Red Robin shares jump on fourth-quarter earnings beat, share repurchase program
Shares of Red Robin Gourmet Burgers Inc. are up 4.7% in premarket trading after it reported fourth-quarter earnings that beat Street estimates and a $100 million share repurchase program. The restaurant chain had net income of $11.7 million, or 84 cents per share, up from $3.9 million, or 28 cents per share, for the same period last year. Adjusted earnings were 86 cents per share, beating the FactSet consensus of 81 cents. Revenue totaled $286.3 million, up from $282.1 million last year, but missing the FactSet consensus of $289 million. Same-store sales for the quarter were down 2%, versus a FactSet estimate of a 1.4% decline. The company sees fiscal 2016 revenue growth between 8.5% and 9.5% with same-store sales growth in the low-single digits. Red Robin shares are down 24.6% for the past 12 months while the S&P is down 12.4% for the same period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.