Ruby Tuesday's Q1 net income down

Restaurant company Ruby Tuesday has reported a net income of $285,000, or $0.01 per diluted share for the first quarter of fiscal 2009 ended September 2, 2008, compared to $11.1 million, or $0.21 per diluted share for the first quarter of fiscal 2008.

Same-restaurant sales for the first quarter of fiscal 2009 decreased 10.8% and 7.9% at company-owned and domestic franchise Ruby Tuesday restaurants, respectively, compared to a decline of 4.8% and 2.9%, respectively, in the first quarter of fiscal 2008. Total revenue stood at $324 million, a decrease of 6.6% compared to $346.79 million in the same period of fiscal 2008.

Sandy Beall, founder and CEO of Ruby Tuesday, said: "The first quarter continued to be challenging for us, the industry, and the consumer. With the weaker economy, housing crisis, and high energy prices, consumers are thinking differently and spending less as reflected in our and the industry's sales, especially in the south for us where we have the majority of our restaurants."

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