Ruby Tuesday Q1 Sales Decline, Closes 95 Stores In Quarter
Shares of Ruby Tuesday, Inc. (NYSE: RT) are down following the release of its Q1 earnings after Thursday's market close.
The restaurant operator's total revenue declined 8.2 percent to $256.7 million, including a net reduction of 109 company-owned Ruby Tuesday restaurants from a year prior.
Ninety-five restaurants closed in the current quarter, as a part of the company's Fresh Start Initiative that plans to "improve our financial profitability and ultimately create a stronger Ruby Tuesday for the future" the company announced in August.
Same-store restaurant sales decreased 2.7 percent in the quarter, as the company announced a net loss of $39.7 million. Ruby Tuesday posted a loss of $0.11 per share, while analysts were looking for a loss of just $0.01.
Ruby Tuesday was down more than 4 percent after hours, but was down about 2.7 percent at $2.44 in the pre-market session.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
