Red Robin Gourmet Burgers (NASDAQ: RRGB) reported Q4 EPS of ($0.36), $0.20 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $302.9 million versus the consensus estimate of $302.79 million.

Fourth Quarter 2019 Financial Summary Compared to Fourth Quarter 2018

• Total revenues were $302.9 million, a decrease of 1.2%;
• Comparable restaurant revenue increased 1.3%, the second consecutive quarter of positive comparable restaurant revenue;
• Comparable average guest check increased 4.7%, resulting from a 1.1% increase in menu mix, a 1.8% increase in pricing, and a 1.8% increase from lower discounting;
• Comparable restaurant guest counts decreased 3.4%;
• Off-premise sales, including catering, increased 26.9% and comprised 13.9% of total food and beverage sales;
• GAAP loss per diluted share was $0.60 compared to $0.82;
• Adjusted loss per diluted share was $0.36 compared to adjusted earnings per diluted share of $0.43 (see Schedule I);
• Net loss was $7.7 million compared to $10.6 million; and
• Adjusted EBITDA was $26.7 million compared to $28.4 million (see Schedule III).

Paul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are pleased with the continued, measurable progress we are making to deliver on our strategic plan, as we achieved the second consecutive quarter of comparable restaurant revenue growth in the fourth quarter of 2019, while intentionally unwinding significant discounting from the prior-year period. Importantly, our comparable restaurant revenue momentum has continued, and we expect it to accelerate in 2020, which we attribute to the foundational enhancements we made last year. These improvements include our focus on staffing, training, and retaining our Team Members; our commitment to delivering exceptional dining experiences at a compelling value; and our accentuation of brand attributes through the ‘All the Fulls’ creative campaign.”

Murphy continued, “Having recently articulated a vision to accelerate Red Robin’s turnaround, transform the business, and create long-term value for our shareholders at the ICR investor conference in January, we are now focused on successfully executing that strategy. Today, our strategic priorities include recapturing the essence of what makes Red Robin an iconic brand; delivering consistent, quality execution of our brand promise; and reinforcing emotional connections and core brand equities through our omni-channel messaging. We are also focused on accelerating profitable growth by beginning the rollout of Donatos® pizza in our restaurants, implementing a new service model, growing our off-premise platforms, and building our digital capabilities to drive increased guest engagement and frequency. I am encouraged by the growing momentum we continue to see across the business, and look forward to building on this progress in 2020 and beyond as we deliver value for Red Robin guests, shareholders, and other stakeholders.”

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