This may go up despite the news, who ever knows...? Earnings season has the market a bit bullish for the time being..
Ruby Tuesday was the sole reporting restaurant in the group to post a decline in year-over-year revenues, booking a 1.2% drop in sales to $313.5 million, missing expectations by just under $1 million. The decrease was primarily driven by the decrease of 16 company-owned restaurants in its fiscal-fourth quarter compared with the year-earlier period. But profits grew by healthy percentages and earnings of $21 million, or 33 cents per share, easily beat The Street's expectations. Comps grew just 0.3% at company-owned restaurants while franchised locations saw same-store sales drop 0.5%. Ruby Tuesday forecast earnings per share in a range of 76 cents to 86 cents for fiscal 2011, already underway -- something of a disappointment to Wall Street analysts expecting EPS toward the high end of that range, at 85 cents per share. Adding to the less-than-stellar report was caution from Ruby Tuesday that its operating margins would be down for the year as it invests more money into a higher-quality menu and new product offerings.
Still, a good report..So, what if gross revenues drop a little, overall, folks still eating, maybe not as much, and we all know that this population could do with eating a bit less..For the value, their menu is good for their type of restaurant..Semper fi..