Ruth's Hospitality Group (NASDAQ: RUTH) reported Q1 EPS of $0.35, $0.02 better than the analyst estimate of $0.33. Revenue for the quarter came in at $105.54 million versus the consensus estimate of $106 million.

Financial Outlook

Based on current information, Ruth's Hospitality Group, Inc. is reaffirming its full year 2017 outlookbased on a 53 week year ending December 31, 2017, as follows:

• Food and beverage costs of 29.0% to 31.0% of restaurant sales
• Restaurant operating expenses of 47.0% to 49.0% of restaurant sales
• Marketing and advertising costs of 2.9% to 3.1% of total revenues
• General and administrative expenses of $32.0 million to $34.0 million
• Effective tax rate of 31% to 34%
• Capital expenditures of $24 million to $26 million
• Fully diluted shares outstanding of 31.3 million to 32.0 million (exclusive of any future share repurchases under the Company\'s share repurchase program)

Highlights for the first quarter of 2017 compared to the first quarter of 2016 were as follows:

• The Company reported net income of $11.0 million, or $0.35 per diluted share, in the first quarter of 2017 compared to net income of $10.8 million, or $0.33 per diluted share, in the first quarter of 2016.
• Income from continuing operations in the first quarter of 2017 was $11.1 million, or $0.35 per diluted share, compared to income from continuing operations of $10.9 million, or $0.33 per diluted share, in the first quarter of 2016.
• Net income in the first quarter of 2017 included a $0.2 million income tax benefit related to the impact of discrete income tax items.
• Excluding these discrete income tax items, as well as the loss from discontinued operations and restaurant closing costs in the first quarter of 2016, non-GAAP diluted earnings per share were $0.35 in the first quarter of 2017 compared to $0.33 in the first quarter of 2016. The Company believes that non-GAAP diluted earnings per share provides a useful alternative measure of financial performance. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.

For earnings history and earnings-related data on Ruth's Hospitality Group (RUTH) click here.