Red Robin (NASDAQ:RRGB) earnings for the burger chain’s second quarter of 2020 have RRGB stock on the move after markets closed on Tuesday. That comes after reporting adjusted losses per share of $3.31 on revenue of $161.12 million. For comparison, Wall Street was expecting an adjusted per-share loss of $3.30 on revenue of $166.65 million.
Here’s what else is worth mentioning from the most recent Red Robin earnings report.
- Adjusted per-share losses are a major decline compared to adjusted earnings per share of $1.03 during the second quarter of 2019.
- Revenue for the quarter comes in 47.7% lower than the $307.98 million reported in the same period of the year prior.
- Operating loss of $50.58 million is 293.6% wider year-over-year from $12.85 million.
- The Red Robin earnings report also has it bringing in a net loss of $56.26 million.
- That’s a massive decrease compared to the company’s net income of $981,000 from the same time last year.
Paul J.B. Murphy III, president and CEO of Red Robin, said the following in the earnings report.
“We are accelerating the transformation of our business through exceptional hospitality and uncompromising health and safety standards, despite the challenges created by the recent surge in COVID-19 cases and localized, renewed mandates to re-close dining rooms. In addition to generating sequential improvement in average weekly net sales per restaurant over the last five weeks, our record-high dine-in and off-premise satisfaction scores validate our consistent, quality execution as we build trust and affinity within our communities.”
Red Robin withdrew its outlook for 2020 back in April. The company isn’t ready to reintroduce its guidance at this time. This has it following the same trend as other companies withholding outlooks during the pandemic.
RRGB stock was down 3.3% after-hours Tuesday but closed out normal trading hours up 9.2%.
As of this writing, William White did not hold a position in any of the aforementioned securities.