Dallas, Texas 07/26/2013 (Financialstrend) – Ruby Tuesday, Inc. (NYSE:RT) registered loss during the fourth quarterly period.
The company’s loss broadened following feeble sales at its eateries and charges to write down the worth of one of its products.
The well known firm, which possesses the Ruby Tuesday and Lime Fresh brands, named it a transitional time.
It has appended innovative leadership and shut down several restaurants, including Wok Hay, Truffles Grill and Marlin &Ray’s, with the aim to concentrate on its core business. It also commenced refurbishing its individual brand in order to widen its demand by up grading its bill of fare, service, impression and promotion.
As per JJ Buettgen, Ruby Tuesday’s President and chief executive officer whilst the firm is dissatisfied with the outcomes for the fourth quarterly period and year, it is sure about the coming time.
Ruby Tuesday, Inc. (NYSE:RT) posted a loss of $29.1 million for the period under review as against a loss of $5.8 million during the same period of 2012.
After making adjustments for mutilation charges and other items in both phases, the company made 12 cents per share from ongoing processes for 2013 as against 19 cents per share during 2012.
Revenue came down to $316.1 million as against $357.9 million.
Market experts anticipated earnings of 19 cents a share on income of $331 million.
Shares declined 63 cents, or 6.9%, to $8.45 during after-hours trading.
Ruby Tuesday owns 783 Ruby Tuesday eating places and 24 Lime Fresh eateries that it either possesses or franchises.
Ruby Tuesday chief executive officer: Company going through ‘transition period’
Ruby Tuesday Inc., the parent firm of casual-eating chain Ruby Tuesday and the quick-casual Lime Fresh Mexican Grill product, registered a noteworthy net loss in its June last quarterly period, with net income declining 401% year over year.
Company’s chief executive James J. “JJ” Buettgen stated that the company’s loss was likely owing to the reality that the firm is going through transition phase.