DENVER BUSINESS JOURNAL - Red Robin Gourmet Burgers Inc. is blaming "weakening industry trends" on why it will miss analysts' earnings and revenue expectations in the third quarter.
The Greenwood Village-based restaurant chain (Nasdaq: RRGB) said it will report adjusted earnings per share of 38 cents when it announces its third quarter results on Nov. 2, lower than analysts' expectations of 49 cents, according to analysts polled by Thomson Reuters First Call.
Revenues of $297 million will also fall short of analysts' expectations, who expected third-quarter earnings of $301.2 million.
The company is spending $8.1 million, or $0.61 per diluted share, to shutter nine of the existing 12 Red Robin Burger Works locations, which it announced earlier this month.
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