Red Robin Gourmet Burgers, Inc. reported a total revenue of $1.25 billion for the fiscal year ending December 29, 2024, a decrease of $54.5 million compared to the previous year. The decline in revenue was attributed to the absence of a 53rd week, which had contributed significantly to the fiscal 2023 figures. The company also experienced a net loss of $77.5 million, a substantial increase from the net loss of $21.2 million reported in fiscal 2023. Adjusted EBITDA fell by 43.7% to $38.8 million, reflecting the challenges faced during the year.
Operationally, Red Robin's comparable restaurant revenue decreased by 1.2%, driven by a 5.9% drop in guest counts, although this was partially offset by a 4.6% increase in average guest checks. The average check per guest rose to $17.81, up 4.6% from the previous year, primarily due to a 7.3% increase in menu pricing. The company closed eight locations during the fiscal year, bringing the total number of restaurants to 498, with 407 company-owned and 91 franchised locations.
Strategically, Red Robin has been implementing its "North Star" five-point plan, which aims to enhance operational focus, improve guest experience, and drive growth in comparable restaurant revenue. The company has also made significant changes to its management team, including the appointment of Meghan Spuler as Chief People Officer in December 2023. Additionally, Red Robin has focused on optimizing its supply chain and enhancing its loyalty program, which now boasts approximately 14.9 million members.
Looking ahead, Red Robin's management expressed cautious optimism, emphasizing the need to regain credibility with investors and drive performance in existing restaurants before resuming new unit growth. The company is also evaluating its restaurant refresh and remodel program to enhance its locations and guest experience. However, the ongoing economic environment and competitive pressures in the casual dining sector remain significant challenges that could impact future performance.
About RED ROBIN GOURMET BURGERS INC
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