Company: RRGB
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0001171759-25-000020
Chunk: 48

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-05-29
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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 media spend overlapping a marketing test last year. 

Interest Expense

Interest expense for the first quarter of fiscal 2025 and fiscal 2024 was $8.1 million and $7.5 million, respectively. The $0.6 million increase was primarily due to an increase in the weighted average interest rate to 14.1% in the first quarter of fiscal 2025 compared to 13.2% in the first quarter of fiscal 2024. Average outstanding debt was $187.7 million and $187.0 million for the first quarter of fiscal 2025 and fiscal 2024, respectively.

Income Tax Provision (benefit)

Income tax benefit was $0.0 million in the first quarter of fiscal 2025, compared to an income tax provision of $0.2 million in the first quarter of fiscal 2024. Our effective tax rate was a 0.2% benefit in the first quarter of fiscal 2025 reflecting state income taxes.  Our effective tax rate was a 2.0% provision in the first quarter of fiscal 2024, reflecting minimum state income taxes and state franchise taxes despite a pretax net loss position. 

20

Non-GAAP Financial Measures

A reconciliation of Restaurant revenue to restaurant level operating profit is detailed in the table below:

Sixteen Weeks Ended(Dollars in millions)April 20, 2025April 21, 2024Increase/(Decrease)Restaurant revenue$385.8 $378.6 1.9 %Restaurant operating costs:Cost of sales88.0 90.2 (2.4)%Labor143.1 149.0 (4.0)%Other operating67.5 66.5 1.5 %Occupancy32.2 31.4 2.5 %Total restaurant operating costs$330.8 $337.1 (1.9)%Restaurant level operating profit(1)$55.0 $41.5 32.5 %

(1) Restaurant level operating profit is a non-GAAP measure. See below for a reconciliation of restaurant level operating profit to Income from Operations and Income from Operations as a percentage of total revenues.

Sixteen Weeks Ended(Dollars in millions)April 20, 2025April 21, 2024Increase/(Decrease)Restaurant revenue $385.8 $378.6 1.9 %Restaurant operating costs:(Percentage