EarningsRed Robin reported first quarter results that came in lower than expectations.
GuidanceManagement lowered its 2024 guidance with revenue to ~$1,250M, down from $1,250-$1,275M, and adj. EBITDA to a range of $40-$45M, down from $60-$70M previously.
MarginsThe company reported an 11.8% restaurant-level margin, below the 13.1% estimate and down 80bps y/y.