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Article: Red Robin Fails to Lure Diners - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- November 6, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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Red Robin Fails to Lure Diners - Analyst Blog
Red Robin Gourmet Burgers Inc.
(
RRGB
), the casual dining restaurant operator, recently reported dismal third-quarter 2009 results. The quarterly earnings of 37 cents per share missed the Zacks Consensus Estimate by a penny and fell 17.8% from 45 cents posted in the prior-year quarter.
Total revenue tumbled 10.4% year-over-year to $187 million, as cash-strapped consumers are either trading down to quick-service restaurants or preferring to eat at home, leading to fall in traffic and same-store sales.
Same-store sales fell 14.9% for company-operated restaurants, driven by a 13.8% decline in guest counts and a 1.1% fall in the average ...