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Shares of Ruby Tuesday (NYSE:RT) sank more than 12 percent in late afternoon hours. Ruby Tuesday reported a quarterly loss of 36 cents per share, far worse than expectations for a loss of 5 cents. Same-store sales also dropped 11.4 percent. JJ Buettgen, president and chief executive officer, commented, “The first quarter was challenging as the overall economy failed to realize any significant improvements which adversely affected us and the casual dining industry. We are disappointed that our first quarter same-restaurant sales came in below our expectations. However, we made progress during the quarter in our strategy to re-establish Ruby Tuesday as a fun, energetic, and broadly-appealing brand.” Ruby Tuesday expects same-restaurant sales to be down high single digits in the current quarter.