Lubys, Inc. (LUB) Reports Q4 Loss of $0.30

Lubys, Inc. (NYSE: LUB) reported Q4 EPS of ($0.30), versus ($0.06) reported last year. Revenue for the quarter came in at $71.4 million, versus $83.9 million reported last year.

Same-store sales decreased 3.7%.

Chris Pappas, President and CEO, commented, "We are not pleased with our shareholder value, same-store sales, guest traffic results, or corporate overhead. The Special Committee of the Board continues its focus on developing shareholder value initiatives. Operationally, we made strategic personnel changes in fiscal 2019, including appointment of a new Chief Operating Officer, VP of Marketing, and VP of Information Technology. Our whole team is working diligently and we are making progress on our turnaround efforts. Already in fiscal 2020, we have realized improved guest traffic and sales trends. Additionally, we are transitioning portions of our accounting, payroll, operational reporting, and other back-office functions to a leading multi-unit restaurant outsourcing firm. We anticipate completing the transition in the first calendar quarter of 2020 and expect to realize additional cost savings and enhanced capabilities from this transition.

"At the restaurant level, our managers and restaurant team members are working hard to maintain and build value by consistently delivering great guest experiences. They are our greatest brand assets, and I applaud their hard work and dedication to showcasing our brand values."

For earnings history and earnings-related data on Lubys, Inc. (LUB) click here.

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