Ruby Tuesday Q4 total revenue down 8.8% to $254.9 million
Staff Writer |
Ruby Tuesday announced financial results for the fourth quarter ended June 6, 2017.
Article continues below
Total revenue declined 8.8% to $254.9 million, which included a net reduction of 103 Company-owned Ruby Tuesday restaurants compared to the fourth quarter of the prior fiscal year.
95 of these restaurants were closed in connection with our August 11, 2016 announcement.
Excluding the 14th week in 2017, total revenues decreased 14.4% to $239.1 million.
Same-restaurant sales (on a 13-week comparable basis) declined 1.6% compared to a 3.7% decrease in the fourth quarter of the prior fiscal year.
Closures and Impairments expense was $10.5 million, net of $4.4 million in gains on the sale of surplus properties, compared to $43.8 million, which included a loss of $0.2 million on the sale of surplus properties, in the fourth quarter of the prior fiscal year.
Net Loss was $8.7 million, or ($0.14) per diluted share, compared to Net Loss of $27.6 million, or ($0.46) per diluted share in the fourth quarter of the prior fiscal year.
Restaurant level margin contracted 40 basis points to 18.3%.
Adjusted Net Income was $3.9 million, or $0.06 per diluted share, compared to Adjusted Net Income of $6.3 million, or $0.10 per diluted share in the fourth quarter of the prior fiscal year.
Adjusted EBITDA was $22.6 million compared to $28.3 million in the fourth quarter of the prior fiscal year.
As of June 6, 2017, the Company had cash and cash equivalents of $41.7 million.
Fiscal year 2017 highlights
Total revenue declined 12.8% to $952 million, which included a net reduction of 103 Company-owned Ruby Tuesday restaurants compared to the prior fiscal year.
95 of these restaurants were closed in connection with our August 11, 2016 announcement. Excluding the 53rd week in 2017, total revenues decreased 14.2% to $936.2 million.
Same-restaurant sales (on a 52-week comparable basis) declined 3.1% following a 1.4% decline in the prior fiscal year.
Closures and Impairments expense was $69.8 million, net of $4.4 million in gains on the sale of surplus properties, compared to $64.7 million, net of $0.8 million in gains on the sale of surplus properties, in the prior fiscal year.
Net Loss was $106.1 million, or ($1.76) per diluted share, compared to Net Loss of $50.7 million, or ($0.83) per diluted share in the last fiscal year.
Restaurant level margin contracted 180 basis points to 15.0%.
Adjusted Net Loss was $17.5 million, or $(0.29) per diluted share, compared to Adjusted Net Income of $3.9 million, or $0.06 per diluted share in the last fiscal year.
Adjusted EBITDA was $33.6 million compared to $77.7 million in the prior fiscal year. ■