MARYVILLE Tenn. Ruby Tuesday Inc., operator or franchisor of 926 namesake casual-dining restaurants, recorded a 4.1-percent drop in second-quarter profit on revenues that rose 14.2 percent to $336.8 million.
For the quarter ended Dec. 5, Ruby Tuesday posted profit of $16.7 million, down from $17.4 million in the year-earlier second quarter. Per-share earnings remained unchanged at 28 cents, because of a lower share count in the latest quarter.
Ruby Tuesday said it “performed well on earnings” but that sales, hurt by the “consumer environment,” were not where the company would have liked. Same-store sales for the quarter decreased 0.2 percent at corporate units, but increased 4 percent at domestic franchised locations, the company reported. From Dec. 6 through Jan. 8, same-store sales improved, and were up 2 percent at corporate locations and up about 6.2 percent at domestic franchised units.
The company also said it planned to increase its annual shareholder dividend by the annual percentage increase in net income, although not to exceed 10 percent. In addition, the company authorized for repurchase an additional 5 million shares, which will be added to its current 5.2 million share repurchase plan.
The company also said it planned to increase its annual shareholder dividend by the annual percentage increase in net income, although not to exceed 10 percent. In addition, the company authorized for repurchase an additional 5 million shares, which will be added to its current 5.2 million share repurchase plan.