US-based restaurant chain Red Robin Gourmet Burgers has posted a 5.6% year-over-year revenue increase for the first quarter (Q1) of 2023.
The company saw its total revenues increase to $418m during the quarter, against $395.6m in the corresponding quarter last year.
Its net loss of $3.1m during Q1 2023 remained unchanged compared to the same quarter a year ago.
Red Robin Gourmet Burgers’ income from operations decreased from $4.4m in Q1 2022 to $4.3m in Q1 2023.
During the quarter, the adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 28.9% year-over-year to $36.1m.
The company witnessed an 8.6% rise in comparable restaurant revenue during the quarter, achieving positive comparable restaurant revenue growth for the ninth successive quarter.
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The comparable restaurant traffic increased by 0.6% in Q1 2023 against last year’s quarter while comparable restaurant dine-in sales rose by 16.4%.
The restaurant chain’s net loss per diluted share was $0.19, compared to $0.2 in the previous year’s quarter.
Red Robin Gourmet Burgers expects total revenue of $1.3bn for 2023. The comparable restaurant revenue growth is expected to be between 2% and 4%.
The adjusted EBITDA for the full year of 2023 is expected to be between $70m and $80m.
Red Robin Gourmet Burgers president and CEO G J Hart said: “Our first quarter results are strong and demonstrate the power of the Red Robin brand. We are just getting started with implementing our ‘North Star’ plan, we and already see higher guest satisfaction and significant gains in sales and profits.
“Due to the tremendous efforts of all of our team members, we can both accelerate investments in people and enhancements to the quality of our food offerings while also raising our financial guidance for 2023.
“We are committed to the diligent execution of our strategic plan and I am more confident than ever in the comeback of this iconic brand.”