Red Robin net income, sales down for second quarter
August 14, 2009
by Bryan Salvage
GREENWOOD VILLAGE, COLO. — Red Robin Gourmet Burgers Inc., announced net income for the fiscal second quarter of 2009 was $6.4 million, or 41 cents per diluted share, as compared to net income of $7.9 million, or 49 cents per diluted share, in the fiscal second quarter of 2008. Total revenues decreased 2.6% to $201.1 million. Restaurant-level operating profit decreased 6.0% to $35.6 million.
G.A.A.P. diluted earnings per share were 41 cents compared to 49 cents in the same period a year ago, which included a 3 cent charge for reacquired franchise costs and related acquisition integration expenses in the fiscal second quarter of 2008.
Red Robin’s financial performance during the second quarter reflected the continued weak macroeconomic climate that is impacting the casual dining industry as a whole, combined with the lapping of the company’s successful brand-building national advertising last year, said Dennis B. Mullen, chairman and chief executive officer.
"We are encouraged by our team members’ abilities to streamline operations and manage controllable costs, while delivering a consistently great dining experience, in addition to their focus on targeted traffic-driving and retention initiatives to improve our top line," he added.