Luby’s net income dives 85% in 4Q

Luby’s net income dives 85% in 4Q

Drop attributed to after-tax loss from Cheeseburger in Paradise brand

Luby’s Inc. on Wednesday reported a 85.4-percent decline in profit for the Aug. 28-ended fourth quarter, which the company blamed on a $1.8-million after-tax loss from the 23-unit Cheeseburger in Paradise chain, which it acquired a year ago.

At Luby’s larger Luby’s Cafeteria and Fuddruckers brands, the company said operating results were hampered by higher operating costs, including marketing, softer-than-expected traffic and food inflation.

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