Earnings call transcript Q4 2022

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Operator

Good afternoon everyone, and welcome to the Red Robin Gourmet Burgers, Inc., Fourth Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] This conference is being recorded.

During management's presentation and in response to your questions, they will be making forward-looking statements about the company's business outlook and expectations.

These forward-looking statements and all other statements that are not historical facts reflect management's beliefs and predictions as of today and therefore, are subject to risks and uncertainties as described in the company’s SEC filings.

non-GAAP as discuss conference of also call. will financial part measures today's Management are accordance alternative prepared Accounting non-GAAP may not These measures in company's performance are to be useful. the Principles, intended with illustrate of an measure operating that but Accepted Generally

can the company measures has XXXX fourth and found reconciliation posted comparable of the earnings directly earnings full-year its ir.redrobin.com. financial its non-GAAP A in website release to the measures most GAAP be The at on release. quarter

to call the Red CEO, like to now ahead. I’d go G.J. turn Robin's over Hart. Please

G.J. Hart

you me for and outlook thank Officer, year-end our and who for Todd Financial remarks. and results XXXX Hello, joining after us With Chief quarterly financial is I today. will conclude our review prepared Wilson, my

thanking members the and by teams start in restaurants. management team restaurant to like our I’d

will your because dedication, hard and of tenacity, work. succeed We passion,

restaurants traveled Robin. I've genuine in the our As people talent I so visited and Red and have much goodness teams, of and witnessed

For that, I am very grateful.

we to up we as XXXX. for entered took ourselves As we immediate improved set declining XXXX, reverse trajectory the and steps exited performance business of the

on can stated grown assuming so here my excited this my be conference what Red Robin's call, initially only new I CEO to I As and for optimism am achieve as has last we November, inaugural role. since

operations first Jones] started [Jesse will the to as share Todd forward transition in Legal the start time to and to and is in Wilson Chief [Rod Griffiths] now we have Red leadership Mussetter to CFO. path strategic [ph] lead Robin To later I'm November moved transition joined as pleased my at six December In [ph] CEO, March. nearing returned company a as Sarah months our in quickly Officer. as same identify teams, a leadership team. completion. new

will be will to team. on and fantastic soon Wayne DePhilips the continuing done to Davis fantastic and and permanent I CTO and be respectively. complete as Deena leaders what expect Deena and addition prove with confident a Woolen Amy Amy am CMO Jason announce Ross Interim we CMO work have CTO team. I leadership

a We who with of in have and talent all have external our great industry. proven leaders mix success internal

along In January, conference, plan our North build sustainable expect Red from brand long-term the parts growth, blueprint [ph] will is that the Robin and Robin This a plan brand. of competitive we a our the Red of iconic the Star, made [X-point] full for ICR positioning, enhance missteps of we execution announced an the developing plan, history In the shareholder we reviewed drive at great and to this that way. value. any comeback

squarely Red at Our moving are future. always focus Robin. to are thoughtfully is we quickly evolving deliver now and and Brands needed on the changes

that better Star. doing We investors. experience. like I improved members on thoughts and are confident and were some these are in in Team additional result against happier, right financial engaged, execute would guest to that XXXX what results rewarded more will that and we changes to the are North reward our share

operations to company. to transform focused Number X, restaurant an us

key operations in will have be frontline means driven. going involved This operators foremost, and First to will we listen. decisions. their we voice, be all and matters, are that voice a They

to compensate other similar by restaurant a as to have creating our led. look leaders will We that partners program companies I

the restaurant time instill real drive Under of ownership be a month profits will team their sense will compensated each and rewards real at this This every the on restaurant. program, for of management accountability based performance. and

team this the and soon share more deploy model in communication with later compensation to XXXX. expect We

better bureaucracy unit have are decision restructured leadership. operators support single We restaurant changes both removing support by making. to also our These speeding and operations and center designed our

removed in In hosts, and Number bartenders, back adding experience. past. began we X, were December, bussers, guest which elevating the the

shift to busser service implementation traditional We our and assistance. will supported standard tables back servers a to model are fewer service with have more a with where phased progress

gains evidence from as wait coming already the to were guests being due in to the to returning seen capture in have are these us, We lost allows being changes but that in already sales us a past appropriately to false restaurant. staffed

We a our a when Burgers. guests we of each make hang to our Gourmet restaurants that sign XXX plus commitment on says

on to today While our are are burgers our upgrading we good deliver fully this techniques. cooking commitment,

cooking expect method. existing cooking system a traditional flat conveyor to the belt them transition from We to more top

simpler cooking ceiling our we larger platform. is The costs associated provides product and burger, a to the guests. maintenance is significant that quicker with This eliminate for flat an our and flavor delivering members greater for team and value top [indiscernible] XX% and and and even process the quality execute repair

began testing both method feedback and have live. cooking January XX and now flat has in and Reviews guests members We top restaurants the been team from outstanding.

in full expect second deployment quarter year. completion We this of middle system begin the to by target the and

to quality menu and innovation. ingredient extends Our commitment guest improvements to our

will satisfy He develop wider array his and to appetizers provide menu fantastic our to great price and in Brian worked Sullivan and to beverage our guest non-fried February items team culinary have like made options. are that and job lead new options. new Robin items a teams. Brian do classic previously and entree I he'll developing Red and and This confident of guests together elevate feedback. already items underway I'm point joined Robin innovation Red a

We offers approximately an have standing pleased restaurants. favorite been Donatos is on Robin is long our Donatos very guests XXX another that currently in product Red partnership, American with menu. excellent our available which our

do outperformed that As offer long have restaurants sales and we stated, comparable restaurants that not. restaurant Donatos

In many any are opportunities. comeback, there

ensure aggressive anticipate back, installations prioritize success. the very foundation long-term for our place we approximately be the core led in expansion. our and the being XX first Donatos to We in are to build XXXX. of thoughtful actions the us do putting completing This pace Donatos in to We scale

term. thoughtfully reduce Number costs provide to investments near opportunities complexity. experience The X, investments remove those costs for and the are the guest and funding in the in needed

of do the impact we efforts Robin's uphold saving guests guest Red past, that experience. cost in the now negatively felt to the are on not focused While quality changes commitment the many and

identified with simple see already same consolidating market beyond to partners We our those and or size today We for have like changes to meaningful relationship have vendors contracts standards. buy of increasing pack current take to products our chain competitive including: opportunities supply vendor scale. we supply the opportunities our in advantage chain engaged We strengthen right-size

to to We North support contracts. unnecessary eliminate Star We with structure plan. are working priorities team of right-sided the or align to redundant third-party the

costs. opportunities We are utilizing further identify Four, optimize engagement. the to and reduce technology guest and to analytics

brand to serve. This we local contrast a of very past. by presence. the store community engagement previous communities us local is communities successfully being approach Next, serving positioning a company is that focus we supports are optimizing national back the guest This in the with as used the going ourselves on around marketing the the approach in that same a I've the And national and Robin. approach built media Red with

us to eager and program and more our newest build platform, today. We drive Royalty for million guests that those frequency. a with are Robin to which a members from to platform XX.X will members for Red its through to true to and loyalty The being being discount has engage their elevate is loyalty continue demonstrate guests it goal

is back release fortunate week, this our and press to in communities. supports families partnership that is honored in Red was an on This families and many Robin our Directors children Later issue We our with are is ways to so things They announcing a and Robin organization I we Board the help wonderful privileged do will Red a gives serve and Make-A-Wish Foundation. company past. of inspire the them. support to

kids history a a of million of Through three of commitment Make-A-Wish with partner Red we commitment over $X.XX donation making $X the meal largest Robin the for the sell, new in a over from next every years. is

our unit unit positive drive comparable in compel X, four that restaurant Star, on revenue financial in first and restaurant traffic, in the and in profitability sales, to commitments. of we operating economics guest the and outcome Number meaningful unit parts North level level execute profit, comparable growth future. we expect restaurant be growth on When growth the the gains deliver

community While we for financial regaining the to Red tremendous of us. see investment is with credibility importance opportunity Robin, paramount

and build use to we more on our financial North a commitments. big record delivering we In efforts, conservative us picture, XXXX. filter As the our guidance we by of to adjusted as financial believe our margin work be that track our our enable the XXXX to guide a EBITDA result, which than Star will be measured will double will

much easy, not Red there are here so Robin. closing, but In to work at also is with comebacks

you'll we that brand hope bring can are are we our we before highly We than share back and better therefore that for where enthusiasm confident headed. this

the turn me Todd. over Now, to let call

Todd Wilson

$XXX a XXXX. providing revenues and G.J., fiscal to then to of I'd fourth we'll financial afternoon, recap for our and everyone. Total QX by good the performance quarter financial our you, of start guidance approximately for were versus from XXXX like move comparable in Thank an QX to of $X.X The This increase comparable the revenue quarter restaurant increase million, of growth. eighth consecutive of resulted XXXX. X.X%, an compared fourth in revenue the quarter restaurant XXXX. increase of million in is positive

quarter card also growth to XXXX business Revenue the the has Red X.X%. four by sales increase comparable breakage. restaurant in quarters. to posted Compared of versus gift The an increased comparable fourth sales for restaurant due past increased Robin XXXX,

comments. past expect years four XXXX we to Now, move benchmarks later in to public generally our in XXXX,

a restaurant fourth dine-in in sales mix inflationary operating quarter continued to of of restaurant fiscal quarter. basis each the to level many points, cost percentage a Restaurant pressures sequentially sales, quarter was of fourth in compared XX.X%, approximately categories. percentage increased approximately a year XXXX. as in XX% As XXX in the the quarter XXXX of fourth revenue Extreme of decrease profit

value ensure from to of many primary increases menu reported peak elevated of XXXX to fourth deliver guests. to thoughtful moderated quarter quarter. quarter point being is in has as to inflation compared inflation still a than have the we very percentage the of less sold of Commodity fourth we are driver the price cost increase the XX% observed fiscal the our taken of in competitors. great XXX Commodity basis by And in goods XXXX. We the second our

in categories, XXXX offset repair Each was saw expenses utility price restaurant restaurant as wage to other operating and cost of operating, by and fourth of inflation third-party labor lower from X% quarter percentage unchanged XXXX. the and of expenses, offset labor, approximately fourth by of increases, compared maintenance our the of other are quarter resulting sales as revenue lower mix, In operating other a sales costs. third-party menu commission, costs, hourly higher occupancy

to costs spend spend expenses Selling local prior million, costs. began year that an will of million, services, we increase $X.X $XX.X versus administrative higher General driven XXXX. year the professional contract million, were $XX.X the at a termination primarily we and as legal decrease and versus expect shift efforts by prior million in selling were $X.X reduction and continue the of in fees,

level locations. a result levels recorded in $XX reduced non-cash initiatives to these it pressures expected restaurant restaurant this to non-cash primarily that we impairment restaurants decades We prospects assessed about future as profitability. performance related to restaurants approximately expense This due North is remain outcome Star as future did and not optimistic million a we not that of of cost We appropriate to perform as expense drive the experienced gains. inflationary is of at record our expect XX

fiscal adjusted XXXX. $X.X the in-line XXXX, million, with in of was adjusted quarter fourth of the million $X.X EBITDA quarter of fourth EBITDA For

XXXX. EBITDA year, of EBITDA million, to for adjusted expenditures the totaled Capital fiscal XXXX $XX.X XXXX. For in was adjusted $XX.X million million $XX.X fiscal compared

in in we installations, restaurant our the [ph], five of costs included which seating technology remodels March. new and Arizona, our related over XXX renovations] expect of construction Glendale, Investments to [vinyl majority to build in open a completion Donatos restaurant XXXX upgrades,

and outstanding and our fiscal At credit under XXXX were We ended under principal $XXX credit. cash available of $XX.X cash borrowing our letters credit line million our revolving balance of with $X.X million agreement $XX was of approximately capacity outstanding equivalents, and million year-end, million.

to It to able mind, we business in and As regain is we performance accurately commitments. equally community experience. forecast the the we this with make it guidance. deliver forward, map the our investment as path are investments important is an appropriately are to we taking approach important needed With that our credibility our conservative guest in

to inclusive XXXX least of $XXX primarily guidance total labor. as in of general $XX.X Our the million profit and Selling XX% to experience, from approximately in million and to is expense from million. investments restaurant administrative operating $XX expenditures billion, revenue follows: $XX from for Adjusted EBITDA Capital at guest $XX.X level million of million. $X.X million. $XXX

this I will add to texture guidance.

are Red the back experience of making investments and about will future Robin we with We the are are very resonate confident into optimistic the guest consumers.

build it guest and to traffic. we will However, expect time frequency take

the in trends a the is experienced guidance of of traffic fourth comparable XXXX. restaurant in revenue by quarter general continuation grounded Our industry

in with We anticipate be and level will increases. commodity price equal single-digits mid-to-high labor menu the inflation a of generally

and guest experience. savings identified to opportunities implement support the back smart have that into starting the We are cost investments

expect captured implemented. as We year additional increase these the actions savings through will are

We despite market. the encouraged resiliency of the have labor of back been consumer, by strong inflationary continued on pressures the a

sales traffic comparable through of first exceeded Black and results Our the weeks XXXX Box eight benchmark. comparable have restaurant the fiscal

We our allow due attribute our guests this past stopped [ph]. us have those progress to restaurants that lost serve staffing and the to outperformance already may in that are [false a industry coming and to return to wait] to levels standard to been

reflected this yet in approach, to conservative As year not strong XXXX start one of is our the guidance. reflection our

are We evaluation be underway leaseback is completed the that to the announced we a If owned evaluation continue up transaction quarter. second XXXX. properties. January and This first fully the expect of for to to in pursued, be complete sale XX in evaluating expect quarter transaction in we the we to

of the incorporate of with still note, repay XXXX using we as Please shares terms repurchase leaseback this capital the debt, stock board proceed sale and approval. completion our fund anticipate subject to transaction, of company to and our evaluating not investments any agreement are we we credit transaction, guidance does transaction. proceeds If the

the I business back joined more the was I'm at today. I in then. and of energized the in here optimistic opportunities even closing, front Red In by excited team November. Robin

to that, over I'll G.J. With the call back turn

G.J. Hart

you, Todd. Thank

guests me all exceptional brand on elements of and the Let X-point deserve our our reiterate the that are our fulfilling towards promise. experience geared of upholding plan that restaurant

action Over ultimately of for the taking and will years, have committed few successful a sustainable great that to us opportunity create and bold build next we are our ahead shareholders. business to value a

themselves, here Inglewood and Robin. we within do by and the in work restaurants our With energized interest your support of we Red for you team our the members, are thank in

the open now will questions. call We for

Operator

you. [Operator comes from proceed Thank Alex question, Instructions] with from first Jefferies. Slagle your Alex. The question Please

Alex Slagle

looking to drivers today. quickly. Hi, here guess, you'd guys just and significant take and the will start the off, drivers like G.J., of some seems like as How I Todd. reduction at to visible doing? sales most bear the same like clearly, deliver for XXXX what mentioned but waits call you Wanted fruit, Thanks. just of for the is in stand the sense are get store opportunities some initiatives we And you can some time false pretty out improvements

So, just about you're how as to we more ahead? thinking about love bit hear kind look a of it,

Todd Wilson

call the embedded think One, is the few Alex. a tried I there's This through texture in Todd. to guidance, our Hey, Yes, that. to give angles there. we

I as in think about conservative embedded how traffic of thought trends we've been from We fairly guidance. we in we terms kind of continued our said QX. sales

is it experience, right. all drivers the about sales of though, terms really guest In the

be restaurants It'll elements, the of those great things. atmosphere giving a It'll be staffing appropriately. experience. food. It's types It's

As said they think build come though, take think comments we build time. my accelerate to we have we difference, and degree of experience have time, will marketing, that I right. that long-term in can to to Guests takes that long-term the in, a with but the

seeing benefit in related we terms we is wait. industry that you and near-term, due the start to staffing As the the quarter to though, past were to the alluded outpacing we're that losing the believe guests that the in in of false to

experience. is benefits. think The we said, there's plan building traffic that sustainable great though really through about of guest long-term healthy, all near-term a So,

Alex Slagle

much us [ph] I more color or you just you're give know the benchmark just outperforming of] on to how Box [frame care to number a And a Black give if Okay. don't reference?

Todd Wilson

I'm think we'll I industry. hold audience outperformance. strong pleased. for Yes, sure probably knows, fair We're the the been it's you to to say a obviously and very start the

because provides that changes industry doing be So, and it the it's we're we're are equally we're pleased certainly data think points that what but those outpacing to as outperformance. by that implementing pleased that, for that driving the changes we

Alex Slagle

Okay.

continue the you if or, inflation, can store think menu same offsetting about of guess, you the you of as components sales pricing, the driver the impact discounting, the so on you I curious that can high-single-digits then And think on positive that growing? And sort in through for the as discounting? if you keep actions year, mix, to check your to a and expect positive become think year the through

Todd Wilson

it's that but got about components you've and mid-to-high it together, I'm mix see embedded sales positive single-digit inflation, The you we And put say can components, numbers. comp but think I have – marginally in Yes, number happens our the the discounting right all mix embedded I'd with sure that's talk in do there. We'll a what I'll guidance. pricing our first. you

in all numbers, opportunity the there's incidents, we're have of steps at are opportunities appetizers, necessarily that beverage big look counting but I business, to those desserts, we great attachment As on share, achieve meaning to our promote. of items those. in see those areas certainly alcoholic guidance and not would our we all we think

On side, time will little that's more play believe a to the bit discount I a take develop. that

take to time, decline. expect that has I work see done that finish discount of just you'll plan. time to but over the there. do team The We a have push beginning get line, little It across may great bit just levels

Alex Slagle

year the cost have labor the how initiatives any and to to might guess you going I on planned that that through you're that's investments think wanted through through trying And just guess touch to the move upfront one getting through the as that and just year on efficiency Thanks. we just making the think out? piece margin trying the and level flow cadence restaurant I one, to final other guidance I XX%.

Todd Wilson

some of to so already implemented efficiencies, have execution year. ramp Yes, but to complete, going will just know the we there, absolutely. those. that cost They'll The be of matter we do what implemented, exactly getting continue a the through we're

broadly the we're guest satisfaction I for way, and restaurant what to I level think that right are looking seeing in guest that us improvements we're confirm by points sequential which we're sequential scores, on in say improvements that is, going be may traffic, improvements sequential in profit. proof the operating to track the

that, be So, will expect. to an that tilt a to upward there we tilt

Alex, is thinking a so, it, that's about at year And how starting the thoughtful we're place.

granted that that we will to that start on, we've all anticipate planning that bit weren't the we an help quite seen of see that the metrics trajectory those just mentioned. a you'll Now year to sales but do upward I

Alex Slagle

it. Got much. Thank very you

Todd Wilson

you. Thank

Operator

Brooks you. Todd Benchmark Instructions] go [Operator The next comes question, Please Company. with your from from Thank question The Todd. ahead

Todd Brooks

Hey, here. a for taking of couple questions thanks

as investment Todd just three-proof Firstly, margin proof a And as to and plan, can investments self-fund as we success and operating restaurant to the going need increased far guidance wondering you year those mind XX%, on the staged that in points if to three-year can stability don't you answering you're Alex's of this three you North those if across hopefully those window I'm about see incremental wondering just talk you're the know in way question. level with points? getting two year a The Star how is ability and when to be you there's is – talked if probably maybe the keep I'm just goes. three-year I

Todd Wilson

kind That's of exactly, internally. discussion Yes, we've having the Todd. been

call That and investments, can phasing bussers that the think that the of addition about mentioned remarks. G.J. of and at goes staffing to in prepared you we would the list. the on and say, I our of terms I it or and false top of the bartenders, Right. both think hosts waits In the how

false opportunity and the We in opportunity. lost it's the past measure years. know few over we've can what a meaningful We waits

that And But to takes near that the so, positions already there. that's will effectively those – The just get time term those or has we're team work, a ASAP, be add are positions additions. looking to right. started

in. little model, throughout that The service evolution about the you can year. just will that's get It think the to confident of time bit more layer happen fully year. a That spoke the terms is one that we'll will change. take G.J. expect I right It in to I we're think on completion that this

is are into our technology, Beyond that XXXX components. investments on itself look there labor XXXX, the to those those But the facility likely types and focus make areas. of we'll in really

well. G.J. other prepared program. his compensation mention, mentioned the remarks look I in piece should make in that That's to as we'll was partner a The change XXXX

G.J. Hart

Todd, more that one complement at sequentially improvements the well. that and to as mentioned additional And would success, when way out having we're other making going doing management as traditional move One sense manager thing and partner, and if that in to earn with to move we met a ICR, will managing we managers going then I I a [fast] a Todd's the our say allow additional will is, we're is, assistant faster. lastly, continue [ph] it that having approach us the points kitchen

Todd Brooks

kind And bucket, the you, quality just great. I then elevating the the the broadening but of Thank following because another plan. focus hit is key know, food and That's of both. menu up you out labor

you're outlook, savings talked that part or rolling there Todd, that flat an and quality out bake you fairly with food new in about, happens to, food are kind in better rapidly it You as of is there commodity the your initiative tops investment thinking is in the well. of XXXX? about offset kind funding of But the quality fiscal

G.J. Hart

in quality here, here some let Todd not higher but us. approach comments vendor Todd, we're vendors be appropriate, to for around able confident is look use I'll where those that will off scale incremental start at and being it's also spend our our partnerships single kind made allow things going our to us of to believe we of invest and that

Todd Wilson

with from. result. as that need we we to of our And obviously guidance I view can to way that we Todd, XX% floor effectively on of of achieve. is our at add a of That And our thoughtful work being that all only would XXXX to up least we're out that confident our in-line comments putting just guidance

in So, my at these point being, investments operating the making we time. while profit, restaurant yes, can that grow level same

G.J. Hart

that, would in that's will you eventually the I think Todd, back past. this a margins I been get company a look if we back about performer company talking feel think here lastly pretty We we've at say Yes. of that piece to And big achieved is, steady for many I good. that this was history, has years. just

your us may to this we'll all But a we in It take there. and just snap confident can't are bit that because fingers little you tough there perspective. a environment get supply get stuff chain get implemented and we're a highly from

Todd Brooks

Thank Okay, luck. great. you both. Good

G.J. Hart

Thanks, Todd.

Operator

you. question Wolf proceed Andrew. King. your Thank from Andrew with The next question, Please comes CL from

Andrew Wolf

the the partnership Hi, good on Congratulations afternoon. Make-A-Wish Foundation. with

G.J. Hart

Thanks. We're excited.

Andrew Wolf

wanted ideas finally wherever walk lot give of these through To to hit products menu – you've alluded a that you and, start talked guess, sourcing opportunity. internally, know, appetizers to testing, your there's you and about cycle the actually a it new externally. to with, from and about bringing the bigger I know parts my products when menu? us I the question non-fried are picture are – the of Could talked and not when on I you're us is, innovation and product you sufficient menu ideas

G.J. Hart

in we in terms demands bit going out possible the as past. are a give you in those we're little those requests mentioned. we're I'll tent Difficulty] under to quickly been move consumer what lot Andrew, that of as here filter to and And [Technical of the insights we like of trying has non-fried a just those done what appetizers of terms that have

of the Robin, And as that candidly, entrees. looking Red with do. that's to our thing looking to going we're back of by in insights as consumer well the be Same principles And have. terms what guiding with history in we

our You two things to his Head for of around well in put Sullivan is way those Culinary working Brian those us together who's and things.

we're really been into put will my will test, a in probably, then Red we feeling probably will small then from will I will beta strong long that say there. about which here into if normal it, has But opinion. Robin them shortchange expand we at and the restaurants We cycle, too we

of it's we courageous mistake. done much the past. be longer faster where we cycle do comeback, in non-traditional to might are bring insights make make in we you those to some been may What bit and that. to market it believe We need a A We in little have than I terms decisions. to case that we think think the need in but the this of about, of enough

Andrew Wolf

Got housekeeping it. it. you, to but this, any…? And see We'll restaurants a think or on. of restaurants were to right. sort and wanted the maybe I go The I company All that question, answered were all closed, underline they owned what's going were

G.J. Hart

Yes. Yes.

Andrew Wolf

increasing quarter peaked, inflation? sequential it's peaked, sequential as vendor or that through was that food Okay. my in early and but still means just And still or other increase just there costs any and hopefully also by inflation really wasn't just but the [ph] quality the way] of a on the inflation percent sales, maybe high the its to inflation, consolidation it [fall funded the year-over-year takeaway is it's all was

Todd Wilson

this Andrew, Todd. is Hi,

kick of that food talking on that will as material in any labor the terms start think can quarter. about really we're or of were changes you fourth kicked QX, of the The of in in and at in the terms inflation. In year there changes here have not

piece. inflation an really that's So,

clarity the still further the seeing we're we're inflation inflation still year-over-year in of has for XXXX. it, for planning but peaked, optimistic we're Just inflation and percentage

Andrew Wolf

right? Overall,

Todd Wilson

Correct. Correct.

in an an percentage lesser but still saw in cost a XXXX, at we on dollars So, absolute basis. than increase

Andrew Wolf

Well, right. you. All thank Yes.

G.J. Hart

Thanks much, Andrew.

Operator

the this over G.J. sir. call remarks. you. Hart time, At to I'd closing there to Thank like are no further now for Thank you, questions. turn

G.J. Hart

of We to late the results all to you Take much. journey look and forward reporting very forward to to care. and appreciate you in then. we our you I very Thank much forward us today. first quarter look here look joining May talking here

Operator

Thank you. teleconference. today's This concludes

may lines at disconnect your and thank You this participation. much your time for you very

Red Robin Gourmet Burgers (RRGB) 28 Feb 232022 Q4 Earnings call transcript