Papa John’s benefited from solid comparable sales in North America on account of strong customer retention and innovation strategies. The top line increased 8.4% on a year-over-year basis. Quarterly revenues of $512.8 million beat the consensus mark of $501 million by 2.3%. The bottom line surged 137.1% from 35 cents in the prior-year quarter. During the fiscal third quarter, the company reported adjusted earnings of 83 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 20.3%. PZZA reported robust third-quarter fiscal 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. ![]() Red Robin currently carries a Zacks Rank #5 (Strong Sell). It expects to open approximately 40 restaurants in the fourth quarter of fiscal 2021.įor 2021, the company expects selling, general and administrative costs in the range of $120 million to $130 million. The company announced Donatos expansion to approximately 120 restaurants in 2021. This includes investments related to restaurants, infrastructure and systems capital maintenance, digital guest, operational technology solutions and off-premises execution enhancements. For 2021, the company continues to expect capital expenditures in the range of $45 million to $55 million. Inventories during the quarter were $23.8 million compared with $23.7 million as of Jul 11, 2021. ![]() Long-term debt as of stood at $147.5 million compared with $145.1 million as of Jul, 2021 and $161 million as of Dec 27, 2020. Other Financial InformationĪs of Oct 3, 2021, Red Robin had cash and cash equivalents of $17.8 million compared with $25.6 million as of Jul, 2021 and $16.1 million as of Dec 27, 2020. ![]() The decrease was primarily due to savings from permanently-closed restaurants, restructuring of lease payments, rent concessions and sales leverage.Īdjusted earnings before interest expenses, income taxes, depreciation and amortization during the fiscal third quarter amounted to $8.2 million against a loss of $0.7 million in the year-ago quarter. Occupancy costs fell 290 bps year over year to 8.3%. During the quarter under review, cost of sales declined 20 bps year over year to 23.2%. Meanwhile, other operating costs declined 10 bps year over year to 19%. Menu mix, during the fiscal third quarter, gained from higher sales of beverages and limited time menu offerings. The increase in average guest check can be attributed to a 3.5% rise in pricing and 8.4% rise in menu mix, which was marginally offset by a decrease of 0.1% due to higher discounts. The upside was primarily driven by 22.5% rise in guest count and 11.8% increase in average guest checks. The company benefited from increased guest traffic due to lifting of jurisdictional indoor dining restrictions.ĭuring the quarter under review, comparable restaurant revenues surged 34.3% year over year. ![]() However, the top line improved 37.4% year over year. Quarterly revenues of $275.4 million lagged the consensus mark of $278 million. In the year-ago quarter, the company had reported an adjusted loss of $19 cents. Earnings & Revenue Discussionĭuring the fiscal third quarter, Red Robin reported an adjusted loss per share of 88 cents, wider than the Zacks Consensus Estimate of a loss of 45 cents. This is likely to drive traffic and average guest checks. The company announced that it is likely to launch two fresh mobile apps - iOS and Android, a new website ordering experience and a new loyalty platform before the end of 2021. Murphy III, Red Robin’s president and CEO, said, "Our confidence is strengthened by the positive trajectory in our sales and traffic trends over the past eight weeks, despite softness earlier in the third quarter due to concerns about the Delta variant and continued staffing and supply chain challenges.” Following the results, the company’s shares declined nearly 4% in the after-hour trading session on Nov 11. RRGB reported third-quarter fiscal 2021 results, wherein both earnings and revenues missed the Zacks Consensus Estimate.
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