Red Robin Gourmet Burgers, Inc. announced preliminary results for its fiscal third quarter ended October 2. The company also revised its outlook for fiscal year 2016.
The company expects to report the following estimated financial results for the fiscal third quarter 2016:
Total revenues of approximately $297 million
Comparable restaurant revenue decrease of 3.6 percent
Preliminary results remain subject to the completion of the company’s quarter-end accounting procedures and adjustments and are subject to change.
“We are making real progress in improving guest traffic and service, fueled by investments in select initiatives focused on guest engagement, technology, and operational efficiencies,” says Denny Marie Post, Red Robin Gourmet Burgers, Inc. chief executive officer. “During the third quarter, we outperformed the industry benchmark on guest traffic. Our investment in regaining our edge on everyday value has come at a cost to profits, further undermined by weakening industry trends. In addition to acting on improvements in our core business, we have identified and begun implementing a path forward to strengthen our earnings performance, which we will discuss during our third quarter 2016 earnings conference call on November 2.”