RED ROBIN GOURMET BURGERS INC [RRGB] has reported a net loss of $21,228,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.3 billion
Based in ENGLEWOOD, Colorado, RED ROBIN GOURMET BURGERS INC operates in the RETAIL sector.
Consolidated Statements of Operations and Comprehensive Loss (in USD, shares in thousands)
Comparison of Financial Performance:
The financial results for the 12 months ended December 31, 2023, were compared to the same period ending December 25, 2022, and December 26, 2021.
Revenues:
- Total revenues for the current reporting period were $1.303 billion, an increase from $1.265 billion in the previous year and $1.161 billion the year before.
Costs and Expenses:
- Cost of sales for the current period stood at $308.962 million, slightly higher than the previous year's $306.509 million and significantly more than $260.896 million in 2021.
- Income from operations was $4.542 million, a notable improvement compared to the loss of $57.497 million in 2022 and $37.138 million in 2021.
Other Expenses:
- Interest expense increased to $26.560 million from $20.643 million last year and $14.176 million in 2021.
Net Income:
- The company reported a net loss of $21.228 million for the current period, an improvement from the net loss of $78.883 million in the previous year and $50.443 million in 2021.
Earnings per Share:
- Basic and diluted loss per share were both ($1.34) for the current period, compared to ($4.98) in the previous year and ($3.22) in 2021.
Weighted Average Shares Outstanding:
- The basic and diluted weighted average shares outstanding remained relatively stable at 15.835 thousand shares for the current and previous periods.
Other Comprehensive Loss:
- The foreign currency translation adjustment led to a comprehensive loss of $21.216 million for the current period, compared to $78.918 million in 2022 and $50.438 million in 2021.
In summary, the company's financial performance improved in terms of revenues, operating income, and net loss compared to the previous periods, reflecting positive momentum and potential growth opportunities.
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