Luby’s Inc. on Wednesday reported a 85.4-percent decline in profit for the Aug. 28-ended fourth quarter, which the company blamed on a $1.8-million after-tax loss from the 23-unit Cheeseburger in Paradise chain, which it acquired a year ago.
At Luby’s larger Luby’s Cafeteria and Fuddruckers brands, the company said operating results were hampered by higher operating costs, including marketing, softer-than-expected traffic and food inflation.
NET INCOME
Result: $459,000, or 2 cents per share% Decrease: 85.4% (from $3.1million, or 11 cents per share)
REVENUE
Result: $125.9 million% Increase: 17.5% (from $107 million)
SAME-STORE SALES
% Increase systemwide: 0.5%
% Increase at Luby's: 1%
% Decrease at Fuddruckers : 0.4%
% Decrease at Koo Koo Roo : 15.1%
Source: Company report
RELATED:
• 3Q sales slip at Luby's Cheeseburger in Paradise
• Luby’s to acquire Cheeseburger in Paradise for $11M
• Same-store sales at NRN.com
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