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Ruby Tuesday Shares Slide on Lower Q1 Profit

The company hopes to find a new CEO by year's end


Ruby Tuesday (NYSE:RT) announced on Wednesday that it earned $2.6 million during its fiscal first quarter, 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.

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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.

Article printed from InvestorPlace Media,

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