Ruby Tuesday (RT) Reports Q1 Loss of $0.11/Share; Updates on Fresh Start Initiatives
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Ruby Tuesday (NYSE: RT) reported Q1 EPS of ($0.11), versus ($0.03) reported last year. Revenue for the quarter came in at $256.7 million, versus $279.48 million reported last year.
Same-restaurant sales declined 2.7% following a 0.6% increase in the first quarter of the prior fiscal year.
Update on Fresh Start Initiatives
- Asset Rationalization Plan – 95 restaurants have closed under the Company’s asset rationalization plan which was announced on August 11, 2016. Additionally, these locations have been excluded from the calculation of the Company’s same restaurant sales performance for the fiscal first quarter and will be excluded on a go-forward basis.
- Fresh New Menu – The Company will be launching a new core menu in November 2016 across all Ruby Tuesday restaurants. The Fresh New Menu will include new shareable appetizers, garden fresh salads, pastas, and desserts, as well as a new drink and kids menu. It will also include a new menu design that better communicates freshness and value to guests.
- Fresh New Garden Bar – In January 2017 the Company will be rolling out its Fresh New Garden Bar nationally across all Ruby Tuesday restaurants. The Company has fine-tuned the product offering to over 50 items, streamlined the implementation and execution, and determined the appropriate price point to provide value to guests in a cost effective and profitable way.
- Fresh Experience – The Company remains on track to complete 11 to 13 store remodels by the end of the calendar year in the Charlotte, NC and Jacksonville, FL markets. Additionally, Ruby Tuesday anticipates executing six to eight remodels between January and May of 2017 and will provide an update on which markets will be targeted in the coming quarter.
For earnings history and earnings-related data on Ruby Tuesday (RT) click here.
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