< strong>RUBY TUESDAY, INC. $6.58 (New York symbol RT; TSINetwork Rating: Speculative) (865-379-5700; www.rubytuesday.com; Shares outstanding: 61.4 million; Market cap: $405.1 million; No dividends paid) owns 703 casual dining restaurants in the U.S. Franchisees operate 33 outlets in the U.S. and 42 overseas.
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In the three months ended September 3, 2013, Ruby Tuesday’s sales fell 11.7%, to $289.7 million from $327.9 million a year earlier. Continued weak consumer spending was the main reason for the decline. As well, the company closed less profitable restaurants in the quarter, and competition remains intense in the casual-dining business.
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Ruby Tuesday lost $21.9 million, or $0.36 a share, compared to a year-earlier profit of $3.1 million, or $0.22 a share. That widely missed the consensus estimate of a $0.05-a-share loss, although the latest quarter included a $7.5-million pre-tax charge for closing underperforming locations.
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The company’s new CEO, J.J. Buettgen, has a history of turning around well-established but underachieving restaurant chains. His plans for Ruby Tuesday include moving the company’s restaurants back to a casual bar and grill atmosphere and revamping the menu. He will also launch a major new marketing campaign.
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Ruby Tuesday is still a buy, but for aggressive investors only.
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