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- Ruth's Hospitality Group Inc (NASDAQ:RUTH) reported second-quarter FY22 sales growth of 16% year-on-year to $128.65 million, beating the consensus of $124.48 million.
- Comparable restaurant sales jumped 12.6% versus last year and 18.6% versus 2019.
- Restaurant sales amounted to $120.8 million, and Franchise income was $5.1 million.
- Food and beverage costs, as a percentage of restaurant sales, fell 56 basis points to 29.8%.
- Operating margin was 9.7%, and operating income for the quarter was $12.5 million.
- Adjusted EPS of $0.44 topped the Street view of $0.31.
- The company's board declared a quarterly dividend of $0.14 per share payable on September 2, 2022, to shareholders of record on August 19, 2022.
- Subsequent to the end of Q2, the company's board approved a new share repurchase program for up to $60 million, effective August 9, and it does not expire.
- Outlook: Ruth's Hospitality expects 2022 combined marketing and general and administrative expenses to be 10.5% - 10.8% of revenue and total capital expenditures to be $50 million - $55 million.
- Price Action: RUTH shares traded higher by 0.39% at $18.16 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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