Ruby Tuesday Shares Slide on Lower Q1 Profit

by Christopher Freeburn | October 11, 2012 9:59 am

Ruby Tuesday (NYSE:RT[1]) announced on Wednesday that it earned $2.6 million during its fiscal first quarter[2], down 16%¬†from $3.1 million in the same period last year. Adjusted EPS came in a 5 cents, which matched analysts’ expectations, the Associated Press noted.

The restaurant operator posted quarterly revenue of $332.9 million, beating the $330.5 million that analysts had forecast.

Shares of Ruby Tuesday fell about 2% in early Thursday morning trading.

For the fiscal year, Ruby Tuesday anticipates earnings of between 24 cents and 34 cents per share. Wall Street is looking for 28 cents a share.

Company officials said same-restaurant revenue rose 1.9% over last year. The company runs 712 restaurants in 45 U.S. states and a dozen countries worldwide, as well as 75 franchised restaurants. That’s down from 746 company-run and 95 franchise locations last year.

Same-restaurant sales are expected to range between unchanged and an increase of 2% for fiscal 2013.

Ruby Tuesday also noted that it plans to find a successor for outgoing CEO and founder Sandy Beall, who in June revealed plans to leave the company by year-end[3].

Endnotes:
  1. RT: http://studio-5.financialcontent.com/investplace/quote?Symbol=RT
  2. during its fiscal first quarter: http://www.businessweek.com/ap/2012-10-10/ruby-tuesday-shares-slump-following-1q-earnings
  3. plans to leave the company by year-end: http://investorplace.com/2012/06/ruby-tuesday-ceo-steps-down-after-40-years/

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