Ruby Tuesday Inc. narrowed its loss in the third quarter ended March 1, the company reported Thursday.
The Maryville, Tenn.-based operator, which also owns Lime Fresh Mexican Grill, said it closed five company-owned Ruby Tuesday restaurants in the quarter. International franchisees closed three units and opened one new location.
The company said its revenue decline reflected $9.6 million from the closure of 22 restaurants from the same period last year and a quarterly same-store sales decline of 0.3 percent at company-owned Ruby Tuesday units. Same-store guest counts at company restaurants fell 1 percent in the quarter, the company said.
"We are pleased with our cost savings actions and resulting bottom-line improvements that have strengthened our business model, improved restaurant-level margins, and reduced selling, general and administrative expenses,” J.J. Buettgen, Ruby Tuesday’s president, chairman and CEO said in a statement.
Buettgen said Ruby Tuesday is working on service training and menu updates, which include “testing a range of new menu items and marketing programs in the fourth quarter.”
Ruby Tuesday Inc. has 737 Ruby Tuesday restaurants, including 658 company-owned units and 79 franchised locations, in 44 states and 13 countries. It owns 19 Lime Fresh restaurants and franchises seven units of that brand.
3Q NET LOSS
Result: -$769,000, or -1 cent per share(from -$7.3 million , or -12 cents per share)
2Q REVENUE
Result: $285.9 million% Decrease: 3.3% (from $295.6 million)
2Q SAME-STORE SALES
% Decrease corporate: 0.3%
Source: Company report
RELATED:
• Ruby Tuesday narrows loss in 2Q
• Ruby Tuesday loses momentum in 2Q
• More restaurant finance news
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless