Red Robin Gourmet Burgers Inc. (RRGB) announced that it will shortly unveil a restaurant in Phoenix, AZ. Currently, the company operates 490 restaurants across the United States and Canada.
The company stated that it will contribute the sales from its signature Freckled Lemonade during the grand opening week, from May 26 to Jun 1, 2014, to the non-profit entity — Alex's Lemonade Stand Foundation.
Positioned at the intersection of Indian Bend Road and North Pavilions Blvd., the spacious unit will offer signature food items like Royal Red Robin Burger and Bottomless Steak Fries.
According to the National Restaurant Association, Arizona’s restaurants will post sales growth of 4.9% in 2014 to reach gross sales of approximately $11.0 billion this year. We believe this opening will be favorable for Red Robin’s expansion plans in the state.
Red Robin continues to expand amid an uncertain economy. With the resurgence in consumer confidence, management has accelerated unit openings. Other than Arizona, the company is exploring new development opportunities in untapped markets of Florida, New York, New Jersey, Chicago and Texas to further enhance its domestic presence. In fact, the casual dining restaurant operator remains on track to unveil 20 units along with 5 Red Robin’s Burger Works in 2014.
Red Robin Gourmet presently has a Zacks Rank #2 (Buy). Some other stocks worth considering in the restaurant industry include Buffalo Wild Wings Inc. (BWLD), Burger King Worldwide, Inc. (BKW) and Carrols Restaurant Group, Inc. (TAST). While Buffalo Wild Wings sports a Zacks Rank #1 (Strong Buy), Burger King Worldwide and Carrols Restaurant Group carry a Zacks Rank #2.