US-based full-service restaurant chain Red Robin Gourmet Burgers has reported total revenues of $1.33bn for the fiscal year ending 30 December 2018 (FY2018), a 3.5% decline compared to $1.39bn in 2017.
The restaurant company reported a net income (loss) of $6.42m, compared to $30.01m for the same period the previous year.
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Restaurant-level operating profit decreased to 19%, compared to 20.4% in the previous year.
The company reported GAAP loss per diluted share (loss) of $0.49, compared to earnings per diluted share of $2.31 in 2017.
In addition, off-premise sales increased to 31.5%, while comparable restaurant revenue decreased to 2.6% for the full year of 2018.
Red Robin Gourmet Burgers president and CEO Denny Marie Post said: “2018 was a very challenging sales year and the fourth quarter continued that trend, buoyed somewhat by better than expected growth in our new catering business, but dragged down by weakness at in-line mall locations.
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By GlobalData“That said, we made measurable progress on the operations fundamentals we identified last August as critical to gradually regaining our momentum in 2019.
“We were more prepared to capture the seasonally higher traffic with improved staffing, scheduling and execution leading to shorter wait times, fewer guests walking away, and improved kitchen time to table by the end of the quarter.”
The restaurant chain has opened eight company-owned restaurants and three franchised restaurants during FY2018. It operates a total of 573 locations.
