The Company expects to report the following financial results for the fiscal second quarter 2018:
Total revenues of approximately
- Comparable restaurant revenue decrease of 2.6%
- Comparable guest count decrease of 0.7%, which represents a 160 basis point outperformance on guest traffic vs. the casual dining sector according to Black Box Intelligence
GAAP loss per diluted share of
$0.14, driven by $0.54in asset impairment charges, $0.06in reorganization and other charges, as well as higher food costs and other operating expenses, offset by continued favorability in labor productivity and income tax expense
Adjusted earnings per diluted share of
$0.46, excluding the asset impairment, reorganization and other charges outlined above.
The above results are preliminary and subject to quarter-end closing
adjustments. The Company plans to report fiscal second quarter 2018
“We are disappointed with our performance in the second quarter.
Consistent with our commitment to providing timely disclosure and
transparency, we are announcing preliminary results for our second
quarter today because they are significantly lower than expected. While
we remain confident in the strategy that we have in place to address the
shifts going on within casual dining, we simply didn’t execute as well
as we should have,” said
“We have opportunities to improve our service execution, which has been impacted by the growing complexity of the multiple revenue streams within our four walls. We must also refresh our marketing message and move quickly on the digital guest experience. We will share more insights about these shortfalls, and our plans to address them, on our upcoming earnings call,” said Ms. Post.
For the full year 2018, the Company expects total revenues to range from
Second Quarter 2018 Release and Conference Call
Final results for the fiscal second quarter of 2018 will be released
The call will be webcast live from the Company's website at www.redrobin.com under the investor relations section.
Forward-looking statements in this press release regarding the Company’s
financial results, including anticipated revenues, comparable restaurant
revenues, comparable guest count, earnings per share, and all other
statements that are not historical facts, are made under the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based on assumptions believed by the Company to be
reasonable and speak only as of the date on which such statements are
made. Without limiting the generality of the foregoing, words such as
“expect,” “believe,” “anticipate,” “intend,” “plan,” “project,” “will”
or “estimate,” or the negative or other variations thereof or comparable
terminology are intended to identify forward-looking statements. The
Company undertakes no obligation to update such statements to reflect
events or circumstances arising after such date, and cautions investors
not to place undue reliance on any such forward-looking statements.
Forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from those described in the
statements based on a number of factors, including but not limited to
the following: the effectiveness of the Company’s affordability
initiatives to drive traffic and sales; the effectiveness of our
marketing strategies and promotions to achieve restaurant sales growth;
the cost and availability of key food products, labor, and energy; the
ability to achieve anticipated revenue and cost savings from anticipated
new technology systems and tools in the restaurants, service
improvements, and other initiatives; the ability to increase to-go and
other off-premise offerings; availability of capital or credit facility
borrowings; the adequacy of cash flows or available debt resources to
fund operations and growth opportunities; federal, state, and local
regulation of the Company's business; and other risk factors described
from time to time in the Company’s Form 10-K, Form 10-Q, and Form 8-K
reports (including all amendments to those reports) filed with the
Red Robin Gourmet Burgers, Inc.
PJ Adler, 303-846-5040
Red Robin Investor Relations