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TheStreet Open House

Red Robin Gourmet Burgers Reports Results For The Fiscal Second Quarter Ended July 14, 2013

Stocks in this article: RRGB

System-wide restaurant revenues in the second quarter of 2013 totaled $324.1 million, compared to $306.8 million in the same period last year at constant currency rates.

Comparable restaurant revenues increased 4.3% for Company-owned restaurants in the second quarter of 2013 compared to the prior year. In the second quarter, guest counts decreased 0.7% on a comparable basis while average guest check increased 5.0%. The Company’s comparable revenue growth is calculated by comparing the same calendar weeks which, for 2012, vary from the Company’s fiscal reporting by one week. Year to date through the fiscal second quarter of 2013, comparable restaurant net revenues increased 3.1% compared to a year ago and were driven by a 3.7% increase in average guest check, partially offset by a 0.6% decrease in guest counts.

Restaurant-level operating profit margins at Company-owned restaurants were 23.3% in the second quarter of 2013 compared to 21.1% in the second quarter of 2012, an improvement of 220 basis points. The higher margins resulted primarily from lower food and beverage costs, as well as lower insurance and other operating costs as a percentage of sales. Schedule I of this earnings release defines restaurant-level operating profit, discusses why it is a useful metric for investors and reconciles this metric to income from operations and net income.

Restaurant revenue performance

    Q2 2013   Q2 2012
Average weekly sales per unit:        
Company-owned* - Total   $ 57,699   $ 55,774
Company-owned* - Comparable   $ 57,769   $ 55,388
Franchised units   $ 56,142   $ 54,492
Total operating weeks:        
Company-owned units     4,111     3,962
Franchised units     1,596     1,594

*Includes Company-owned casual dining restaurants only

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