Benzinga | Aug 19, 2021 05:39AM EDT

Red Robin Gourmet Burgers Q2 Revenue Lags Consensus

* Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) reported second-quarter FY21 revenue growth of 71.9% year-on-year, to $276.98 million, missing the analyst consensus of $279.99 million.

* Restaurant sales rose 70% Y/Y driven by increased Guest traffic due to the continued lifting of jurisdictional indoor dining restrictions.

* Comparable restaurant revenue increased 66.3% Y/Y and decreased 2.4% versus the same period in 2019.

* The operating loss narrowed to $(2.6) million. Adjusted EBITDA was $19 million.

* The company held $25.6 million in cash and equivalents as of July 11, 2021.

* Adjusted loss per share was $(0.22) versus $(3.31) last year.

* "While we have reasons to be optimistic about the recovery, overall performance in the second quarter was below our expectation," said CEO Paul J. B. Murphy III.

* Price Action: RRGB shares closed lower by 0.04% at $24.57 on Wednesday.