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August 14, 2014
11:40 EDTNDLS, RRGBRed Robin, Noodles & Company crumble after earnings misses
Shares of casual dining companies Red Robin Gourmet Burgers (RRGB) and Noodles & Company (NDLS) are crumbling after both reported lower than anticipated second quarter results and projected modest outlooks for the rest of 2014. RED ROBIN: Red Robin's reported adjusted earnings per share of 68c for Q2, while analysts' had a consensus forecast of 90c. The company's Q2 revenue was $256.1M, which fell below analysts' consensus of $263.27M. Comparable restaurant revenue increased 1.2% for the quarter. The company's CEO Steve Carley said that Red Robin remains cautious in the near term but is confident in the initiatives it has in place to generate long-term value. The franchise sees FY14 comparable restaurant growth in the low single digits. The company also plans to remodel at least 65 Red Robin restaurants as part of its brand transformation initiative as well as expand patio seating in a few locations. During the company's conference call, Red Robin said that it is "cautiously optimistic" regarding its FY14 expectations. The franchise said it was disappointed in its Q2 results and noted that its market strategy fell short. Red Robin anticipates that the macro-environment will not provide any lift for the company in the immediate future. The franchise sees revenues in remodeled restaurants to continue to build later this fall and foresees "somewhat strong" comp revenue growth in Q4. Red Robin said it sees Q3 EPS growth to be about flat. NOODLES & COMPANY: Another casual dining franchise, Noodles & Company, reported lower than expected earnings and cut its 2014 outlook in response to industry trends. The company's Q2 adjusted EPS of 12c fell below analysts' 15c consensus. The company's Q2 revenue was $99.5M, which was lower than analysts' consensus of $102.9M. Comparable restaurant sales, when adjusted for the Easter holiday shift, increased 0.3% for company-owned restaurants and 0.2% system-wide. In regards to guidance, Noodles & Company lowered its FY14 adjusted EPS view to flat with prior year. The company's Chairman and CEO Kevin Reddy said, "We are seeing modest top line momentum and are making the right investments for the business long-term. However, given results during the first half of the year, we believe it is judicious to temper our 2014 outlook relative to prior expectations." PRICE ACTION: During late morning trading, shares of Red Robin fell $13.72, or 21.25% to $ 50.83, while Noodles & Company dropped $5.27, or 21% to $19.94.
News For RRGB;NDLS From The Last 14 Days
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May 21, 2015
07:14 EDTNDLSBMO Capital to hold a conference
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May 20, 2015
08:37 EDTNDLSMorgan Stanley to hold a conference
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May 19, 2015
12:25 EDTRRGBOn The Fly: Top stock stories at midday
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10:14 EDTRRGBHigh option volume stocks
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08:32 EDTRRGBRed Robin sees FY15 revenue growth 12%-12.5%
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08:31 EDTRRGBRed Robin reports Q1 adjusted EPS $1.10, consensus 88c
Reports Q1 revenue $394.9M, consensus $395.47M. Comparable restaurant revenue increased 3.1% over the same period a year ago. Restaurant-level operating profit, as a percent of restaurant revenue, increased to 23.0% from 22.4% in the same period a year ago benefiting approximately 80 basis points from lower health care and workers compensation costs
May 18, 2015
15:00 EDTRRGBNotable companies reporting before tomorrow's open
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May 15, 2015
07:19 EDTRRGBRed Robin volatility elevated into Q1 and outlook
Red Robin June call option implied volatility is at 43, June is at 71, September is at 37; compared to its 90-average of 42, suggesting large near term price movement in to the expected release of Q1 results on May 19.

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