Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Red Robin Gourmet Burgers Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 7.04% to $0.66 in the quarter versus EPS of $0.71 in the year-earlier quarter.
Revenue: Rose 2.28% to $306.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Red Robin Gourmet Burgers Inc. reported adjusted EPS income of $0.66 per share. By that measure, the company met the mean analyst estimate of $0.66. It missed the average revenue estimate of $306.36 million.
Quoting Management: “Overall, we were pleased with Red Robin’s business performance during the first quarter as we achieved our 11th consecutive quarter of same store sales growth and we continued expansion of our operating margins,” said Steve Carley, Red Robin Gourmet Burgers, Inc. chief executive officer. “Seasonality shifts from changes in our reporting period and media timing had a negative impact on our guest traffic and earnings in the first quarter this year. However, we remain encouraged by our strong guest counts relative to the casual dining category as a whole. We also made significant progress on our strategic road map initiatives, including the promising results we achieved with our brand transformation initiative. Our success to date gives us the confidence that we are positioning Red Robin for continued growth and profitability.”
Key Stats (on next page)…