Red Robin Gourmet Burgers Q2 Revenue Lags Consensus

Red Robin Gourmet Burgers Inc RRGB reported second-quarter FY21 revenue growth of 71.9% year-on-year, to $276.98 million, missing the analyst consensus of $279.99 million.
Restaurant sales rose 70% Y/Y driven by increased Guest traffic due to the continued lifting of jurisdictional indoor dining restrictions.
Comparable restaurant revenue increased 66.3% Y/Y and decreased 2.4% versus the same period in 2019.
The operating loss narrowed to $(2.6) million. Adjusted EBITDA was $19 million.
The company held $25.6 million in cash and equivalents as of July 11, 2021.
Adjusted loss per share was $(0.22) versus $(3.31) last year.
"While we have reasons to be optimistic about the recovery, overall performance in the second quarter was below our expectation," said CEO Paul J. B. Murphy III.
Price Action: RRGB shares closed lower by 0.04% at $24.57 on Wednesday.

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