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Red Robin Gourmet Burgers Reports Q2 Earnings Beat

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Red Robin Gourmet Burgers Reports Q2 Earnings Beat

Red Robin Gourmet Burgers (NASDAQ: RRGB) reported second-quarter earnings of $1.03 per share, which does not compare to the analyst consensus estimate of 31 cents.

The company reported quarterly sales of $307.98 million, which beat the analyst consensus estimate of $306.39 million. This is a 2.35% decrease over sales of $315.388 million the same period last year.

"We are making important progress on the execution of the five pillars in our strategic plan, designed to restore Red Robin's growth and improve profitability, and believe we have reached an inflection point in our transformation,” said CEO Pattye Moore.

“This was underscored during the second quarter by achieving our strongest comparable restaurant revenue result in five quarters, including a sequential improvement from the first quarter. Importantly, we are encouraged to see early signs of our recent sales momentum continuing, which reflect our ongoing improvements in operating and guest satisfaction metrics, as well as the new omni-channel advertising campaign that launched July 15.”

Red Robin Gourmet Burgers shares were trading up 0.88% at $33.25 in Friday’s pre-market session. The stock has a 52-week high of $42.50 and a 52-week low of $24.57.

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Posted-In: Earnings News

 

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