Shares of Ruby Tuesday, Inc. (NYSE:RT) Fall as Q1 Sales Decline, Chain Closes 95 Stores

Following the release of its Q1 earnings, shares of Ruby Tuesday, Inc. (NYSE:RT) are on the decline.

Shares of Ruby Tuesday, Inc. (NYSE: RT) are down following the release of its Q1 earnings after Thursday’s market close.

The restaurant operator’s total revenue declined 8.2 percent to $256.7 million, including a net reduction of 109 company-owned Ruby Tuesday restaurants from a year prior.

View more earnings on RT

Ninety-five restaurants closed in the current quarter, as a part of the company’s Fresh Start Initiative that plans to “improve our financial profitability and ultimately create a stronger Ruby Tuesday for the future” the company announced in August.

Same-store restaurant sales decreased 2.7 percent in the quarter, as the company announced a net loss of $39.7 million. Ruby Tuesday posted a loss of $0.11 per share, while analysts were looking for a loss of just $0.01.

Ruby Tuesday was down more than 4 percent after hours, but was down about 2.7 percent at $2.44 in the pre-market session.

About Ruby Tuesday

Ruby Tuesday Inc. (NYSE: RT) is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall, III.

The corporation was formed in 1996 as a reincorporation of Morrison Restaurants Inc. They are headquartered in Maryville, Tennessee, and have 736 locations worldwide.[1]

Their flagship brand is an American cuisine casual dining restaurant chain that is primarily located along the eastern coast of the United States. The company also owns Lime Fresh Mexican Grill, which has 26 locations in 6 U.S. states and Washington, D.C., including 19 that are company-owned and 7 franchised.[1] The company has closed all locations of Wok Hay and Marlin and Ray’s. Additionally, they hold development rights to Truffles Grill.

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Shares of Ruby Tuesday, Inc. (NYSE:RT) are actively moving -6.77% thus far today on the news and have traded in the range of $2.08 – 2.42 during the session.  A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $5.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  This is the average number from the individual targets provided by the firms.  Analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $0.08 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading -17.26% away from its 50-day moving average of $2.83.  Based on the most recent available data, the equity is -60.20% off of its 52-week high of $5.88 and +12.50% away from its 52-week low which is $2.08.

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Today, the stock opened at $2.37 and the last bid at the time of writing stood at $2.34.  During the session thus far, the equity dipped down to $2.08 and touched $2.42 as the high point.  Ruby Tuesday, Inc. (NYSE:RT) has a market cap of $138.87M and has seen an average daily volume of 677889 over the past three months.

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