Casual dining restaurant operator
Red Robin Gourmet Burgers Inc.
), which currently boasts more than 470 restaurants across the
United States and Canada, is set to open a new restaurant in
At present, the gourmet burger expert has about 16 units in
Illinois, which makes the state a relatively newer market for Red
Robin compared to California which has as many as 88 units.
According to the National Restaurant Association, the restaurant
industry in Illinois plays a pivotal role in the state's
revenues. According to this research site, the state's
restaurants are expected to record $21.7 billion in sales in
2013, 3.3% of total projected sales in the U.S.
With the resurgence of consumer confidence, management has
accelerated its unit openings and plans to unveil another 20 new
units in 2013. Moreover, the company, in association with its
franchises, is expected to debut in four new cities in 2013.
This Colorado-based company is also exploring new development
opportunities in the untapped markets of Florida, New York, New
Jersey, Chicago and Texas to further enhance its presence in the
U.S. It is also set to open its second location in
Baltimore, Md in mid-July. In fact, Maryland is also an
under-penetrated US state with a potential to record $10.3
million in restaurant sales in 2013.
That's not all. This Zacks Rank #3 (Hold) company is also very
active on the expansion of its other formats. The company's
smaller prototype restaurants, Red Robin's Burger Works, will
likely accelerate its growth in non-traditional locations and
also improve return on invested capital.
Other players in the restaurant industry, which look attractive
at current levels, include
The Wendy's Co.
The Cheesecake Factory Inc.
Burger King Worldwide Inc.
), all carrying a Zacks Rank #2 (Buy).
BURGER KING WWD (BKW): Free Stock Analysis
CHEESECAKE FACT (CAKE): Free Stock Analysis
RED ROBIN GOURM (RRGB): Free Stock Analysis
WENDYS CO/THE (WEN): Free Stock Analysis
To read this article on Zacks.com click here.