Red Robin 1Q net income, restaurant revenue up
May 20, 2011
by Bryan Salvage
GREENWOOD VILLAGE, Colo. – Red Robin Gourmet Burgers Inc. announced for its first quarter ended April 17 net income was $8.7 million, or $0.56 per diluted share, compared to net income of $4.9 million, or $0.32 per diluted share, in the fiscal first quarter of 2010; restaurant revenue increased 5.2 percent to $281.5 million; and company-owned comparable restaurant sales increased 1.9 percent.
“Over the last few months, the entire Red Robin team has been focused on implementing the initiatives of our strategic plan – Project RED – and working with a sense of urgency to drive performance improvement and build a foundation for long-term growth and profitability,” said Steven Carley, CEO. “While we are still in the early stages of this effort, we are encouraged by the traction that our Team Members have already achieved by strengthening our business performance and setting a course to become a best-in-class restaurant company.”
More than 450 Red Robin restaurants operate throughout the US and Canada.