Red Robin Gourmet Burgers Inc. on Tuesday reported double-digit gains in its second-quarter income and revenue and the Greenwood Village-based chain said it is on target to remodel 150 restaurants this year.
During the quarter that ended on July 12, 2015, Red Robin reported a net income of $11.2 million, or 78 cents per diluted share, on revenue of $293 million. In the year-ago quarter, the operator of burger-centric restaurants made $9.5 million, or 65 cents per diluted share, on revenue of $256.1 million.
The most recent quarter’s revenue, however, fell short of the analyst consensus of $299.2 million. Shares were trading down more than 7 percent in morning trading to $82.01.
Red Robin remodeled 31 restaurants during the quarter as part of the company’s ongoing “brand transformation initiative.” A total of 150 restaurants are expected to be upgraded this year, bringing the total to 295 restaurants.
As of July 12, Red Robin had 412 company-owned restaurants, 99 franchised Red Robin restaurants and 10 of the fast-casual Red Robin Burger Works locations.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or
