Red Robin Gourmet misses by $0.07, misses on revs; guides Q2 EPS below consensus
- Reports Q1 (Mar) earnings of $0.69 per share, $0.07 worse than the Capital IQ Consensus of $0.76; revenues rose 0.2% year/year to $421.5 mln vs the $427.01 mln Capital IQ Consensus.
- Comparable restaurant revenue decreased 0.9%, using constant currency rates.
- Restaurant-level operating profit margin was 20.0% in 1Q18 compared to 21.3% in the same period a year ago.
- The company opened four Red Robin restaurants and our franchisees opened one Red Robin restaurant. It plans to open four Red Robin restaurants and its franchisees plan to open three Red Robin restaurants during the remainder of 2018.
- Co issues downside guidancefor Q2, sees EPS of $0.55-$0.75 vs. $0.75 Capital IQ Consensus Estimate.