Luby’s 3rd-Q profits drop 76%

HOUSTON Luby's Inc. said net income for the third quarter ended May 7 dropped 76 percent, to $949,000 or 3 cents per share, because of rising commodity costs and changes in consumer spending from rising gas prices. The operator of 123 namesake cafeterias posted a net profit of $3.9 million, or 14 cents for share, for the year-ago quarter. Revenue fell 2 percent to $74.6 million from $76.2 million, Luby’s said.

Same-store sales fell year-over-year by 3.3 percent.

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