking away, and improved kitchen time to table by the end of the quarter,” said Denny Marie Post, Red Robin Gourmet Burgers, Inc. president and CEO. “Continued focus on these and other fundamentals is essential to delivering sustainable performance to return to positive sales and traffic. We are focused on strengthening operations, upgrading our marketing with new tactics to stabilize our dine-in business and making the critical investments in technology and resources that will yield benefits by mid-year and help us achieve Red Robin’s long-term goal of being both a destination and a source for Gourmet Burgers.”

GUIDANCE:

Red Robin Gourmet Burgers sees FY2019 EPS of $1.30-$1.70, versus the consensus of $1.82.

The Company currently expects the following in 2019:

• Comparable restaurant revenue growth of 0.0% to 1.5%;
• Selling, general and administrative costs of $160 million to $164 million;
• Net income of $17 million to $22 million;
• EBITDA of $121 million to $126 million;
• Diluted earnings per share of $1.30 to $1.70;
• Closing approximately five Company-owned restaurants and no new Company-owned restaurant openings; and
• Capital expenditures of $50 million to $60 million including corporate office, systems, maintenance and restaurant refresh capital, and technology, equipment and other investments to support growth initiatives.

For earnings history and earnings-related data on Red Robin Gourmet Burgers (RRGB) click here.