Ruby Tuesday Plunges After Q2 Earnings Results

Restaurant chain Ruby Tuesday RT released its fiscal second-quarter earnings results on Wednesday after the closing bell. The company reported earnings and revenue which was below Wall Street analysts' consensus estimates. In the after hours trading session, the stock was last trading down around 8.50 percent to $7.60. During regular trading, the shares fell 0.60 percent to $8.31. Ruby Tuesday reported a second-quarter net loss of $15.1 million or $0.24 per share, compared to a loss of $2.0 million or $0.03 per share for the year year ago period. On an adjusted basis, the company reported a loss of $4.6 million or $0.07 per share. This compared to analysts' consensus earnings estimates calling for a loss of $0.06. Total revenue in the quarter was down 1 percent to $304.23 million from $307.41 million in last year's second-quarter. This missed Wall Street analysts' consensus revenue estimates of $305.01 million. Same-restaurant sales rose 0.3 percent at company owned restaurants and operating margins were up to 16.1 percent versus 14.4 percent last year. Looking ahead to fiscal 2013, Ruby Tuesday said that it anticipates earnings in a range between a loss of $0.03 per share and a profit of $0.03 per share. On an adjusted basis, the company expects earnings between $0.24 and $0.30 per share for fiscal 2013. Currently, analysts expect Ruby Tuesday to report earnings per share of $0.29 for fiscal 2013. Previously, the company had guided adjusted earnings in a range between $0.24 and $0.34 for the fiscal year.