Red Robin Gourmet Burgers Reiterates All Aspects Of FY24 Guidance, Sees Revenue Of $1.25B-$1.275B Vs $1.25B Est.

Author: Benzinga Newsdesk | May 29, 2024 04:28pm

Outlook for Fiscal 2024 and Guidance Policy

Comparable restaurant revenue in the first five weeks of the second quarter of fiscal 2024 increased 0.3%(1) as compared to the same weeks in 2023.

The Company provides guidance of select information related to the Company's financial and operating performance, and such measures may differ from year to year. The projections are as of this date and the Company assumes no obligation to update or supplement this information.

The Company reiterates all aspects of its Fiscal 2024 guidance;

Total revenue of $1.250 billion to $1.275 billion, including comparable restaurant revenue of a low single digit percentage decline.
Restaurant level operating profit of 12.5% to 13.5%, inclusive of investments in the Guest experience and rent expenses related to the sale leaseback transactions;
Adjusted EBITDA of $60 million to $70 million;
Capital expenditures of $25 million to $35 million.

Fiscal 2024 includes 52 weeks versus 53 weeks in fiscal 2023.

Providing Income (loss) from operations and Net income (loss) guidance is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.

(1) Comparable restaurant revenue for the first five weeks of the second quarter of fiscal 2024 is calculated based on the Company's point-of-sales sale data, which does not include adjustments for loyalty breakage.

Posted In: RRGB