Comparable Restaurant Revenues Improving
Sequentially with the Expansion of Outdoor Seating Capacity
Company to Present at the J.P. Morgan Gaming,
Lodging, Restaurant & Leisure Management Access Forum on
September 14
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 provided a business update.
Paul J.B. Murphy III, Red Robin's President and Chief Executive
Officer, said, "We are encouraged by our improving comparable sales
trend over the past several weeks as we continue to expand our
seating capacity primarily through outdoor dining. Looking ahead,
we expect to build further momentum from the implementation and
related seating expansion of all-weather tents and booth partitions
by early in the fourth quarter along with indoor dining rooms
beginning to re-open in California. Off-premise sales also remain
strong as Guests continue to seek out our craveable, high-quality
food through the convenience of carryout and third-party delivery.
As we navigate through the pandemic, our Team Members are doing an
incredible job prioritizing health and safety protocols while
delivering consistent, quality execution of our brand promise with
continued, record guest satisfaction scores."
Preliminary net comparable restaurant revenues and average net
sales per restaurant through the week ended September 6, 2020 are
as follows:
Week ended
Company-owned Restaurants(1)
2-Aug
9-Aug
16-Aug
23-Aug
30-Aug
6-Sep(2)
Weekly Net Comparable Restaurant
Revenues
-35.4%
-32.9%
-30.6%
-26.1%
-22.1%
-21.9%
Average Net Sales per Restaurant
$37,239
$38,031
$39,099
$40,348
$39,865
$39,593
# of Comparable Company-operated
Restaurants
412
412
412
412
412
412
(1)
Net sales performance for restaurants
re-opened for full fiscal week presented. Restaurant count shown is
as of the end of fiscal week presented.
(2)
The Labor Day holiday shifted one week
later in 2020, negatively impacting comparable restaurant revenues
by approximately 3% to 5% for the fiscal week ended September 6,
2020.
Company-owned Restaurants with Open Indoor Dining
Rooms
As of September 6, 2020, the Company is operating approximately
349 indoor dining rooms with limited capacity, representing 85% of
412 currently open Company-operated restaurants.
Preliminary net comparable restaurant revenues and average net
sales per restaurant through the week ended September 6, 2020 are
as follows:
Week ended
Company-owned Restaurants with Open
Indoor Dining Rooms(3)
2-Aug
9-Aug
16-Aug
23-Aug
30-Aug
6-Sep(2)
Weekly Net Comparable Restaurant
Revenues
-30.4%
-27.9%
-25.2%
-21.1%
-17.1%
-16.1%
Average Net Sales per Restaurant
$39,058
$39,808
$40,823
$41,831
$41,300
$41,160
# of Comparable Company-operated
Restaurants
348
346
342
343
344
349
(3)
Net sales performance for restaurants with
open indoor dining rooms for the full fiscal week presented.
Restaurant count shown is as of the end of the fiscal week
presented.
Balance Sheet and Liquidity
As of September 6, 2020, the Company had liquidity of
approximately $104 million comprising cash and cash equivalents and
available capacity under its credit facility.
Virtual Conference Participation
The Company will be holding investor meetings and participating
in a virtual fireside chat discussion at the J.P. Morgan Gaming,
Lodging, Restaurant & Leisure Management Access Forum. Red
Robin's fireside chat discussion will be held on Monday, September
14, 2020, at 12:20 PM Eastern Time.
Investors and interested parties may listen to a webcast of this
fireside chat discussion by visiting the Company's website at
www.redrobin.com under the investor relations section.
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. At Red Robin,
burgers are more than just something Guests eat; they're a bonding
experience that brings together friends and families, kids and
adults. 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 cocktails. It's now easy to take Red Robin anywhere with
online ordering for to-go and Gourmet Burger Bar catering. There
are more than 540 Red Robin restaurants across the United States
and Canada, including those 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 improved sales trajectory, seating expansion and booth
partition implementation, re-opening of California restaurants,
guest satisfaction scores, preliminary results including weekly net
comparable restaurant revenue and average net sales per restaurant,
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," "could," "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 rapidly evolving nature of
the COVID-19 pandemic and related containment measures, including
the potential for a complete shutdown of Company restaurants; the
extent of the impact of the COVID-19 pandemic or any other
epidemic, disease outbreak, or public health emergency, including
the duration, spread, severity, and any recurrence of the COVID-19
pandemic; the duration and scope of COVID-19 related government
orders and restrictions including in California where a substantial
number of our restaurants are located; economic, public health, and
political conditions that impact consumer confidence and spending,
including the impact of COVID-19; the effect of the COVID-19
pandemic on labor, staffing, and changes in unemployment rate; the
ability to achieve significant cost savings; the Company's ability
to defer lease or contract payments or otherwise obtain concessions
from landlords, vendors, and other parties in light of the impact
of the COVID-19 pandemic; the economic health of the Company's
landlords and other tenants in retail centers in which restaurants
are located, suppliers, licensees, vendors, and other third parties
providing goods or services to the Company; our ability to
implement our seating expansion plans and the timing thereof,
including factors that are under the control of government
agencies, landlords and other third parties; adverse weather
conditions in regions in which the Company's restaurants are
located and the timing thereof; the impact of political protests
and curfews imposed by state and local governments; the effect of
the COVID-19 pandemic on our supply chain and the cost,
availability, and timing of obtaining key products, distribution,
labor, and energy; the effectiveness of the Company's marketing and
menu strategies and promotions; the effectiveness of the Company's
strategic initiatives including service model, technology
solutions, and sales building initiatives; the cost and
availability of capital or credit facility borrowings; the adequacy
of cash flows or available debt resources to fund operations; 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/20200910005290/en/
For investor relations questions contact: Raphael Gross,
ICR (203) 682-8253
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