Ruby Tuesday, Inc. (NYSE:RT) today announced financial results
for the fiscal quarter ended February 28, 2017. Additionally, in a
separate press release issued today the Company announced it has
named James F. Hyatt, II as President and Chief Executive Officer
and a member of the Board of Directors, effective immediately.
Fiscal Third Quarter 2017 Highlights (13 weeks ended February
28, 2017, compared to the 13 weeks ended March 1, 2016):
- Total revenue declined 16.8% to $225.7
million, which included a net reduction of 105 Company-owned Ruby
Tuesday restaurants compared to the third quarter of the prior
fiscal year. 95 of these restaurants were closed in connection with
our Fresh Start Initiative announced on August 11, 2016.
- Same-restaurant sales declined 4.0%
compared to a 3.1% decrease in the third quarter of the prior
fiscal year.
- Closures and Impairments expense was
$13.4 million compared to $6.1 million in the third quarter of the
prior fiscal year.
- Net Loss was $19.8 million, or ($0.33)
per diluted share, compared to Net Loss of $3.1 million, or ($0.05)
per diluted share in the third quarter of the prior fiscal
year.
- Restaurant level margin* declined 130
basis points to 15.8%.
- Adjusted Net Loss* was $3.8 million, or
($0.06) per diluted share, compared to Adjusted Net Income of $1.6
million, or $0.03 per diluted share in the third quarter of the
prior fiscal year.
- Adjusted EBITDA* was $8.7 million
compared to $20.3 million in the third quarter of the prior fiscal
year.
- As of February 28, 2017, the Company
had cash on hand of $32.6 million.
* Restaurant Level Margin, EBITDA, Adjusted EBITDA, Adjusted Net
(Loss)/Income and Adjusted Net (Loss)/Income per share are non-GAAP
measures. Reconciliations of Restaurant Level Margin, EBITDA,
Adjusted EBITDA, Adjusted Net (Loss)/Income and Adjusted Net
(Loss)/Income per share to the most directly comparable financial
measures presented in accordance with United States Generally
Accepted Accounting Principles (GAAP) are set forth in the
schedules accompanying this release. See “Non-GAAP Financial
Measures” and “Condensed Consolidated Statements of
Operations.”
Lane Cardwell, former Interim President and Chief Executive
Officer, commented, “The casual dining environment remains highly
challenging, promotional, as well as price competitive and our
sales trends are reflective of these conditions. Still, we are
encouraged by the sequential progress we demonstrated during our
third quarter relative to the industry. Specifically, we narrowed
our performance gap with respect to same-restaurant sales and
average check and have now outperformed in guest counts for three
consecutive quarters. More importantly, we are encouraged by recent
trends and expect further sequential improvement in operating
performance as well as same-restaurant sales in the fourth
quarter.”
Cardwell concluded, “We are building momentum through the hard
work and dedication of our entire team who are executing the key
strategies of our Fresh Start initiatives. We successfully rolled
out our enhanced New Garden Bar nationwide across Ruby Tuesday
locations in January, the biggest change we’ve made to our brand in
the last decade, as a follow-up to our new core menu launched last
November. We will continue to fine tune and evolve both our New
Menu and New Garden Bar to value engineer our offering and showcase
the everyday affordability Ruby Tuesday offers. We firmly believe
our improved Garden Bar is our greatest brand differentiator
because it appeals to customers seeking fresh, healthy options.
Initial guest feedback validates these improvements but it will
take time to drive greater frequency with our existing guests as
well as attract new guests.”
Review of Strategic Alternatives
On March 13, 2017, the Company announced it will explore
strategic alternatives in order to maximize shareholder value and
position the business for long-term success. The Board of Directors
will consider all strategic alternatives including, but not limited
to a potential sale or merger of the Company, and has retained UBS
as its financial advisor to assist in the process.
Ruby Tuesday is committed to delivering value to its customers,
franchisees, employees, and shareholders to better position the
brand to achieve top line growth and higher operating
profitability.
The Company does not expect to comment further or update the
market with any additional information on the process unless and
until the Board of Directors deems disclosure appropriate or
necessary. There is no assurance that this exploration will result
in any strategic alternatives being announced or executed.
Fresh Start Initiatives
Ruby Tuesday has continued to make progress on its Fresh Start
Initiatives, which it announced on August 11, 2016, to better
address current challenges facing the business, improve financial
profitability, and create long-term value for shareholders.
New Menu
- The Company launched a new core menu in
mid-November 2016 across all Ruby Tuesday restaurants which better
communicates freshness and affordability to our guests and connects
with our target demographic of women and families.
- The New Menu simplified operations by
reducing the total number of items offered by approximately 30% to
remove underutilized and overly complicated options.
New Garden Bar
- The Company is pleased and encouraged
by the nationwide rollout of its New Garden Bar. The January 17
launch was supported by marketing through national television,
on-line video, social media, and multiple other marketing vehicles
inside and outside the restaurant to showcase the New Garden
Bar.
- Ruby Tuesday expanded the product
offering from 36 to 58 items, which we believe provides enhanced
value and variety for our guests. The New Garden Bar includes fresh
greens, raw vegetable toppings, roasted vegetables, crispy
toppings, as well as hummus, dips and fruits and a line of eight
new salad dressings that are naturally gluten-free and utilize
fresh ingredients to provide great taste and high quality.
Fresh Experience
- Ruby Tuesday continues to improve
customer service through menu simplification and improved processes
focused on key measures of guest satisfaction.
- The Company completed 13 store remodels
with seven located in Charlotte, NC and six in Jacksonville, FL.
The restaurants celebrated re-grand openings on January 31
supported by local marketing.
- Ruby Tuesday’s remodeling program
remains on a temporary hold as the Company reviews strategic
alternatives and assesses the results of these two test
markets.
Asset Rationalization Plan
- Ruby Tuesday is in the contract process
to sell 28 properties with average expected net proceeds of $40.4
million or approximately $1.4 million per location. This includes
27 properties closed as a result of our Asset Rationalization
Plan.
- As of the end of the fiscal third
quarter, the Company has settled 28 of the 61 leased properties
closed as a result of the Asset Rationalization Plan for
approximately $7.0 million.
Fiscal Third Quarter 2017 Financial Results
Total revenue was $225.7 million, a decrease of 16.8% or $45.7
million from the third quarter of the prior fiscal year. This
decrease was due to a net reduction of 105 Company-owned Ruby
Tuesday restaurants as compared to the third quarter of the prior
fiscal year and a same-restaurant sales decline of 4.0% at
Company-owned Ruby Tuesday restaurants.
The third quarter same-restaurant sales decrease was driven in
part by guest traffic declines resulting from a challenging
external environment, with year-over-year guest counts down 3.8%.
Additionally, average net check declined 0.2% due to menu mix shift
as well as promotional activity during the quarter.
Restaurant level margin* decreased to $35.4 million from $46.1
million in the third quarter of the prior fiscal year. As a
percentage of restaurant sales and operating revenue, restaurant
level margin declined 130 basis points to 15.8% driven primarily by
increases in cost of goods sold and payroll and related costs.
General and administrative expenses (G&A) decreased to $13.9
million from $14.1 million in the third quarter of the prior fiscal
year. As a percentage of total revenue, G&A expenses increased
90 basis points to 6.1% from 5.2%. G&A in the third quarter of
the prior fiscal year included a $500,000 favorable true up in
incentive compensation.
Marketing expenses increased to $13.8 million from $13.2 million
in the third quarter of the prior fiscal year. As a percentage of
revenue, marketing expenses, net increased 120 basis points to 6.1%
from 4.9%. The increase in marketing expenses as a percentage of
total revenue was primarily due to deleveraging on lower sales.
Net Loss was $19.8 million, or ($0.33) per diluted share,
compared to Net Loss of $3.1 million, or ($0.05) per diluted share,
in the third quarter of the prior fiscal year.
Adjusted Net Loss* was $3.8 million, or ($0.06) per diluted
share, compared to Adjusted Net Income of $1.6 million, or $0.03
per diluted share, in the third quarter of the prior fiscal year.
Adjusted Net Loss for the third quarter of fiscal year 2017
excluded adjustments of $16.0 million, primarily related to
closures and impairment charges. Adjusted Net Income in the third
quarter of fiscal year 2016 excluded adjustments of $4.7 million,
primarily related to closures and impairment charges. A
reconciliation between Net Loss and Adjusted Net (Loss)/Income is
included in the accompanying financial data.
Balance Sheet
On January 31, 2017, Ruby Tuesday entered into a seventh
amendment and waiver with its lenders relating to its Senior Credit
Facility agreement. Among other things, the Seventh Amendment and
Waiver amends the termination date from December 3, 2017 to June 2,
2017, increases the flexibility of the financial covenants under
the Senior Credit Facility for the fiscal quarter ending February
28, 2017, restricts the ability of the Company to make certain
acquisitions, dispositions, investments, capital expenditures and
guarantees of indebtedness, and reduces the amount Ruby Tuesday may
borrow under the Senior Credit Facility from $50.0 million
(including $25.0 million sublimit for standby letters of credit),
to $30.0 million (including $15.0 million sublimit for standby
letters of credit).
As of February 28, 2017, the Company was in compliance with the
financial covenants of its Senior Credit Facility and is evaluating
options to replace the current facility.
Aside from the $11.1 million letters of credit outstanding as of
February 28, 2017, Ruby Tuesday had no borrowings under the Senior
Credit Facility.
The Company also received cash proceeds of $9.6 million related
to the sale of seven properties during the quarter at an average
per unit of $1.4 million.
In addition, Ruby Tuesday paid down $9.6 million in mortgage
debt during the quarter. The Company ended the fiscal 2017 third
quarter with cash and cash equivalents totaling $32.6 million and
debt of $213.9 million.
Restaurant Activity
As of February 28, 2017, there were 607 Ruby Tuesday
restaurants system-wide, of which 544 were Company-owned. During
the third quarter, two Company-owned Ruby Tuesday restaurants were
closed. Additionally, one international franchised Ruby Tuesday
restaurant was opened and one domestic franchised and four
international franchised Ruby Tuesday restaurants were closed
during the quarter.
Conference Call & Webcast
The Company will host a conference call today to discuss fiscal
third quarter 2017 financial results at 5:00 PM Eastern Time. The
conference call can be accessed live by dialing 913-312-0384. A
replay will be available after the call and can be accessed by
dialing 412-317-6671. The passcode is 7435318. The replay will be
available through Saturday, May 6, 2017.
The conference call will also be webcast live and later archived
on the Investor Relations page of Ruby Tuesday’s corporate website
at www.rubytuesday.com under the ‘Events & Presentations’
section.
About Ruby Tuesday, Inc.
Ruby Tuesday, Inc. owns and franchises Ruby Tuesday brand
restaurants. As of February 28, 2017, there were 607 Ruby
Tuesday restaurants in 41 states, 14 foreign countries, and Guam.
Of those restaurants, we owned and operated 544 Ruby Tuesday
restaurants and franchised 63 Ruby Tuesday restaurants, comprised
of 17 domestic and 46 international restaurants. Our Company-owned
and operated restaurants are concentrated primarily in the
Southeast, Northeast, Mid-Atlantic, and Midwest of the United
States, which we consider to be our core markets. For more
information about Ruby Tuesday, please visit www.rubytuesday.com.
Ruby Tuesday, Inc. is traded on the New York Stock Exchange
(Symbol: RT).
Forward-looking Information
This press release contains various forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements represent our expectations or
beliefs concerning future events, including one or more of the
following: future financial performance (including our estimates of
changes in same-restaurant sales, average unit volumes, operating
margins, expenses, and other items), future capital expenditures,
the effect of strategic initiatives (including statements relating
to review of strategic alternatives, our asset rationalization
project, cost savings initiatives, and the benefits of our
marketing), the opening or closing of restaurants by us or our
franchisees, sales of our real estate or purchases of new real
estate, future borrowings and repayments of debt, availability of
financing on terms attractive to the Company, compliance with
financial covenants in our debt instruments, payment of dividends,
stock and bond repurchases, restaurant acquisitions and
dispositions, and changes in senior management and in the Board of
Directors. We caution the reader that a number of important factors
and uncertainties could, individually or in the aggregate, cause
our actual results to differ materially from those included in the
forward-looking statements, including, without limitation, the
following: general economic conditions; changes in promotional,
couponing and advertising strategies; changes in our customers’
disposable income; consumer spending trends and habits; increased
competition in the restaurant market; laws and regulations,
including those affecting labor and employee benefit costs, such as
further potential increases in state and federally mandated minimum
wages and healthcare reform; changes in senior management or in the
Board of Directors; the results of our ongoing exploration of
strategic alternatives to maximize shareholder value; the impact of
pending litigation; customers’ acceptance of changes in menu items;
changes in the availability and cost of capital; potential
limitations imposed by debt covenants under our debt instruments;
weather conditions in the regions in which Company-owned and
franchised restaurants are operated; costs and availability of food
and beverage inventory, including supply and delivery shortages or
interruptions; significant fluctuations in energy prices; security
breaches of our customers’ or employees’ confidential information
or personal data or the failure of our information technology and
computer systems; our ability to attract and retain qualified
managers, franchisees and team members; impact of adoption of new
accounting standards; impact of food-borne illnesses resulting from
an outbreak at either one of our restaurants or other competing
restaurant concepts; effects of actual or threatened future
terrorist attacks in the United States; prevailing conditions in
the real estate market that may affect expected results under our
Asset Rationalization Plan, our ability to obtain waivers under, or
amendments to, certain of our credit facilities by the lenders
under such facilities, and other risks and uncertainties described
in the Risk Factors included in Part I, Item A of our Annual Report
on Form 10-K for the year ended May 31, 2016.
Non-GAAP Financial
Measures
The Company believes excluding certain items from its financial
results provides investors with a clearer understanding of the
Company’s operating performance and comparison to prior-period
results. In addition, management uses these non-GAAP financial
measures and ratios to assess the results of the Company’s
operations.
We have included Restaurant Level Margin, EBITDA, Adjusted
EBITDA, Adjusted Net (Loss)/Income and Adjusted Net (Loss)/Income
per share to provide investors with supplemental measures of our
operating performance. We believe these are important supplemental
measures of operating performance because they eliminate items that
have less bearing on our Company-wide operating performance and
thus highlight trends in our core business that may not otherwise
be apparent when relying solely on financial measures in accordance
with GAAP. We also believe that securities analysts, investors and
other interested parties frequently use Restaurant Level Margin,
EBITDA, Adjusted EBITDA, Adjusted Net (Loss)/Income and Adjusted
Net (Loss)/Income per share in evaluating issuers. Because other
companies in some cases calculate Restaurant Level Margin, EBITDA,
Adjusted EBITDA, Adjusted Net (Loss)/Income, or Adjusted Net
(Loss)/Income per share differently from the way we calculate such
measures, these metrics may not be comparable to similarly titled
measures reported by other companies. Additionally, supplemental
non-GAAP financial measures should not be considered in isolation
or as a substitute for measures of performance prepared in
accordance with GAAP.
The use of these measures permits a comparative assessment of
the Company's operating performance relative to its performance
based on GAAP results, while isolating the effects of certain items
that vary from period to period without correlation to core
operating performance and certain items that vary widely among
similar companies. However, the inclusion of these adjusted
measures should not be construed as an indication that future
results will be unaffected by unusual or infrequent items or that
the items for which the adjustments have been made are necessarily
unusual or infrequent.
Available in this release is the reconciliation of Net Loss, the
most directly comparable GAAP measure, to EBITDA, Adjusted EBITDA,
Adjusted Net (Loss)/Income and Adjusted Net (Loss)/Income per
share, all of which are non-GAAP financial measures. Reconciliation
of Restaurant Level Margin, which is also a non-GAAP measure, to
Net Loss are presented in the Condensed Consolidated Statements of
Operations. The Company defines Restaurant Level Margin as
Restaurant Sales and Operating Revenue less Cost of Goods Sold,
which excludes Depreciation and Amortization, Payroll and Related
Costs, and Other Restaurant Operating Costs. EBITDA is defined as
Net Loss before interest, taxes, and depreciation and amortization
and Adjusted EBITDA as EBITDA, excluding certain expenses/(income)
including, but not limited to, Closures and Impairments, Net, and
Executive Transition. Adjusted Net (Loss)/Income is defined as Net
Loss, excluding certain expenses/(income) as detailed in Adjusted
EBITDA as well as adjustments related to Debt Prepayment Penalties,
Deferred Financing Fees, Gain on Extinguishment of Debt, Income Tax
Benefit from Adjustments, and Income Tax Benefit Adjusted to the
Statutory Rate. Adjusted Net (Loss)/Income per share is defined as
Adjusted Net (Loss)/Income divided by diluted shares
outstanding.
Financial Results For the
Third Quarter of Fiscal Year 2017 (Amounts in thousands)
(Unaudited) February 28,
May
31,
CONDENSED BALANCE SHEETS 2017
2016
Assets Cash and Cash Equivalents $ 32,627 $ 67,341 Accounts
and Other Receivables 13,415 12,827 Inventories 18,017 21,595
Income Tax Receivable 4,738 3,003 Prepaid Rent and Other Expenses
8,135 11,508 Assets Held for Sale 20,450 4,642
Total Current Assets 97,382 120,916 Property and Equipment,
Net 601,548 671,250 Other Assets 43,880 45,751
Total Assets $ 742,810 $ 837,917 Liabilities Current
Maturities of Long-Term Debt, including Capital Leases $ 349 $
9,934 Deferred Revenue - Gift Cards 17,472 16,354 Other Current
Liabilities 92,582 71,418 Total Current
Liabilities 110,403 97,706 Long-Term Debt and Capital
Leases, less Current Maturities 213,533 213,803 Deferred Escalating
Minimum Rents 43,208 51,535 Other Deferred Liabilities
61,270 67,093 Total Liabilities 428,414 430,137
Shareholders' Equity 314,396 407,780
Total Liabilities and Shareholders' Equity $ 742,810 $ 837,917
Financial Results For the Third Quarter and First 39
Weeks of Fiscal Year 2017 (Amounts in thousands except per
share amounts) (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
13 Weeks
Ended
February 28,
2017
Percent of
Total
Revenue
13 Weeks
Ended
March 1,
2016
Percent of
Total
Revenue
39 Weeks
Ended
February 28,
2017
Percent of
Total
Revenue
39 Weeks
Ended
March 1,
2016
Percent of
Total
Revenue
Revenue: Restaurant sales and operating revenue $
224,938 99.6 $ 269,868 99.4 $ 694,517 99.6 $ 807,105 99.4 Franchise
revenue 794 0.4 1,602 0.6 2,591
0.4 4,801 0.6
Total Revenue
225,732 100.0
271,470 100.0
697,108 100.0
811,906
100.0 Operating Costs and Expenses: (as a percent of
Restaurant sales and operating revenue) Cost of goods sold 64,340
28.6 75,143 27.8 198,672 28.6 221,689 27.5 Payroll and related
costs 80,080 35.6 93,357 34.6 251,105 36.2 280,976 34.8 Other
restaurant operating costs 45,086 20.0 55,311
20.5 149,069 21.5 173,903 21.5
Restaurant
Level Margin (excludes franchise revenue) 35,432
15.8
46,057 17.1
95,671
13.8
130,537 16.2 Depreciation
and amortization 10,121 4.5 12,732 4.7 31,838 4.6 38,474 4.8 (as a
percent of Total revenue) General and administrative expenses
13,876 6.1 14,148 5.2 48,359 6.9 44,226 5.4 Marketing expenses, net
13,807 6.1 13,230 4.9 43,328 6.2 40,396 5.0 Closures and
impairments, net 13,441 6.0 6,123 2.3
59,341 8.5 20,907 2.6 Total operating
costs and expenses 240,751 270,044
781,712 820,571
(Loss) /
Income From Operations (15,019 ) (6.7 )
1,426 0.5
(84,604 ) (12.1 )
(8,665
) (1.1 ) Interest expense, net 4,870 2.2 4,995 1.8
14,591 2.1 16,100 2.0 Loss before income taxes (19,889 )
(8.8 ) (3,569 ) (1.3 ) (99,195 ) (14.2 ) (24,765 ) (3.1 ) Benefit
for income taxes (84 ) 0.0 (483 ) (0.2 )
(1,742 ) (0.2 ) (1,686 ) (0.2 )
Net Loss
$ (19,805 ) (8.8 ) $
(3,086 ) (1.1 ) $ (97,453
) (14.0 ) $ (23,079 )
(2.8 ) Net Loss Per Share: Basic
$ (0.33 ) $ (0.05 ) $ (1.62 ) $ (0.38 ) Diluted $ (0.33 ) $ (0.05 )
$ (1.62 ) $ (0.38 )
Shares: Basic
60,262 60,918
60,074 61,239 Diluted
60,262 60,918
60,074 61,239 Non-GAAP
Reconciliation Table Reconciliation of EBITDA, Adjusted
EBITDA, Adjusted Net (Loss) / Income, and Adjusted Net (Loss) /
Income Per Share (Amounts in thousands except per share
amounts) (Unaudited) 13 Weeks
13 Weeks 39 Weeks 39 Weeks Ended Ended
Ended Ended February 28, March 1, February 28, March 1, 2017 2016
2017 2016
Net Loss $ (19,805 )
$ (3,086 ) $ (97,453 )
$ (23,079 ) Depreciation and
Amortization 10,121 12,732 31,838 38,474 Interest Expense, net
4,870 4,995 14,591 16,100 Benefit for Income Taxes (84 )
(483 ) (1,742 ) (1,686 )
EBITDA
$ (4,898 ) $ 14,158 $
(52,766 ) $ 29,809 Closures and
Impairments, Net (1) 13,441 6,123 59,341 20,907 Executive
Transition (2) 133 - 4,341
(1,274 )
Adjusted EBITDA $ 8,676
$ 20,281 $ 10,916
$ 49,442 Net Loss $
(19,805 ) $ (3,086 ) $
(97,453 ) $ (23,079 )
Closures and Impairments, Net (1) 13,441 6,123 59,341 20,907
Executive Transition (2) 133 - 4,341 (1,274 ) Debt Prepayment
Penalties & Deferred Financing Fees (3) - 60 - 1,144 Income Tax
Benefit from Adjustments (4) (5,388 ) (2,455 ) (25,275 ) (8,247 )
Income Tax Benefit Adjusted to Statutory
Rate (5)
7,810 933 37,628
8,143
Adjusted Net (Loss) / Income $
(3,809 ) $ 1,575 $
(21,418 ) $ (2,406 )
Net Loss Per Share $
(0.33 ) $ (0.05 ) $
(1.62 ) $ (0.38 )
Adjusted Net (Loss) / Income Per Share $ (0.06
) $ 0.03 $ (0.36 )
$ (0.04 ) Basic Shares
Outstanding (6) 60,262 60,918
60,074 61,239 Diluted Shares
Outstanding (6) 60,262 61,232
60,074 61,239
(1) Includes property
impairments, closed restaurant lease reserves, other closing
expenses, losses / (gains) on sales of properties, and a $2.0
million partial trademark impairment charge of the Lime Fresh
trademark during Q2 FY16. (2) On September 13, 2016, our then
Chairman, President, and Chief Executive Officer left the Company.
Accordingly, we recorded severance, unused vacation, and other
benefit costs of $3.0 million, a charge of approximately $0.9
million in connection with the accelerated vesting of certain
share-based awards, and other related payments of $0.4 million. In
Q1 FY16, our then President Ruby Tuesday Concept and Chief
Operations Officer left the Company. Accordingly, included within
our share-based compensation expense for Q1 FY16 is a forfeiture
credit of $1.3 million in connection with the forfeiture of certain
share-based awards. (3) Debt prepayment penalties and the write-off
of deferred financing fees are classified within Interest expense
and included in EBITDA calculation and therefore not a separate
add-back for Adjusted EBITDA. (4) Represents the tax impact of the
adjustments to Net Loss at the Company's statutory tax rate
(39.69%). (5) Represents the Company's Income Tax Benefit adjusted
to the Company's statutory tax rate. (6) Net Loss and Adjusted Net
(Loss)/Income per share figures are calculated based on diluted
shares outstanding. Ruby
Tuesday, Inc. Number of Restaurants at End of Period
February 28, March 1, 2017 2016
Ruby Tuesday: Company-Owned
544 649 Domestic Franchised 17 28 International Franchised 46 52
Total 607 729
Lime Fresh: Company-Owned 0 8 Domestic
Franchised 0 8 Total 0 16
Total Restaurants:
Company-Owned 544 657 Domestic Franchised 17 36 International
Franchised 46 52
System-wide total 607 745
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170406006263/en/
Investor RelationsMelissa Calandruccio, CFA, ICR(646)
277-1273RubyTuesdayIR@icrinc.comorMedia RelationsChristine
Beggan, ICR(203) 682-8329RubyTuesday@icrinc.com
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