Red Robin Q1 comparable revenue +8.6%; raises FY 2023 guidance

RED ROBIN GOURMET BURGERS INC

2023-Q1 EPS reported -$0.19 revenue$417,968,000

Total revenues $418.0M (+$22.4M YoY); comparable restaurant revenue +8.6%; traffic +0.6%.
Net loss $3.1M (flat); Adjusted EBITDA $36.1M (+$8.1M); Restaurant Level OP margin 14.7% vs 14.0%.
Raises FY 2023 outlook: revenue at least $1.3B, comparable sales +2%–4%, Adj. EBITDA $70–80M.
Sale-leaseback of 10 properties expected Q2 FY2023; gross proceeds ~$30M; adds ~$2M annual occupancy cost.
Acquired five franchised restaurants in Northeast for ~$3.3M; ~$1M annual EBITDA. Appointed Jyoti Lynch as CTO.

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