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Red Robin shares stumble after sales miss

A burger and fries from Red Robin.
Adam Jeffery | CNBC
A burger and fries from Red Robin.

Shares of Red Robin fell 18 percent Tuesday after the company reported quarterly revenue that fell short of Wall Street estimates.

The burger chain's revenue increased 1.8 percent to $402.1 million, yet missed analysts' consensus estimates of $415 million, according to Thomson Reuters. The company's comparable restaurant revenue declined 2.6 percent in the first quarter.

Red Robin cited a 4.1 percent drop in guests for the sales drop.

"We were disappointed, particularly with our guest counts," Steve Carley, Red Robin CEO, said in a statement. "We have a solid strategy for long-term success, including a number of operations and marketing initiatives."

Source: FactSet

The Colorado-based company's earnings per share came in at $1.03 for the first quarter, compared to analysts' estimates of $1.11 per share. Earnings per share were $1.16 for the same quarter a year earlier.

Red Robin's stock dipped 17.4 percent this week, trading around $50 a share. Shares are down more than 30 percent year over year, after touching a 52-week high of $95.00.