Ruby Tuesday Shares Fall 16% After Wider Quarterly Loss

Ruby Tuesday Inc. shares fell 16% late Thursday after the company reported a wider quarterly loss and lower-than-expected sales in the fiscal third quarter. The restaurant chain reported a loss of $3.1 million, or 5 cents a share, in the quarter, compared with a loss of $800,000 in the year-ago period. Adjusted for one-time items, Ruby Tuesday earned $1.6 million, or 3 cents a share, in the third quarter, compared with $1.9 million a year ago. Revenue fell 5.1% to $271.5 million in the quarter, Ruby Tuesday said. Analysts polled by FactSet had expected Ruby Tuesday to earn 5 cents a share on sales of $283 million. Same-restaurant sales fell 3% in the quarter, compared with a 0.3% decline in the third quarter of 2014. The company also lowered its earnings per share guidance for 2016 to between 5 cents and 8 cents a share from between 12 cents and 17 cents a share. In a separate statement, Ruby Tuesday said CFO Jill Golder will resign effective April 11, and the company has started to look for a replacement. Golder joined in 2013.