Ruby Tuesday Inc. (NYSE:RT) weighed in with better-than-expected first-quarter results, and backed its full-year earnings forecast on Wednesday.
The restaurant chain backed its full-year earnings view, for profit in the range of 76 cents to 86 cents a share. The Street was looking for earnings of 85 cents a share.
For the fiscal first quarter, the company reported profit of $12.4 million, or 19 cents a share, compared with $6.1 million, or 11 cents a share, one year ago. Adjusted earnings per share, which exclude one-time gains, rose to 17 cents.
Sales improved to $302.7 million, compared with year-ago sales of $300.61 million. Same-store sales improved 1.2% at company-owned restaurants, as operating margin at the restaurant level rose to 18.5%.
The results topped expectations for earnings of 16 cents on revenue of $300.32 million, according to analysts polled by Thomson Reuters.
â€śThe positive same-restaurant sales for the quarter, on lower promotional levels and in a continued difficult economic environment, are a strong testament to the new Ruby Tuesday,â€ť said Sandy Beall, Founder and CEO, in a press release. â€śOur strategies going forward are to continue strengthening the business, resume growing the business, and further enhance shareholder value."
Shares of Ruby Tuesday rose 14 cents, or 1.12%, in Wednesdayâ€™s session, before sliding 22 cents or 1.73% in electronic trading after the market closed.