Increase in off-premise sales is likely to benefit the company. It anticipates annual sales of pizza to be more than $60 million and profitability to be above $25 million by 2024. Red Robin is optimistic about the success of this partnership. The company anticipates rolling out Donatos to approximately 150 restaurants in 2023. On the third-quarter conference call, the company said that restaurants serving Donatos pizza outperformed non-Donatos locations by 10.1% in comparable restaurant revenues compared with 2019. As of Oct 2, the company had completed its rollout of Donatos at approximately 50 restaurants for 2022.
Red Robin still considers Donatos as a key growth driver. During third-quarter fiscal 2022, the royalty membership count came in at 11 million, reflecting an increase of 800,000 members from 2021 end.
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The growing demand for off-premise orders is resulting in higher traffic.Ī key long-term growth driver for the company is its guest loyalty program - Red Robin Royalty - initiated in 2011 with a goal to increase guest count. The company is set to grow its off-premise, online-ordering business via carry-out, delivery and catering. Red Robin has been investing more in technology and data infrastructure. This Zacks Rank #3 (Hold) company’s sales and earnings in fiscal 2023 are expected to witness growth of 3.6% and 54.3% year over year, respectively.
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