- Red Robin Gourmet Burgers Inc (NASDAQ: RRGB) reported first-quarter FY22 revenue growth of 21.2% year-over-year to $395.60 million, beating the consensus of $381.18 million.
- Restaurant sales rose 19.4% Y/Y, and comparable restaurant revenue increased 19.7%.
- Restaurant-level operating profit margin decreased by 170 basis points to 14%, driven primarily by commodity and labor cost inflation, partially offset by sales leverage.
- The operating income for the quarter was $4.4 million, with an operating margin of 1.1%. Adjusted EBITDA was $28 million.
- The company held $41.9 million in cash and equivalents as of April 17, 2022. Cash provided by operating activity totaled $13.3 million.
- Adjusted loss per share was $(0.12), beating the consensus of $(0.73).
- Outlook: Red Robin reiterated its outlook for mid-to-high single-digit restaurant labor cost inflation in FY22. It also continues to expect margin pressures to persist during 2022.
- It sees FY22 adjusted EBITDA of $80 million - $90 million and capital expenditure of $40 million - $50 million.
- Price Action: RRGB shares are trading higher by 14.3% at $9.84 in premarket on the last check Friday.
- Photo Via Company
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