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Ruby Tuesday Shares Up On High Volume

ruby-tuesdayShares of Ruby Tuesday (NYSE: RT) are up an impressive 18.58% to $7.02 per share, nearing the high end of the of the 52-week range of $5.14 to $8.22. At yesterday’s closing bell, stock was up 2.07% to $5.92 but then surged in after-hours trading, increasing 18.41% to $7.01.

Ruby Tuesday (NYSE: RT)  has traded nearly 2 million shares at mid-morning, Average volume is 500K per day

Ruby Tuesday posted a net profit for the first quarter ended September 2 of $2.6 million or $0.04 per share, this compared to last year’s loss during the same quarter of $22.2 million or $0.37 per share. Adjusted loss for the quarter was $0.01 per share, also an improvement over the $0.34 per share loss from 2013.

For revenue, current quarter numbers of $281.2 million were down from the prior year’s report of $289.7, a direct reflection of the underperformances for 38 of the Ruby Tuesday restaurants.

Polled analysts estimate a $0.12 per share loss on revenues of $283.2 million for the quarter, which typically excludes a number of special items. Reduced operating expenses of $309.5 million last year to $275.8 million in 2014 proved beneficial. In addition, the prior guidance of 15% to 16% for the restaurant-level operating margin is expected to fall between 16% and 17% for the full year.

According to the research firm, Consensus Metrix, same restaurant sales for company-owned Ruby Tuesday restaurants were up 1.1% for the quarter, pushing past the average analyst estimate of a 0.7% increase. A spokesperson for Ruby Tuesday said the company expected to see same restaurant sales up 1% to 2% in the second quarter but also full year.

Based in Maryville, Tennessee, Ruby Tuesday, Inc., including wholly-owned subsidiaries, owns and operates casual dining restaurants to include Ruby Tuesday, Lime Fresh Mexican Grill, Wok Hay, and GrillMarlin & Rays. Ruby Tuesday also operates franchises of Ruby Tuesday, Lime Fresh, and Wok Hay concepts in a few domestic and international markets, as well as Truffles’ restaurants pursuant to a license agreement.

During fiscal year ending 2012, Ruby Tuesday had 29 concept franchises, comprised of 11 traditional domestic and 18 traditional international franchises.

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