Red Robin 3Q profit rises slightly
GREENWOOD VILLAGE, Colo. (AP) — Red Robin Gourmet Burgers Inc. reported a modest increase in its third-quarter net income on stronger sales.
The company said Monday that it earned $3.5 million, or 24 cents per share, for the three months that ended Sept. 30. That compares with $2.1 million, or 14 cents per share, earned in the same quarter last year. After adjusting for impairment and severance expenses, the casual restaurant chain's profit was flat at 24 cents per share in both years.
Red Robin's total revenue increased to $213.3 million from $206.2 million on improved revenue from its restaurants.
CEO Steve Carley said the company outperformed its peers in an intensely competitive market. The company benefited from more customers in its restaurants and higher profit margins.
Red Robin, based in Greenwood Village, Colo., owns 331 restaurants and had 132 franchised restaurants as of the end of the quarter. The company expects to open three new restaurants in its fourth quarter.
Shares of the company did not trade Monday because the Nasdaq was closed as Hurricane Sandy threatened the East Coast.