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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Red Robin Gourmet Burgers Inc | NASDAQ:RRGB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 1.59% | 7.01 | 4.84 | 9.00 | 7.20 | 6.85 | 6.94 | 317,654 | 05:00:07 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
84-1573084
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
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6312 S. Fiddler’s Green Circle, Suite 200 N
|
|
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Greenwood Village, CO
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80111
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer o
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Accelerated filer ý
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Non-accelerated filer o
|
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Smaller reporting company o
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|
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Emerging growth company o
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Title of each class
|
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Trading symbol(s)
|
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Name of each exchange on which registered
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Common Stock, $0.001 par value
|
|
RRGB
|
|
NASDAQ (Global Select Market)
|
|
|
Page
|
|
||
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
|
|
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Condensed Consolidated Statements of Stockholders' Equity
|
|
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||
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||
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(Unaudited)
|
|
|
||||
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July 14, 2019
|
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December 30, 2018
|
||||
Assets:
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
26,194
|
|
|
$
|
18,569
|
|
Accounts receivable, net
|
|
12,978
|
|
|
25,034
|
|
||
Inventories
|
|
27,428
|
|
|
27,370
|
|
||
Prepaid expenses and other current assets
|
|
15,005
|
|
|
27,576
|
|
||
Total current assets
|
|
81,605
|
|
|
98,549
|
|
||
Property and equipment, net
|
|
527,789
|
|
|
565,142
|
|
||
Right of use assets, net
|
|
448,352
|
|
|
—
|
|
||
Goodwill
|
|
96,453
|
|
|
95,838
|
|
||
Intangible assets, net
|
|
32,071
|
|
|
34,609
|
|
||
Other assets, net
|
|
73,665
|
|
|
49,803
|
|
||
Total assets
|
|
$
|
1,259,935
|
|
|
$
|
843,941
|
|
Liabilities and stockholders’ equity:
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
32,037
|
|
|
$
|
39,024
|
|
Accrued payroll and payroll-related liabilities
|
|
37,863
|
|
|
37,922
|
|
||
Unearned revenue
|
|
39,723
|
|
|
55,360
|
|
||
Short-term portion of lease obligations
|
|
42,136
|
|
|
786
|
|
||
Accrued liabilities and other
|
|
43,899
|
|
|
38,057
|
|
||
Total current liabilities
|
|
195,658
|
|
|
171,149
|
|
||
Deferred rent
|
|
—
|
|
|
75,675
|
|
||
Long-term debt
|
|
181,375
|
|
|
193,375
|
|
||
Long-term portion of lease obligations
|
|
503,030
|
|
|
9,414
|
|
||
Other non-current liabilities
|
|
10,158
|
|
|
11,523
|
|
||
Total liabilities
|
|
890,221
|
|
|
461,136
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock; $0.001 par value: 45,000 shares authorized; 17,851 and 17,851 shares issued; 12,985 and 12,971 shares outstanding
|
|
18
|
|
|
18
|
|
||
Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding
|
|
—
|
|
|
—
|
|
||
Treasury stock 4,866 and 4,880 shares, at cost
|
|
(200,428
|
)
|
|
(201,505
|
)
|
||
Paid-in capital
|
|
212,059
|
|
|
212,752
|
|
||
Accumulated other comprehensive loss, net of tax
|
|
(4,724
|
)
|
|
(4,801
|
)
|
||
Retained earnings
|
|
362,789
|
|
|
376,341
|
|
||
Total stockholders’ equity
|
|
369,714
|
|
|
382,805
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
1,259,935
|
|
|
$
|
843,941
|
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
|
July 14, 2019
|
|
July 15, 2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant revenue
|
|
$
|
302,418
|
|
|
$
|
310,392
|
|
|
$
|
702,902
|
|
|
$
|
725,094
|
|
Franchise and other revenues
|
|
5,563
|
|
|
4,996
|
|
|
14,945
|
|
|
11,813
|
|
||||
Total revenues
|
|
307,981
|
|
|
315,388
|
|
|
717,847
|
|
|
736,907
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant operating costs (excluding depreciation and amortization shown separately below):
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
72,387
|
|
|
74,874
|
|
|
166,102
|
|
|
173,389
|
|
||||
Labor
|
|
106,538
|
|
|
106,476
|
|
|
249,432
|
|
|
249,491
|
|
||||
Other operating
|
|
43,000
|
|
|
42,668
|
|
|
98,565
|
|
|
97,693
|
|
||||
Occupancy
|
|
25,458
|
|
|
26,460
|
|
|
60,478
|
|
|
61,470
|
|
||||
Depreciation and amortization
|
|
21,369
|
|
|
22,323
|
|
|
49,807
|
|
|
51,516
|
|
||||
Selling, general, and administrative expenses
|
|
35,234
|
|
|
35,617
|
|
|
83,350
|
|
|
81,935
|
|
||||
Pre-opening costs
|
|
—
|
|
|
569
|
|
|
319
|
|
|
1,706
|
|
||||
Other charges
|
|
16,847
|
|
|
10,615
|
|
|
19,245
|
|
|
16,902
|
|
||||
Total costs and expenses
|
|
320,833
|
|
|
319,602
|
|
|
727,298
|
|
|
734,102
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from operations
|
|
(12,852
|
)
|
|
(4,214
|
)
|
|
(9,451
|
)
|
|
2,805
|
|
||||
Other expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net and other
|
|
2,153
|
|
|
2,385
|
|
|
5,391
|
|
|
5,792
|
|
||||
Loss before income taxes
|
|
(15,005
|
)
|
|
(6,599
|
)
|
|
(14,842
|
)
|
|
(2,987
|
)
|
||||
Income tax benefit
|
|
(15,986
|
)
|
|
(4,725
|
)
|
|
(16,462
|
)
|
|
(5,493
|
)
|
||||
Net income (loss)
|
|
$
|
981
|
|
|
$
|
(1,874
|
)
|
|
$
|
1,620
|
|
|
$
|
2,506
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.08
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.12
|
|
|
$
|
0.19
|
|
Diluted
|
|
$
|
0.08
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.12
|
|
|
$
|
0.19
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
12,970
|
|
|
12,982
|
|
|
12,969
|
|
|
12,979
|
|
||||
Diluted
|
|
13,043
|
|
|
12,982
|
|
|
13,047
|
|
|
13,080
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
|
$
|
406
|
|
|
$
|
(497
|
)
|
|
$
|
77
|
|
|
$
|
(770
|
)
|
Other comprehensive income (loss), net of tax
|
|
406
|
|
|
(497
|
)
|
|
77
|
|
|
(770
|
)
|
||||
Total comprehensive income (loss)
|
|
$
|
1,387
|
|
|
$
|
(2,371
|
)
|
|
$
|
1,697
|
|
|
$
|
1,736
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
|
|
Accumulated
Other Comprehensive Loss, net of tax |
|
|
|
|
||||||||||||||||||
|
|
Paid-in
Capital |
|
|
Retained
Earnings |
|
|
|||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
Total
|
|||||||||||||||||||
Balance, December 30, 2018
|
|
17,851
|
|
|
$
|
18
|
|
|
4,880
|
|
|
$
|
(201,505
|
)
|
|
$
|
212,752
|
|
|
$
|
(4,801
|
)
|
|
$
|
376,341
|
|
|
$
|
382,805
|
|
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
1,344
|
|
|
(1,204
|
)
|
|
—
|
|
|
—
|
|
|
140
|
|
||||||
Acquisition of treasury stock
|
|
—
|
|
|
—
|
|
|
31
|
|
|
(974
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(974
|
)
|
||||||
Non-cash stock compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
477
|
|
|
—
|
|
|
—
|
|
|
477
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
639
|
|
|
639
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(329
|
)
|
|
—
|
|
|
(329
|
)
|
||||||
Topic 842 transition impairment, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,172
|
)
|
|
(15,172
|
)
|
||||||
Balance, April 21, 2019
|
|
17,851
|
|
|
$
|
18
|
|
|
4,879
|
|
|
$
|
(201,135
|
)
|
|
$
|
212,025
|
|
|
$
|
(5,130
|
)
|
|
$
|
361,808
|
|
|
$
|
367,586
|
|
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
1,208
|
|
|
(907
|
)
|
|
—
|
|
|
—
|
|
|
301
|
|
||||||
Acquisition of treasury stock
|
|
—
|
|
|
—
|
|
|
17
|
|
|
(501
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(501
|
)
|
||||||
Non-cash stock compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
941
|
|
|
—
|
|
|
—
|
|
|
941
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
981
|
|
|
981
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
406
|
|
|
—
|
|
|
406
|
|
||||||
Balance, July 14, 2019
|
|
17,851
|
|
|
$
|
18
|
|
|
4,866
|
|
|
$
|
(200,428
|
)
|
|
$
|
212,059
|
|
|
$
|
(4,724
|
)
|
|
$
|
362,789
|
|
|
$
|
369,714
|
|
|
|
Common Stock
|
|
Treasury Stock
|
|
|
|
Accumulated
Other Comprehensive Loss, net of tax |
|
|
|
|
||||||||||||||||||
|
|
Paid-in
Capital |
|
|
Retained
Earnings |
|
|
|||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
Total
|
|||||||||||||||||||
Balance, December 31, 2017
|
|
17,851
|
|
|
$
|
18
|
|
|
4,897
|
|
|
$
|
(202,485
|
)
|
|
$
|
210,708
|
|
|
$
|
(3,566
|
)
|
|
$
|
382,760
|
|
|
$
|
387,435
|
|
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
1,042
|
|
|
(1,167
|
)
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
||||||
Non-cash stock compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,287
|
|
|
—
|
|
|
—
|
|
|
1,287
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,380
|
|
|
4,380
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(273
|
)
|
|
—
|
|
|
(273
|
)
|
||||||
Balance April 22, 2018
|
|
17,851
|
|
|
$
|
18
|
|
|
4,871
|
|
|
$
|
(201,443
|
)
|
|
$
|
210,828
|
|
|
$
|
(3,839
|
)
|
|
$
|
387,140
|
|
|
392,704
|
|
|
Exercise of options, issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
961
|
|
|
(545
|
)
|
|
—
|
|
|
—
|
|
|
416
|
|
||||||
Non-cash stock compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,069
|
|
|
—
|
|
|
—
|
|
|
1,069
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,874
|
)
|
|
(1,874
|
)
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(497
|
)
|
|
—
|
|
|
(497
|
)
|
||||||
Balance, July 15, 2018
|
|
17,851
|
|
|
$
|
18
|
|
|
4,849
|
|
|
$
|
(200,482
|
)
|
|
$
|
211,352
|
|
|
$
|
(4,336
|
)
|
|
$
|
385,266
|
|
|
$
|
391,818
|
|
|
|
Twenty-Eight Weeks Ended
|
||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
1,620
|
|
|
$
|
2,506
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
49,807
|
|
|
51,516
|
|
||
Gift card breakage
|
|
(4,320
|
)
|
|
(1,673
|
)
|
||
Unpaid other charges
|
|
15,964
|
|
|
14,537
|
|
||
Deferred income tax (benefit) provision
|
|
(21,526
|
)
|
|
(7,766
|
)
|
||
Stock-based compensation expense
|
|
1,415
|
|
|
2,356
|
|
||
Other, net
|
|
560
|
|
|
709
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
12,132
|
|
|
14,070
|
|
||
Prepaid expenses and other current assets
|
|
3,459
|
|
|
13,744
|
|
||
Trade accounts payable and accrued liabilities
|
|
(7,388
|
)
|
|
(732
|
)
|
||
Unearned revenue
|
|
(11,343
|
)
|
|
(13,591
|
)
|
||
Other operating assets and liabilities, net
|
|
1,366
|
|
|
1,344
|
|
||
Net cash provided by operating activities
|
|
41,746
|
|
|
77,020
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, equipment, and intangible assets
|
|
(21,168
|
)
|
|
(27,319
|
)
|
||
Proceeds from sales of real estate and property, plant, and equipment and other investing activities
|
|
178
|
|
|
115
|
|
||
Net cash used in investing activities
|
|
(20,990
|
)
|
|
(27,204
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Borrowings of long-term debt
|
|
162,000
|
|
|
160,500
|
|
||
Payments of long-term debt and finance leases
|
|
(174,464
|
)
|
|
(205,870
|
)
|
||
Purchase of treasury stock
|
|
(1,475
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options and employee stock purchase plan
|
|
693
|
|
|
732
|
|
||
Net cash used in financing activities
|
|
(13,246
|
)
|
|
(44,638
|
)
|
||
Effect of exchange rate changes on cash
|
|
115
|
|
|
(996
|
)
|
||
Net change in cash and cash equivalents
|
|
7,625
|
|
|
4,182
|
|
||
Cash and cash equivalents, beginning of period
|
|
18,569
|
|
|
17,714
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
26,194
|
|
|
$
|
21,896
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
||||
Income taxes paid
|
|
$
|
2,742
|
|
|
$
|
991
|
|
Interest paid, net of amounts capitalized
|
|
$
|
5,482
|
|
|
$
|
5,411
|
|
Change in construction related payables
|
|
$
|
1,883
|
|
|
$
|
2,127
|
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
|
July 14, 2019
|
|
July 15, 2018
|
||||||||
Restaurant revenue
|
|
$
|
302,418
|
|
|
$
|
310,392
|
|
|
$
|
702,902
|
|
|
$
|
725,094
|
|
Franchise revenue
|
|
4,389
|
|
|
4,006
|
|
|
9,752
|
|
|
9,449
|
|
||||
Other revenue
|
|
$
|
1,174
|
|
|
$
|
990
|
|
|
$
|
5,193
|
|
|
$
|
2,364
|
|
Total revenues
|
|
$
|
307,981
|
|
|
$
|
315,388
|
|
|
$
|
717,847
|
|
|
$
|
736,907
|
|
|
|
Twenty-Eight Weeks Ended
|
||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
||||
Gift card revenue
|
|
$
|
18,380
|
|
|
$
|
16,269
|
|
|
|
Balance at December 30, 2018
|
|
Adjustments due to Topic 842
|
|
Balance at December 31, 2018
|
||||||
|
|
|
|
|||||||||
Balance sheet
|
|
|
|
|
|
|
||||||
Non-current assets
|
|
|
|
|
|
|
||||||
Right of use assets, net
|
|
$
|
—
|
|
|
$
|
478,268
|
|
|
$
|
478,268
|
|
Prepaid expenses and other current assets
|
|
27,576
|
|
|
(6,592
|
)
|
|
20,984
|
|
|||
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
||||||
Short-term portion of lease obligations
|
|
786
|
|
|
40,606
|
|
|
41,392
|
|
|||
Non-current liabilities
|
|
|
|
|
|
|
||||||
Deferred Rent
|
|
75,675
|
|
|
(75,675
|
)
|
|
—
|
|
|||
Long-term portion of lease obligations
|
|
9,414
|
|
|
506,745
|
|
|
516,159
|
|
|||
|
|
|
|
|
|
|
||||||
Stockholders’ equity:
|
|
|
|
|
|
|
||||||
Retained earnings
|
|
$
|
376,341
|
|
|
$
|
(15,172
|
)
|
|
$
|
361,169
|
|
|
|
Finance
|
|
Operating
|
|
Total
|
||||||
Right of use assets, net
|
|
$
|
8,878
|
|
|
$
|
439,474
|
|
|
$
|
448,352
|
|
|
|
|
|
|
|
|
||||||
Short-term portion of lease obligations
|
|
931
|
|
|
41,205
|
|
|
42,136
|
|
|||
Long-term portion of lease obligations
|
|
10,459
|
|
|
492,571
|
|
|
503,030
|
|
|||
Total
|
|
$
|
11,390
|
|
|
$
|
533,776
|
|
|
$
|
545,166
|
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||
|
|
July 14, 2019
|
|
July 14, 2019
|
||||
Operating lease cost
|
|
$
|
17,442
|
|
|
$
|
41,114
|
|
Finance lease cost
|
|
|
|
|
||||
Amortization of right of use assets
|
|
193
|
|
|
441
|
|
||
Interest on lease liabilities
|
|
125
|
|
|
294
|
|
||
Total finance lease cost
|
|
318
|
|
|
735
|
|
||
Variable lease cost
|
|
6,647
|
|
|
15,532
|
|
||
Total
|
|
$
|
24,407
|
|
|
$
|
57,381
|
|
|
Finance Leases
|
|
Operating Leases
|
|
Total
|
||||||
Remainder of 2019
|
$
|
626
|
|
|
$
|
32,754
|
|
|
$
|
33,380
|
|
2020
|
1,396
|
|
|
78,506
|
|
|
79,902
|
|
|||
2021
|
1,437
|
|
|
77,773
|
|
|
79,210
|
|
|||
2022
|
1,283
|
|
|
75,260
|
|
|
76,543
|
|
|||
2023
|
1,220
|
|
|
72,931
|
|
|
74,151
|
|
|||
Thereafter
|
8,828
|
|
|
469,432
|
|
|
478,260
|
|
|||
Total future lease liability
|
14,790
|
|
|
806,656
|
|
|
821,446
|
|
|||
Less imputed interest
|
3,400
|
|
|
272,880
|
|
|
276,280
|
|
|||
Fair value of lease liability
|
$
|
11,390
|
|
|
$
|
533,776
|
|
|
$
|
545,166
|
|
|
|
Capital
Leases
|
|
Operating
Leases
|
||||
2019
|
|
$
|
1,234
|
|
|
$
|
80,367
|
|
2020
|
|
1,242
|
|
|
76,936
|
|
||
2021
|
|
1,240
|
|
|
70,419
|
|
||
2022
|
|
1,063
|
|
|
61,649
|
|
||
2023
|
|
1,019
|
|
|
54,121
|
|
||
Thereafter
|
|
7,552
|
|
|
206,879
|
|
||
Total
|
|
13,350
|
|
|
$
|
550,371
|
|
|
Less amount representing interest
|
|
(3,150
|
)
|
|
|
|
||
Present value of future minimum lease payments
|
|
10,200
|
|
|
|
|
||
Less current portion
|
|
(786
|
)
|
|
|
|
||
Long-term capital lease obligations
|
|
$
|
9,414
|
|
|
|
|
Balance, December 30, 2018
|
|
$
|
95,838
|
|
Foreign currency translation adjustment
|
|
615
|
|
|
Balance, July 14, 2019
|
|
$
|
96,453
|
|
|
|
July 14, 2019
|
|
December 30, 2018
|
||||||||||||||||||||
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise rights
|
|
$
|
53,736
|
|
|
$
|
(34,580
|
)
|
|
$
|
19,156
|
|
|
$
|
54,404
|
|
|
$
|
(33,160
|
)
|
|
$
|
21,244
|
|
Favorable leases
|
|
13,001
|
|
|
(8,490
|
)
|
|
4,511
|
|
|
13,001
|
|
|
(8,136
|
)
|
|
4,865
|
|
||||||
Liquor licenses and other
|
|
10,730
|
|
|
(9,786
|
)
|
|
944
|
|
|
10,810
|
|
|
(9,770
|
)
|
|
1,040
|
|
||||||
|
|
$
|
77,467
|
|
|
$
|
(52,856
|
)
|
|
$
|
24,611
|
|
|
$
|
78,215
|
|
|
$
|
(51,066
|
)
|
|
$
|
27,149
|
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liquor licenses and other
|
|
$
|
7,460
|
|
|
$
|
—
|
|
|
$
|
7,460
|
|
|
$
|
7,460
|
|
|
$
|
—
|
|
|
$
|
7,460
|
|
Intangible assets, net
|
|
$
|
84,927
|
|
|
$
|
(52,856
|
)
|
|
$
|
32,071
|
|
|
$
|
85,675
|
|
|
$
|
(51,066
|
)
|
|
$
|
34,609
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||
|
July 14, 2019
|
|
July 15, 2018
|
|
July 14, 2019
|
|
July 15, 2018
|
||||
Basic weighted average shares outstanding
|
12,970
|
|
|
12,982
|
|
|
12,969
|
|
|
12,979
|
|
Dilutive effect of stock options and awards
|
73
|
|
|
—
|
|
|
78
|
|
|
101
|
|
Diluted weighted average shares outstanding
|
13,043
|
|
|
12,982
|
|
|
13,047
|
|
|
13,080
|
|
|
|
|
|
|
|
|
|
||||
Awards excluded due to anti-dilutive effect on diluted earnings per share
|
378
|
|
|
344
|
|
|
457
|
|
|
298
|
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
|
July 14, 2019
|
|
July 15, 2018
|
||||||||
Asset impairment
|
|
$
|
14,064
|
|
|
$
|
9,643
|
|
|
$
|
14,064
|
|
|
$
|
9,643
|
|
Executive transition and severance
|
|
370
|
|
|
—
|
|
|
2,364
|
|
|
—
|
|
||||
Restaurant closure costs
|
|
1,001
|
|
|
—
|
|
|
1,305
|
|
|
—
|
|
||||
Board and shareholder matter costs
|
|
1,152
|
|
|
—
|
|
|
1,152
|
|
|
—
|
|
||||
Litigation contingencies
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,000
|
|
||||
Reorganization costs
|
|
—
|
|
|
466
|
|
|
—
|
|
|
2,753
|
|
||||
Spiral menu disposal
|
|
—
|
|
|
506
|
|
|
—
|
|
|
506
|
|
||||
Executive retention
|
|
260
|
|
|
—
|
|
|
360
|
|
|
—
|
|
||||
Other charges
|
|
$
|
16,847
|
|
|
$
|
10,615
|
|
|
$
|
19,245
|
|
|
$
|
16,902
|
|
|
|
July 14, 2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investments in rabbi trust
|
|
$
|
6,808
|
|
|
$
|
6,808
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets measured at fair value
|
|
$
|
6,808
|
|
|
$
|
6,808
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 30, 2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investments in rabbi trust
|
|
$
|
8,198
|
|
|
$
|
8,198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets measured at fair value
|
|
$
|
8,198
|
|
|
$
|
8,198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
July 14, 2019
|
|
December 30, 2018
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Finance lease obligations
|
|
$
|
11,405
|
|
|
$
|
10,977
|
|
|
$
|
10,200
|
|
|
$
|
10,143
|
|
•
|
Financial performance.
|
◦
|
Restaurant revenue decreased $8.0 million, or 2.6%, to $302.4 million for the twelve weeks ended July 14, 2019, as compared to the twelve weeks ended July 15, 2018, due to a $4.4 million, or 1.5%, decrease in comparable restaurant revenue, and a $4.2 million decrease from closed restaurants, partially offset by a $0.6 million increase in revenue from late 2018 new restaurant openings. Restaurant revenue decreased $22.2 million, or 3.1%, to $702.9 million for the twenty-eight weeks ended July 14, 2019, as compared to the twenty-eight weeks ended July 15, 2018, due to a $16.8 million, or 2.4%, decrease in comparable restaurant revenue, a $7.1 million decrease from closed restaurants, and a $0.9 million unfavorable foreign currency exchange impact partially offset by a $2.6 million increase in revenue from late 2018 new restaurant openings.
|
◦
|
Restaurant operating costs, as a percentage of restaurant revenue, increased 110 basis points to 81.8% for the twelve weeks ended July 14, 2019, as compared to 80.7% for the twelve weeks ended July 15, 2018. For the twenty-eight weeks ended July 14, 2019, restaurant operating costs, as a percentage of restaurant revenue increased 140 basis points to 81.7%, as compared to 80.3% for the same period in 2018. The increase was due to higher labor and other operating costs, offset by a decrease in food and beverage costs as a percentage of restaurant revenue.
|
◦
|
Net income was $1.0 million for the twelve weeks ended July 14, 2019 compared to a net loss of $1.9 million for the twelve weeks ended July 15, 2018. Diluted earnings per share were $0.08 for the twelve weeks ended July 14, 2019, as compared to diluted loss per share of $0.14 for the twelve weeks ended July 15, 2018. Excluding charges of $0.80 for impairment expenses, $0.07 for board and shareholder matter costs, $0.05 for restaurant closure costs, $0.02 for executive transition and severance, and $0.01 for executive retention, adjusted earnings per diluted share for the second quarter ended July 14, 2019 were $1.03. Excluding charges of $0.54 for asset impairment, $0.03 for spiral menu disposal, and $0.03 for reorganization costs, adjusted earnings per diluted share for the second quarter ended July 15, 2018 were $0.46. Net income was $1.6 million for the twenty-eight weeks ended July 14, 2019 compared to net income of $2.5 million for the twenty-eight weeks ended July 15, 2018. Diluted earnings per share were $0.12 for the twelve weeks ended July 14, 2019, as compared to diluted earnings per share of $0.19 for the twenty-eight weeks ended July 15, 2018. Excluding the impact of $0.80 per diluted share for impairment expenses, $0.13 for executive transition and severance, $0.08 for restaurant closure costs, $0.07 for board and shareholder matter costs, and $0.02 for executive retention, net income per diluted share for the twenty-eight weeks ended July 14, 2019 was $1.22. Excluding the impact of $0.54 per diluted share for asset impairment, $0.23 per diluted share for litigation contingencies, $0.16 per diluted share for reorganization costs, and $0.03 per diluted share for the disposal of spiral menus, net income per diluted share for the twenty-eight weeks ended July 15, 2018 was $1.15.
|
•
|
Marketing. Our Red Robin Royalty™ loyalty program operates in all our U.S. and Canadian Company-owned Red Robin restaurants and has been rolled out to most of our franchised restaurants. We engage our guests through Red Robin Royalty with offers designed to increase frequency of visits as a key part of our overall marketing strategy. We also inform enrolled guests early about new menu items to generate awareness and trial of these offerings. Our media buying approach is concentrated on generating significant reach and frequency while on-air. In addition, we use digital, social, and earned media to target and more effectively reach specific segments of our guest base.
|
|
|
Twelve Weeks Ended
|
|
Twenty Eight Weeks Ended
|
||||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
|
July 14, 2019
|
|
July 15, 2018
|
||||
Company-owned:
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
483
|
|
|
484
|
|
|
484
|
|
|
480
|
|
Opened during the period
|
|
—
|
|
|
2
|
|
|
—
|
|
|
6
|
|
Closed during the period(1)
|
|
(11
|
)
|
|
(2
|
)
|
|
(12
|
)
|
|
(2
|
)
|
End of period
|
|
472
|
|
|
484
|
|
|
472
|
|
|
484
|
|
Franchised:
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
89
|
|
|
87
|
|
|
89
|
|
|
86
|
|
Opened during the period
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
End of period
|
|
90
|
|
|
88
|
|
|
90
|
|
|
88
|
|
Total number of restaurants
|
|
562
|
|
|
572
|
|
|
562
|
|
|
572
|
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
|
July 14, 2019
|
|
July 15, 2018
|
||||
Revenues:
|
|
|
|
|
|
|
|
|
||||
Restaurant revenue
|
|
98.2
|
%
|
|
98.4
|
%
|
|
97.9
|
%
|
|
98.4
|
%
|
Franchise royalties, fees, and other revenues
|
|
1.8
|
|
|
1.6
|
|
|
2.1
|
|
|
1.6
|
|
Total revenues
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
|
|
|
|
|
|
|
|
|
||||
Cost of sales
|
|
23.9
|
|
|
24.1
|
|
|
23.6
|
|
|
23.9
|
|
Labor
|
|
35.2
|
|
|
34.3
|
|
|
35.5
|
|
|
34.4
|
|
Other operating
|
|
14.2
|
|
|
13.7
|
|
|
14.0
|
|
|
13.5
|
|
Occupancy
|
|
8.4
|
|
|
8.5
|
|
|
8.6
|
|
|
8.5
|
|
Total restaurant operating costs
|
|
81.8
|
|
|
80.7
|
|
|
81.7
|
|
|
80.3
|
|
Depreciation and amortization
|
|
6.9
|
|
|
7.1
|
|
|
6.9
|
|
|
7.0
|
|
Selling, general, and administrative
|
|
11.4
|
|
|
11.3
|
|
|
11.6
|
|
|
11.1
|
|
Pre-opening costs
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
Other charges
|
|
5.5
|
|
|
3.4
|
|
|
2.7
|
|
|
2.3
|
|
Income from operations
|
|
(4.2
|
)
|
|
(1.3
|
)
|
|
(1.3
|
)
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net and other
|
|
0.7
|
|
|
0.8
|
|
|
0.8
|
|
|
0.8
|
|
Income before income taxes
|
|
(4.9
|
)
|
|
(2.1
|
)
|
|
(2.1
|
)
|
|
(0.4
|
)
|
Income tax benefit
|
|
(5.2
|
)
|
|
(1.5
|
)
|
|
(2.3
|
)
|
|
(0.7
|
)
|
Net income
|
|
0.3
|
%
|
|
(0.6
|
)%
|
|
0.2
|
%
|
|
0.3
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(Revenues in thousands)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Restaurant revenue
|
|
$
|
302,418
|
|
|
$
|
310,392
|
|
|
(2.6
|
)%
|
|
$
|
702,902
|
|
|
$
|
725,094
|
|
|
(3.1
|
)%
|
Franchise and other revenue
|
|
5,563
|
|
|
4,996
|
|
|
11.3
|
%
|
|
14,945
|
|
|
11,813
|
|
|
26.5
|
%
|
||||
Total revenues
|
|
$
|
307,981
|
|
|
$
|
315,388
|
|
|
(2.3
|
)%
|
|
$
|
717,847
|
|
|
$
|
736,907
|
|
|
(2.6
|
)%
|
Average weekly sales volumes in Company-owned restaurants(1)
|
|
$
|
52,907
|
|
|
$
|
53,266
|
|
|
(0.7
|
)%
|
|
$
|
52,272
|
|
|
$
|
53,470
|
|
|
(2.2
|
)%
|
Total operating weeks
|
|
5,716
|
|
|
5,827
|
|
|
(1.9
|
)%
|
|
13,447
|
|
|
13,544
|
|
|
(0.7
|
)%
|
||||
Restaurant revenue per square foot
|
|
$
|
102
|
|
|
$
|
104
|
|
|
(1.9
|
)%
|
|
$
|
236
|
|
|
$
|
243
|
|
|
(2.9
|
)%
|
(1)
|
Calculated using constant currency rates. Using historical currency rates, the average weekly sales per unit for the twelve and twenty-eight weeks ended July 15, 2018 for Company-owned restaurants was $53,268 and $53,536, respectively. The Company calculates non-GAAP constant currency average weekly sales per unit by translating prior year local currency average weekly sales per unit to U.S. dollars based on current quarter average exchange rates. The Company considers non-GAAP constant currency average weekly sales per unit to be a useful metric to investors and management as they facilitate a more useful comparison of current performance to historical performance.
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Cost of sales
|
|
$
|
72,387
|
|
|
$
|
74,874
|
|
|
(3.3
|
)%
|
|
$
|
166,102
|
|
|
$
|
173,389
|
|
|
(4.2
|
)%
|
As a percent of restaurant revenue
|
|
23.9
|
%
|
|
24.1
|
%
|
|
(0.2
|
)%
|
|
23.6
|
%
|
|
23.9
|
%
|
|
(0.3
|
)%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Labor
|
|
$
|
106,538
|
|
|
$
|
106,476
|
|
|
0.1
|
%
|
|
$
|
249,432
|
|
|
$
|
249,491
|
|
|
—
|
%
|
As a percent of restaurant revenue
|
|
35.2
|
%
|
|
34.3
|
%
|
|
0.9
|
%
|
|
35.5
|
%
|
|
34.4
|
%
|
|
1.1
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Other operating
|
|
$
|
43,000
|
|
|
$
|
42,668
|
|
|
0.8
|
%
|
|
$
|
98,565
|
|
|
$
|
97,693
|
|
|
0.9
|
%
|
As a percent of restaurant revenue
|
|
14.2
|
%
|
|
13.7
|
%
|
|
0.5
|
%
|
|
14.0
|
%
|
|
13.5
|
%
|
|
0.5
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Occupancy
|
|
$
|
25,458
|
|
|
$
|
26,460
|
|
|
(3.8
|
)%
|
|
$
|
60,478
|
|
|
$
|
61,470
|
|
|
(1.6
|
)%
|
As a percent of restaurant revenue
|
|
8.4
|
%
|
|
8.5
|
%
|
|
(0.1
|
)%
|
|
8.6
|
%
|
|
8.5
|
%
|
|
0.1
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Depreciation and amortization
|
|
$
|
21,369
|
|
|
$
|
22,323
|
|
|
(4.3
|
)%
|
|
$
|
49,807
|
|
|
$
|
51,516
|
|
|
(3.3
|
)%
|
As a percent of total revenues
|
|
6.9
|
%
|
|
7.1
|
%
|
|
(0.2
|
)%
|
|
6.9
|
%
|
|
7.0
|
%
|
|
(0.1
|
)%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Selling, general, and administrative
|
|
$
|
35,234
|
|
|
$
|
35,617
|
|
|
(1.1
|
)%
|
|
$
|
83,350
|
|
|
$
|
81,935
|
|
|
1.7
|
%
|
As a percent of total revenues
|
|
11.4
|
%
|
|
11.3
|
%
|
|
0.1
|
%
|
|
11.6
|
%
|
|
11.1
|
%
|
|
0.5
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-Eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
|
July 14, 2019
|
|
July 15, 2018
|
|
Percent Change
|
||||||||||
Pre-opening costs
|
|
$
|
—
|
|
|
$
|
569
|
|
|
(100.0
|
)%
|
|
$
|
319
|
|
|
$
|
1,706
|
|
|
(81.3
|
)%
|
As a percent of total revenues
|
|
—
|
%
|
|
0.2
|
%
|
|
(0.2
|
)%
|
|
—
|
%
|
|
0.2
|
%
|
|
(0.2
|
)%
|
|
|
Twenty-Eight Weeks Ended
|
||||||
|
|
July 14, 2019
|
|
July 15, 2018
|
||||
Net cash provided by operating activities
|
|
$
|
41,746
|
|
|
$
|
77,020
|
|
Net cash used in investing activities
|
|
(20,990
|
)
|
|
(27,204
|
)
|
||
Net cash used in financing activities
|
|
(13,246
|
)
|
|
(44,638
|
)
|
||
Effect of exchange rate changes on cash
|
|
115
|
|
|
(996
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
7,625
|
|
|
$
|
4,182
|
|
|
Twenty-Eight Weeks Ended July 14, 2019
|
||
Investment in technology infrastructure
|
$
|
11,862
|
|
Restaurant maintenance capital
|
8,331
|
|
|
New restaurants
|
975
|
|
|
Total capital expenditures
|
$
|
21,168
|
|
Period(1)
|
Total Number of Shares (or Units) Purchased
|
Average Price Paid per Share (or Unit)
|
Total Number of Shares (or Units) Purchased as Part of Publicly announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plan (in thousands)
|
||||||
12/31/18-1/27/19
|
10,800
|
|
$
|
31.12
|
|
53,400
|
|
$
|
73,190
|
|
1/28/19-2/24/19
|
11,400
|
|
32.81
|
|
64,800
|
|
72,815
|
|
||
2/25/19-3/24/19
|
9,000
|
|
29.31
|
|
73,800
|
|
72,552
|
|
||
5/20/19-6/16/19
|
5,800
|
|
27.41
|
|
79,600
|
|
72,393
|
|
||
6/17/19-7/14/19
|
11,100
|
|
30.83
|
|
90,700
|
|
72,051
|
|
||
Pursuant to Publicly Announced Plans or Programs(2)
|
48,100
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101
|
|
The following financial information from the Quarterly Report on Form 10-Q of Red Robin Gourmet Burgers, Inc. for the quarter ended July 14, 2019 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at July 14, 2019 and December 30, 2018; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income for the twelve and twenty-eight weeks ended July 14, 2019 and July 15, 2018; (iii) Condensed Consolidated Statements of Stockholders' Equity at July 14, 2019 and December 30, 2018; (iv) Condensed Consolidated Statements of Cash Flows for the twenty-eight weeks ended July 14, 2019 and July 15, 2018; and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text.
|
|
|
RED ROBIN GOURMET BURGERS, INC.
(Registrant)
|
||
August 23, 2019
|
|
By:
|
|
/s/ Lynn S. Schweinfurth
|
(Date)
|
|
|
|
Lynn S. Schweinfurth
(Chief Financial Officer)
|
1 Year Red Robin Gourmet Burgers Chart |
1 Month Red Robin Gourmet Burgers Chart |
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