Reuters: Global Markets: Ruby Tuesday 3rd-qtr sales misses, sees weak FY

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Ruby Tuesday 3rd-qtr sales misses, sees weak FY Apr 4th 2012, 21:39 Wed Apr 4, 2012 5:39pm EDT (Reuters) - Ruby Tuesday Inc's (RT.N) quarterly revenue missed Wall Street expectations hurt by a fall in same-store sales, and the casual dining chain forecast full-year adjusted earnings below analysts' estimates. Shares of the company fell 10 percent in extended trade. They had closed at $8.88 on Wednesday on the Nasdaq. Ruby Tuesday forecast full-year adjusted earnings of 43 cents to 48 cents a share, while analysts were expecting earnings of 56 cents a share, according to Thomson Reuters I/B/E/S. Third-quarter net income fell to $4.5 million, or 7 cents per share, from $16 million, or 25 cents per share, a year ago. Excluding impairment charges, the restaurant chain earned 18 cents a share. Revenue at the company, which competes with Darden Restaurants Inc (DRI.N), Brinker International's (EAT.N) Chilli's, and DineEquity's (DIN.N) Applebee's, rose marginally to $324.8 million. Analysts on an average were expecting a profit of 16 cents a share, on revenue of $339.03 million. Third-quarter same-restaurant sales fell 5 percent. "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. Ruby Tuesday, named after a song by the Rolling Stones band, also forecast a 4 percent to 4.5 percent drop in same-store sales in fiscal 2012. (Reporting by Meenakshi Iyer in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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