Ruby Tuesday, Inc. (NYSE: RT) today reported financial results for the fiscal second quarter ended December 4, 2012.
Results for second quarter 2013 compared to second quarter 2012 include:
- Same-restaurant sales increased 0.3% at Company-owned Ruby Tuesday restaurants
- Restaurant-level operating margin of 16.1%, compared to 14.4% for the prior year, an improvement of 170 basis points primarily driven by cost savings
- Net loss of $15.1 million, or net loss of $4.6 million excluding the following: 1) Pre-tax impairment charges of $16.9 million incurred due to our decision to close and exit the Marlin & Ray’s and Wok Hay concepts, close two Company-developed Lime Fresh restaurants, and seek a buyer for the Truffles Grill concept which we currently license, and 2) CEO transition expenses of $0.4 million primarily related to search fees. This compares to the prior-year net loss of $2.0 million. We have included a reconciliation of these items and the related loss per share impact on the Investor Relations page of the Ruby Tuesday website: www.rubytuesday.com.
- Diluted loss per share of ($0.24), or diluted loss per share of ($0.07) excluding the impact of the items noted above, compared to diluted loss per share of ($0.03) for the prior year
JJ Buettgen, President and CEO, commented, “I am honored and excited to be leading this great company and look forward to working with the Board and the management team to drive profitable sales growth and create significant shareholder value going forward. We were pleased to report our second consecutive quarter of positive same-restaurant sales in this challenging economic environment and are intently focused on consistently and profitably growing same-restaurant sales at our Ruby Tuesday concept. However, given the uncertain and volatile consumer spending environment, as well as the level of competitive intensity we have seen in the restaurant sector over the last several months, we are projecting approximately flat same-restaurant sales for the year.