=Red Robin Gourmet (RRGB) reported earnings on Tue 16 May 17 (a/h)

Red Robin Gourmet beats by $0.32, reports revs in-line; guides FY17 EPS above consensus :

• Reports Q1 (Mar) earnings of $0.89 per share, excluding non-recurring items, $0.32 better than the Capital IQ Consensus of $0.57; revenues rose 4.1% year/year to $418.6 mln vs the $416.48 mln Capital IQ Consensus.
• Co issues upside guidance for FY17, sees EPS of $2.80-3.10, excluding non-recurring items, vs. $2.76 Capital IQ Consensus Estimate
• Co expects ~45% of the $2.80-3.10 in earnings to come in the first half of 2017 and 55% in the second half of 2017

Revenue in the quarter increased $24.8 million primarily due to new restaurant openings and acquired restaurants, partially offset by decreases of $4.6 million, or 1.2%, in comparable restaurant revenue and $3.8 million from closed restaurants...

• Franchise and other revenue decreased $0.3 million, primarily driven by the loss of royalties from 13 franchised restaurants acquired during the first quarter of 2016
• System-wide restaurant revenue (which includes franchised units) for the first quarter of 2017 totaled $498.8 million, compared to $493.0 million for the first quarter of 2016.
• Comparable restaurant revenue decreased 1.2% in the first quarter of 2017 compared to the same period a year ago, driven by a 1.7% decrease in guest counts, partially offset by a 0.5% increase in average guest check
• The increase in average guest check comprised a 1.6% increase in pricing and a 1.1% decrease in menu mix
• During the first quarter of 2017, the Company opened six Red Robin restaurants, including one restaurant that was temporarily closed during 2016, and relocated one Red Robin restaurant. Co's franchisees opened one restaurant during the first quarter of 2017