Ruby Tuesday, Inc. today reported diluted earnings per share of $0.11 on net income of $6.1 million for the Company’s first quarter of fiscal 2010, which ended on September 1, 2009. This compares to diluted earnings per share of $0.01 on net income of $285 thousand for the first quarter of the prior year.
Same-restaurant sales for the first quarter decreased 3.1% and 6.5% at Company-owned and domestic franchise Ruby Tuesday restaurants, respectively, compared to the same quarter of the prior year. Guest traffic at Company-owned same-restaurants was up in the quarter and built on the positive momentum of the fiscal 2009 fourth quarter.
Sandy Beall, Founder and CEO, commented on the results, saying, “Although the environment remains challenging, we are pleased that the momentum we established in the second half of fiscal 2009 through our marketing strategies and cost savings initiatives continued in the first quarter. Highlights from our first quarter results include:
Highlights for the 13-week first quarter included:
Fiscal Year 2010 Guidance
In closing, Mr. Beall said, “While we are pleased with our results in the first quarter, our team is determined to work harder and smarter with a continued focus on our restaurant operations and our core operating strategies I mentioned earlier. We will continue to differentiate the Ruby Tuesday brand and execute on our mission statement: to consistently deliver a memorable, high-quality casual dining experience with compelling value. We continue to have challenges ahead, but our recent trends are encouraging and I believe the worst is behind us. We believe the decisions we have made over the last year have clearly resulted in positive momentum and we believe they have positioned us well for the long term.”
The Company will host a conference call, which will be a live web-cast, this afternoon at 5:00 p.m. Eastern Time. The call will be available live at the following websites:
Current Portion of Long Term Debt, including Capital Leases
Total Liabilities and Shareholders’ Equity
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