Ruth’s: Lower beef costs boost 1Q profit

Ruth’s: Lower beef costs boost 1Q profit

Net income rose 19.8 percent during the quarter; beef prices expected to rise again

Ruth’s Chris Hospitality Group Inc. reported Friday a 19.8-percent increase in net income during the first quarter ended March 29, amid higher sales and an unexpected decline in beef costs.

Beef costs fell 4.3 percent during the quarter, driving down food and beverage costs, the company said.

“We were pleasantly surprised by the trend in beef,” CFO Arne Haak said during a call Friday discussing earnings. “That’s in sharp contrast to broader trends.”

Beef cost

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