Luby's Inc. net income fell 29.7 percent in the third quarter ended May 7, compared to the year-earlier period.
Houston-based Luby’s said in a statement that conversions of two Cheeseburger in Paradise restaurants to the Fuddruckers brand were “gaining traction.” A third conversion is expected to open later this month, and two more conversions are under way, with openings expected later this summer.
Luby's company-operated restaurants include 93 Luby's Cafeterias, 67 Fuddruckers, 15 Cheeseburger in Paradise full-service restaurants and bars, and one Bob Luby's Seafood Grill. The company franchises 112 Fuddruckers locations domestically and internationally, and provides foodservice management to 26 healthcare, higher education and corporate dining locations.
3Q NET INCOME
Result: $1.7 million, or 6 cents per share% Decrease: 29.7% (from $2.5 million, or 9 cents per share)
3Q REVENUE
Result: $97.2 million% Increase: 0.9% (from $96.3 million)
3Q SAME-STORE SALES
% Increase systemwide: 0.3%
% Increase at Luby’s Cafeteria units: 2%
% Decrease at Fuddruckers units: 3.9%
Source: Company report
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