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Ruby Tuesday to Close 95 Restaurants

Ruby Tuesday to Close 95 Restaurants


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Disappointing fourth-quarter sales leads to shutdown of underperforming locations

The chain reported a fourth-quarter net loss of $27.6 million, a sharp contrast from its $4.3 million net gain the year before.

Bad news for Ruby Tuesday.

The Maryville, Tennessee-based casual chain will be closing about 95 underperforming restaurants by the end of September following disappointing fourth-quarter sales.

It is not yet known which locations are closing, however the company said that it would try to find positions for displaced employees at nearby restaurants, CBS reported.

“The decision to close restaurants is a difficult but necessary step as we take aggressive actions to strengthen our organization,” CEO J.J. Buettgen said in a release. “Performance at each of these locations, despite the loyalty of valued guests and the efforts of our dedicated employees, was not meeting expectations.”

The company reported a fourth-quarter net loss of $27.6 million, while the year before had a net gain of $4.3 million, according to Indy Star.

The chain currently has 724 restaurants, and the closings are intended to help cut some of its losses.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


Ruby Tuesday posts loss, to close 95 restaurants shares plunge

(Reuters) - Shares of Ruby Tuesday Inc RT.N plunged as much as 14 percent in extended trading on Thursday after the restaurant chain operator posted its fourth straight quarterly loss and said it would close about 95 restaurants.

The company, whose shares had fallen about 44 percent in the past 12 months through Thursday’s close, also forecast 2017 adjusted profit far below analysts’ estimate.

The casual dining chain, which sold its Lime Fresh Mexican Grill brand in June, said the stores will cease operations by September and it expected to incur related pre-tax charges of $72 million to $81 million.

Ruby Tuesday had about 724 restaurants systemwide as of May 31.

The company forecast adjusted profit of between 5 cents and 9 cents per share for its financial year ending June 6, 2017, compared with analysts’ average estimate of 13 cents, according to Thomson Reuters I/B/E/S.

Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.

Total revenue fell 5.9 percent to $279.3 million.

Chief Executive JJ Buettgen blamed softness in the casual dining industry and increased promotional activity by rivals for the results.

Buettgen said he expected the macro environment to remain challenging for some time.

The company’s shares were trading down 10 percent at $3.35 in after-hours trading on Thursday.


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