Red Robin Gourmet Burgers Jumps as Loss Narrows
2022.05.27 22:17
By Sam Boughedda
Investing.com — Shares of Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) are up over 27% Friday after the company topped earnings and revenue expectations for the first quarter.
The company posted an adjusted loss per share of $0.12 narrower than the $0.72 per share loss expected by analysts polled by Investing.com. Revenue came in at $395.55 million above expectations of $372.61 million.
Comparable restaurant revenue grew 19.7% compared to 2021.
“We are continuing to drive meaningful financial growth through our long-term, strategic investments. We have now added Donatos pizza to almost half our Company restaurants, and in the first quarter we generated total pizza sales of more than $7 million and checks with pizza were higher on average by more than $10,” said Paul Murphy III, Red Robin’s President, and Chief Executive Officer.
“We are also communicating more effectively with our growing Red Robin Royalty members, now totaling 10.6 million, through a new loyalty platform that is yielding all time high guest engagement by enhancing our capabilities to personalize offers and deliver compelling campaigns,” he added.
Red Robin reiterated its full-year guidance, expecting mid-to-high single-digit restaurant labor cost inflation and adjusted EBITDA between $80 million and $90 million.
