Revenue declined year over year to $295.6 million from $307.4 million. The company said the $11.8 million decline stemmed from a net reduction of 30 company-owned restaurants since the third quarter of 2013, as well as a decrease in same-restaurant sales.
Diluted loss per share was 12 cents, compared to diluted earnings per share of 8 cents in the same period one year earlier. Diluted loss per share excluding items was 7 cents, compared to diluted earnings per share of 10 cents in the same period one year earlier.
Net loss totaled $7.4 million, compared to net income of $4.7 million in the third quarter of 2013. Net loss excluding items was $4.5 million, compared to net income of $6.3 million in the third quarter of 2013.
Same-restaurant sales declined 1.9% overall and 2.2% domestically. Same-restaurant guest counts decreased 1.7% for the quarter.
For the fourth quarter, Ruby Tuesday expects same-restaurant sales to be down 1% to up 1%.
The stock was up 10.74% to $6.60 at 4:23 p.m.
Separately, TheStreet Ratings team rates RUBY TUESDAY INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate RUBY TUESDAY INC (RT) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."