U.S. Markets closed

Luby's sees FY2012 profit at top of range

HOUSTON (AP) -- Luby's Inc. said Thursday that it expects its earnings per share for its just-completed fiscal year 2012 to be on the higher end of its previous guidance as a result of solid sales and the company's ability to control costs.

The Houston-based company, which owns Luby's Cafeteria, Fuddruckers, Koo Koo Roo Chicken Bistro's and Bob Luby's Seafood Grill brands, said it expects earnings to be on the upper end of the guidance of 18 cents to 21 cents per share.

Luby's, which also runs a food service management business, said it expects to report restaurant sales of $324 million for its fiscal year that ended Wednesday. That is also at the top end of its previous guidance. Sales at restaurants open at least a year are expected to rise 2.3 percent, above its guidance of 1.5 percent to 2 percent.

For fiscal 2013, it expects to earn 27 cents to 30 cents per share on stronger sales and better margins. The company expects to open one or two cafes in the year, as well as three to five Fuddruckers.

Shares of Luby's were up 20 cents, or 3 percent, at $6.51 in afternoon trading.