Same-store sales were down 2.6 percent over the quarter
Last Wednesday, Red Robin CEO Denny Marie Post allowed issues a warning regarding the franchise’s upcoming Q2 earnings report, and company stock has fallen nearly 25 percent as a result.
According to an article in Nation’s Restaurant News, same-store sales were down 2.6 percent over the quarter and guest traffic was down 0.7 percent. Total revenue for the quarter is likely to hit about $315.4 million, about $400,000 less than the same period last year.
The full report will be released on August 21, but in a pre-announcement release, Post said “We are disappointed with our performance in the second quarter.”
Since the statement was released last week, company stock has dipped by 24.75 percent.
Read the full article at nrn.com.