MARYVILLE, Tenn. (AP) -- A full plate of expenses and costs pushed Ruby Tuesday to a loss in its fiscal fourth quarter, the company reported Wednesday.
The restaurant chain took a hit from debt prepayment penalties, retirement and severance charges, costs for closing restaurants and other charges. As a result, Ruby Tuesday posted a loss of $5.8 million, or 9 cents a share, in the three months ending June 5.
That's a drop from earnings of $13.9 million, or 21 cents per share, in the same period last year.
Excluding one-time charges, the company earned 21 cents per share, down from 25 cents per share the year before. Analysts had expected Ruby Tuesday to report earnings of 22 cents per share.
Total revenue rose 3 percent to $363 million. But revenue at restaurants open at least a year fell 7 percent. That's an important measurement of operating performance for a restaurant chain because it excludes results from locations that open or close during the year.
Ruby Tuesday, Inc., based in Maryville, Tenn., runs 714 namesake restaurants and has 79 franchises. Like many casual dining chains, it has had trouble regaining its footing in recent years as customers cut back on spending.
Weak sales have weighed on earnings in recent quarters. To revive growth, the company has been cutting costs and closing weaker stores. Ruby Tuesday said it shuttered 26 restaurants in the quarter.
The company's stock sank 3 percent in after-hours trading Wednesday, falling 19 cents to $5.98. It slipped 2 percent, or 13 cents, to close at $6.17 during the regular trading day.
Since the start of the year, Ruby Tuesday's stock has fallen 10 percent, compared with a 6.4 percent gain for the broad-market Standard & Poor's 500 index.
