Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) posted mixed second-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year, while the bottom line fell from the prior-year quarter's levels.
Following the results, the company's shares declined 14% during the after-hours trading session on Aug 22. Negative investor sentiments were witnessed as the company lowered its 2024 guidance on account of a broader industry slowdown.
Delving Deeper
In the fiscal second quarter, RRGB recorded an adjusted loss per share of 48 cents, wider than the Zacks Consensus Estimate of a loss of 41 cents. The company reported an adjusted loss per share of 24 cents in the prior-year quarter.
Red Robin Gourmet Burgers, Inc. Price, Consensus and EPS Surprise
Red Robin Gourmet Burgers, Inc. price-consensus-eps-surprise-chart | Red Robin Gourmet Burgers, Inc. Quote
Quarterly revenues of $300.2 million beat the consensus mark of $296 million. The top line inched up 0.5% year over year. In the quarter under review, comparable restaurant revenues increased 1.4% year over year.
Operating Results
The restaurant-level operating profit margin was 11.8% in the fiscal second quarter (compared with 12.6% in the prior-year quarter). The figure compares to our projection of 11.9%.
In the fiscal second quarter, restaurant labor costs increased 3.9% year over year to $113.9 million. The figure compares to our projection of $112.2 million.
Other operating costs came in at $51.7 million ...
