Red Robin Gourmet beats by $0.09, reports revs in-line; guides Q3 EPS below consensus; guides FY17 EPS below consensus
- Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.52; revenues rose 3.4% year/year to $315.8 mln vs the $315.69 mln Capital IQ Consensus.
- Comparable restaurant revenue increased 0.5% in the second quarter of 2017 compared to the same period a year ago, driven by a 1.0% increase in guest counts, partially offset by a 0.5% decrease in average guest check.
- Co issues downside guidance for Q3, sees EPS of $0.20-$0.30 vs. $0.55 Capital IQ Consensus Estimate.
- Co issues downside guidance for FY17, sees EPS of approximate low end of $2.80-$3.10 vs. $2.93 Capital IQ Consensus Estimate.
- Restaurant labor costs, as a percentage of restaurant revenue, are projected to range from flat to an increase of 50 basis points compared to 2016, driven by minimum wage increases in more highly penetrated markets, higher benefit costs and restaurant manager bonuses, partially offset by the effect of pricing and improvements in labor productivity.
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