Red Robin’s closing stock price surge of 47 percent marks the biggest increase for a franchisor during the latest Scoreboard period.
On April 11, the closing price for the burger-centric restaurant brand was $15.73, nearly a 50 percent rise from $10.73 on March 13. The latest closing price shows a rebound for Red Robin, which has been on the rise since the start of 2023 after months of declines.
In March 2021, Red Robin had a closing price of $41.14. The price later fell to $16.53 on December 31, 2021, and reached a low of $5.39 on December 28, 2022.
Recently, though, it’s been on the upswing, reaching a closing price of $8.94 at the end of January before hitting the $10.73 price in mid-March.
Red Robin recently released its fiscal year-end data. According to its report, during the fiscal year ending December 25, 2022, Red Robin had total revenues of $1.3 billion, an increase of $104.5 million compared to 2021. Additionally, the brand had a comparable restaurant revenue increase of 9.2 percent. Looking ahead, the company expects a similar revenue for 2023 at an estimated $1.3 billion.
“We completed important work in 2022 and now turn the page to a fresh new year,” said Red Robin CEO G.J. Hart in a statement. “We are moving aggressively to capture the opportunities in front of us, and are encouraged with very strong comparable restaurant sales through the first nine weeks of our fiscal 2023.”
With the biggest percentage increase on the franchisee side was Carrols Restaurant Group, which operates Burger King and Popeyes. Carrols’ closing price increased from $2.03 to $3.02 over the last period, a 49 percent jump for the franchisee group.
Carrols also released its data for fiscal year 2022, showing an increase of 4.7 percent in total restaurant sales, rising from $1.65 billion in 2021 to $1.73 billion.
On the other side of the spectrum, it was another period of decline for F45 Training Holdings. Its stock price fell from $1.88 to $1.08, a 42 percent drop.
Its latest numbers show a continuing trend, as the closing price fell from $3.14 to $1.88 during the period from February 8 to March 13.