UPDATE: Ruby Tuesday Q1 Profit Down 16%

Ruby Tuesday RT reported a 16% drop in its fiscal first-quarter earnings. Its same-store sales for the period gained 1.9%. Ruby Tuesday's quarterly profit fell to $2.6 million, or $0.04 per share, from $3.1 million, or $0.05 per share, in the year-ago period. Excluding one-time items, Ruby Tuesday earned $0.05 per share. Its revenue rose 0.8% to $332.9 million. However, analysts were expecting earnings of $0.06 per share on revenue of $332 million. Ruby Tuesday shares fell 4.70% to $6.69 in after-hours trading.