HOUSTON, Aug. 30, 2012 /PRNewswire/ -- Luby's, Inc. (NYSE: LUB) ("Luby's") announced today that its fiscal 2012 diluted earnings per share are expected to be on the high end of the Company's previous guidance range of $0.18 to $0.21, due to sales consistent with our expectations and successful management of costs.
Luby's believes that it will report restaurant sales of approximately $324 million for its fiscal year ended August 29, 2012, at the top end of its guidance range of $321 million and $324 million. Its same store sales are anticipated to be approximately 2.3%, exceeding its guidance of 1.5% and 2.0%.
Luby's also announced that during fiscal 2012, Luby's opened one Luby's cafeterias, three Fuddruckers, as well as six Fuddruckers franchises.Chris Pappas, President and CEO, remarked, "We are pleased that our fiscal year 2012 results exceeded our expectation. During the fiscal year, we focused on enhancing our local marketing efforts, as well as reviewed and enhanced our operating procedures. We are well-positioned to continue to generate strong results and grow our restaurant base in our fiscal 2013." Guidance for Fiscal 2013 Luby's is also providing revenue and earnings guidance for fiscal 2013. Luby's anticipates earnings per diluted share will grow to $0.27 to $0.30 in fiscal 2013, due to sales growth and continued margin expansion. Luby's expects that its same store sales for its fiscal 2013 will increase 0.5% to 1.5% and that its restaurant sales will be in the range of $332M to $335M. Luby's will continue to expand its geographic footprint and anticipates opening one to two cafeterias in 2013. It also expects to open three to five Fuddruckers. Chris Pappas, President and CEO, added, "We anticipate that fiscal year 2013 will be an exciting period for our organization with continued same store sales growth and margin expansion. We will also escalate our development of new locations. As always, we will continue to provide our customers with high quality made from scratch cooking and customer service. Although we remain cautious due to the sluggish economy, we believe we are well positioned to produce solid earnings and cash flow at anticipated same store sales growth levels." Profitability is contingent on same store sales growth as well as effective management of expenses. Luby's continues to remain cautious about the general economic environment and its impact on customer traffic, which could affect fiscal year 2013 results.