Red Robin Gourmet Burgers RRGB announced their Q1 earnings today for the 16 week period that ended April 21st. Red Robin met the EPS consensus at $0.66 and marginally beat revenue.
Revenue increased by 2.3 percent year over year, but increased administrative and labor costs offset this increase, causing a negative change in net income. Net income fell by 10.4 percent to 9.5 million dollars.
Company owned same store sales rose for the quarter while total sales fell. Company owned stores rose by 200 over the quarter.
Looking forward to the rest of the year, Red Robin predicts same store sales to rise by 2.5 to 3.0 percent. The company plans to open 20 new stores during 2013 with an EPS of $0.23 for the entire year.
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