Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) shares fell early Wednesdsay, on reporting weaker-than-expected results for its second quarter on Tuesday.
The restaurant chain, headquartered in Greenwood Village, Col., revealed total revenues were $161.1 million, a decrease of 47.7%, primarily resulting from our operational shift in response to COVID-19, including limited occupant capacity as we reopen dining rooms, operating an off-premise only model at our restaurants with closed dining rooms, and closed restaurants;
Comparable restaurant revenue decreased 41.4%. GAAP loss per diluted share was $4.09 compared to GAAP earnings per diluted share of $0.08.
Adjusted loss per diluted share was $3.31 compared to adjusted earnings per diluted share of $1.03. The company’s net loss was $56.3 million compared to net income of $1.0 million.
Adjusted EBITDA was a loss of $15.3 million compared to adjusted EBITDA of $25.5 million
CEO Paul Murphy said, "We are accelerating the transformation of our business through exceptional hospitality and uncompromising health and safety standards, despite the challenges created by the recent surge in COVID-19 cases and localized, renewed mandates to re-close dining rooms.
"In addition to generating sequential improvement in average weekly net sales per restaurant over the last five weeks, our record-high dine-in and off-premise satisfaction scores validate our consistent, quality execution as we build trust and affinity within our communities."
RRGB shares tumbled 91 cents, or 8.4%, to $9.99.
