Luby's Updates FY 2012 Guidance and Provides Initial Guidance for Fiscal Year 2013

Luby's, Inc.

("Luby's") announced today that its fiscal 2012 diluted earnings per share are expected to be on the high end of the Company's previous guidance range of $0.18 to $0.21, due to sales consistent with our expectations and successful management of costs. (Logo:  http://photos.prnewswire.com/prnh/20100817/DA51671LOGO-b) Luby's believes that it will report restaurant sales of approximately $324 million for its fiscal year ended August 29, 2012, at the top end of its guidance range of $321 million and $324 million. Its same store sales are anticipated to be approximately 2.3%, exceeding its guidance of 1.5% and 2.0%. Luby's also announced that during fiscal 2012, Luby's opened one Luby's cafeterias, three Fuddruckers, as well as six Fuddruckers franchises. Chris Pappas, President and CEO, remarked, "We are pleased that our fiscal year 2012 results exceeded our expectation. During the fiscal year, we focused on enhancing our local marketing efforts, as well as reviewed and enhanced our operating procedures. We are well-positioned to continue to generate strong results and grow our restaurant base in our fiscal 2013." Guidance for Fiscal 2013 Luby's is also providing revenue and earnings guidance for fiscal 2013. Luby's anticipates earnings per diluted share will grow