Red Robin Gourmet Burgers Down 13% After Lower Than Expected Q1 Sales

Red Robin Gourmet Burgers

is trading lower on the session following its Q1 earnings announcement. The company reported an EPS of $0.71 vs $0.66 estimates and revenues $299.5 million vs $306.40 million estimates. However, Red Robin guided Steve Carley, Red Robin Gourmet Burgers, Inc. Chief Executive Officer said: “Our first quarter 2012 results were mixed in that we continued gains in earnings per share, average guest check, operating profit margin and expense management, while our guest counts declined during the quarter. Although we began the year with strong sales, we were disappointed by the extent of guest traffic softening in the second half of the quarter. Nevertheless, we are confident in our plans for strengthening our business, advancing our brand and positioning Red Robin for long-term growth and profitability.” Red Robin Gourmet Burgers is currently trading at $31.02, a gain of $4.73 or 13.23%.