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Casual dining chain, Ruby Tuesday Inc (NYSE:RT) reported third-quarter results and a full-year profit forecast that missed analysts’ expectations, causing shares to dive in early trading on Thursday.
Quarterly earnings were $4.5 million (7 cents a share) compared to $16 million (25 cents a share) a year ago. When adjusted for impairment charges, earnings were 18 cents a share, while analysts expected 16 cents a share. Revenues, impacted by a 5 percent fall in same stores sales, were $339.03 million, against street expectations of $339.03 million.
“The promotional environment continues to be very competitive and over the past several quarters we have not competed well with the heavy television advertising levels of our peers,” Chief Executive Sandy Beall said in a statement. The company’s rivals are Darden Restaurants Inc (NYSE:DRI), Brinker International’s (NYSE:EAT), Chili’s, and DineEquity (NYSE:DIN).
The company forecast full-year earnings per share of 43-48 cents a share against analysts’ expectations of 56 cents a share.
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