Company to Present at 22nd Annual ICR
Conference on January 14th
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or
the “Company”), a full-service restaurant chain serving an
innovative selection of high-quality gourmet burgers in a
family-friendly atmosphere, today announced preliminary, unaudited
revenue results for the fourth quarter ended December 29, 2019.
The Company will present at the 22nd Annual ICR Investor
Conference at the JW Marriott Orlando Grande Lakes tomorrow
morning, January 14, 2020, at 9:30 AM Eastern Time and has posted a
copy of its investor presentation to its Investor Relations website
that will accompany the webcast of this presentation.
Preliminary Fourth Quarter 2019 Revenue Summary Compared to
Fourth Quarter 2018
- Comparable restaurant revenue increased 1.3%;
- 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, including
catering; and
- Total revenues were $302.9 million, a decrease of 1.2%,
primarily due to restaurant closures, partially offset by the
increase in comparable restaurant revenue.
The above results are preliminary and subject to year-end
closing adjustments.
Paul J.B. Murphy III, Red Robin’s President and Chief Executive
Officer, said, “We are pleased to have achieved comparable
restaurant revenue growth during the fourth quarter of 2019, our
second quarter of consecutive positive comparable restaurant
revenue. We attribute these results to our menu and promotional
strategy of featuring innovative burgers and highlighting core
brand equities, while offering a great guest experience at a
compelling value. Notably, during the fourth quarter of 2019, we
had to lap significant discounting from the prior year quarter
which negatively impacted guest traffic but positively impacted
average guest check and gross margin. While our financials are not
yet finalized, we believe Adjusted EBITDA will be between $100
million and $102 million for full year 2019.”
Murphy added, “We look forward to sharing our vision for
hastening Red Robin’s turnaround and transforming the business at
the ICR Conference. Building upon what has already been
accomplished in 2019, a year of foundational change, we intend to
deliver consistent, quality execution of our brand promise;
reinforce emotional connections and core brand equities via our
omni-channel messaging campaign; and accelerate profitable growth
through menu rationalization, technological investments, and
significant expansion of our off-premise platforms.”
Murphy concluded, “This year, we believe that we can achieve low
single digit comparable restaurant revenue growth with incremental
restaurant-level operating profit offset by pre-opening, marketing
and project-related expenses associated with growth initiatives,
resulting in restaurant-level margin expansion and flat to slightly
positive Adjusted EBITDA compared to 2019. We also anticipate that
we can generate $35+ million in free cash flow, reduce debt, and
return capital to shareholders. Beginning in 2021, and with our
foundation firmly in place, we project mid-single digit comparable
restaurant revenue growth, margin expansion, Adjusted EBITDA growth
of 10%-15%, $45+ million in free cash flow, along with a further
reduction in debt and additional return of capital to
shareholders.”
ICR Conference Participation and Investor
Presentation
Red Robin will present at the 22nd Annual ICR Conference at the
JW Marriott Orlando Grande Lakes on Tuesday, January 14, 2020 at
9:30 AM Eastern Time.
In conjunction with this press release, the Company has posted a
copy of its investor presentation to accompany tomorrow’s
presentation and webcast on its website. To access the investor
presentation, please visit the Company’s website at
www.redrobin.com and select the “Company” section, then the
“Investor Relations” link, then the “Presentations” link.
To access the webcast, please visit the Company’s website
www.redrobin.com and select the “Company” section, then the
“Investor Relations” link, then the “Calendar of Events” link.
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant
chain founded in 1969 that operates through its wholly-owned
subsidiary, Red Robin International, Inc., and under the trade name
Red Robin Gourmet Burgers and Brews, is the Gourmet Burger
Authority™, famous for serving more than two dozen craveable,
high-quality burgers with Bottomless Steak Fries® in a fun
environment welcoming to Guests of all ages. Whether a family
dining with kids, adults grabbing a drink at the bar, or teens
enjoying a meal, Red Robin offers an unparalleled experience for
its Guests. In addition to its many burger offerings, Red Robin
serves a wide variety of salads, soups, appetizers, entrees,
desserts, and signature beverages. Red Robin offers a variety of
options behind the bar, including its extensive selection of local
and regional beers, and innovative adult beer shakes and cocktails,
earning the restaurant a VIBE Vista Award for Best Beer Program in
a Multi-Unit Chain Restaurant. There are more than 555 Red Robin
restaurants across the United States and Canada, including
locations operating under franchise agreements. Red Robin… YUMMM®!
Connect with Red Robin on Facebook, Instagram, and Twitter.
Forward-Looking Statements
Forward-looking statements in this press release regarding the
Company’s future performance, comparable restaurant revenue,
comparable restaurant guest counts, off premise sales, total
revenues, restaurant-level operating profit and margin expansion,
Adjusted EBITDA, free cash flow, use of capital 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. Except as required by law,
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 strategic initiatives, including
alternative labor models, service, and operational improvement
initiatives; the ability to train and retain the Company’s
workforce for service execution, including the complexities related
to growth of multiple revenue streams within the restaurants; the
effectiveness of the Company’s marketing strategies and promotions;
menu changes, including the anticipated sales growth, costs, and
timing of the Donatos® expansion; the implementation and rollout of
new technology solutions in the restaurants and timing thereof; the
ability to increase off-premise sales; the ability to achieve
revenue and cost savings from these and other initiatives; the
Company’s franchise strategy; competition in the casual dining
market and discounting by competitors; the cost and availability of
key food products, distribution, labor, and energy; general
economic conditions; the cost and availability of capital or credit
facility borrowings; the adequacy of cash flows or available debt
resources to fund operations and growth opportunities; limitations
on our ability to execute stock repurchases at all or at the times
or in the amounts we currently anticipate or to achieve anticipated
benefits of a share repurchase program; the impact of the Company’s
adoption of a shareholder rights plan; the impact of 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 U.S. Securities and Exchange
Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200113005209/en/
For media relations questions contact: Katelyn
Kwiatkowski, Coyne PR (973) 588-2000
For investor relations questions contact: Raphael Gross,
ICR (203) 682-8253
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