Ruby Tuesday Posts Wider Q2 Loss

(RTTNews) - Ruby Tuesday, Inc. (RT) reported a net loss for the second quarter of $34.4 million or $0.57 per share, compared to a net loss of $15.1 million or $0.24 per share for the year-ago quarter.

Net loss from continuing operations for the second quarter was $34.7 million or $0.58 per share, compared to a net loss from continuing operations of $4.2 million or $0.07 per share in the prior year quarter.

Excluding special items, net loss from continuing operations for the second quarter was $25.9 million or $0.43 per share, compared to a net loss from continuing operations of $2.9 million or $0.05 per share in the same quarter last year.

Total revenue for the second quarter fell to $276.21 million from $300.08 million a year ago, due to a decrease in same-restaurant sales at company-owned Ruby Tuesday restaurants.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.28 per share on revenue of $270.47 million for the second quarter.

The company said it has conducted a thorough review of its restaurant real estate portfolio and will close 30 locations, 15 of which will be closed upon lease expiration. Of the 30 restaurant closures, 27 are expected to close in third quarter and three are expected to close in fourth quarter.