From staff reports ENGLEWOOD, Colo. – The restaurant chain Red Robin Gourmet Burgers reported a slight drop in total revenues for the third quarter of fiscal year 2024, the company said in a recent news release.
The chain generated $274.6 million in revenues for the quarter, a $2.9 million drop from the third quarter of FY 2023, according to the news release. The company reported a net loss of $18.9 million for this quarter, compared to a net loss of $8.2 million a year ago.
Total revenues for the year to date were $963.3 million, a $30.7 million drop from the same time in FY 2023, according to the news release.
Comparable restaurant revenue fell by 2.6%, which did not include a deferred revenue benefit led by changes in the chain’s loyalty program. When that benefit was included, comparable restaurant revenue fell by 2.1%.
The third-quarter results were largely in line with expectations for the company, which is making progress on its North Star Plan, President and CEO G.J. Hart said in the news release. The plan is designed to boost the company’s long-term shareholder value by concentrating on the following five areas: * Focusing on operations.
* Improving guests’ experience.
* Reducing cost and complexity.
* Enhancing guests’ engagement with the restaurants.
* Driving growth in comparable restaurant revenue and unit profitability, and delivering on financial commitments.
“Our North Star Plan is working with our comparable restaurant revenue exceeding the industry average, as measured by BlackBox, and our traffic returning to in line with the industry as we moved through the third quarter,” Hart said. “With our guest satisfaction scores continuing to improve and at levels not seen since 2016, our guests are beginning to reward us for the investments we have made to revitalize Red Robin.”