Red Robin Gourmet Burgers reports $421.5m revenues in Q1 2018

23rd May 2018 (Last Updated May 23rd, 2018 11:19)

US-based full-service restaurant chain Red Robin Gourmet Burgers has reported a total revenue of $421.5m in the first quarter ending 22 April 2018.

Red Robin Gourmet Burgers reports $421.5m revenues in Q1 2018
Credit: Cbraccialini.

US-based full-service restaurant chain Red Robin Gourmet Burgers has reported a total revenue of $421.5m in the first quarter ending 22 April 2018.

The restaurant company also reported a net income of $4.4m, compared to $11.6m for the same period in the previous year.

Restaurant-level operating profit decreased to 20%, compared to 21.3% from the previous year.

“While our sales were disappointing in the first quarter, we continued to do much better than casual dining on traffic.”

In addition, off-premise sales increased to 9.4%, comparable restaurant revenue decreased to 0.9% and earnings per diluted share were $0.34 compared to $0.89 last year.

Red Robin Gourmet Burgers chief executive officer Denny Marie Post said: “While our sales were disappointing in the first quarter, we continued to do much better than casual dining on traffic according to Black Box Intelligence, outpacing the sector by 230 basis points.

“This makes our seventh quarter in a row of gaining market share. We did this by driving our off-premise sales by almost 40% year over year, increasingly going where the guest wants us to be.

“We are taking steps to improve sales and traffic trends while continuing to make strides on productivity, which is critical to ensure we can deliver great service and value despite rising costs.”

The restaurant chain also opened four Red Robin restaurants and its franchisees opened one Red Robin restaurant during the first quarter of this year.

The company plans to open four Red Robin restaurants and its franchisees to open three Red Robin restaurants during the remainder of 2018.