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Chain to open one or two smaller-scale units and convert up to seven others to a ‘high-end concept’
Ruby Tuesday Inc. said it plans to open one to two of its smaller prototype company-owned restaurants in its 2011 fiscal year. During its 2010 fiscal year, which ended June 1, the casual-dining concept opened no new company-owned units and closed 16 such restaurants.
The chain's other restaurant opening/closing plans for the coming year – outlined in its just-released FY 2010 results – include shuttering seven to nine company-owned restaurants; converting five to seven such units to unspecified “other high-end casual dining concepts”; buying back 25 to 30 franchise restaurants; and franchisee openings of eight to 13 restaurants, up to 10 of which will be international. (In its 2010 fiscal year, franchisees opened six new Ruby Tuesdays and closed 12 others.)
Ruby Tuesday's return to some modest expansion plans comes on the heels of improved financial results. During its recently completed fiscal year, the chain swung to report a net income of $45.3 million, after suffering a $17.9 million loss for fiscal 2009.
“We feel very good about our business as we head into fiscal 2011,” said Sandy Beall, founder and ceo of the chain, which currently consists of 656 company-owned locales and 223 franchise units. “The improvements in our sales and balance sheet have allowed us to begin focusing on longer-term strategies to further strengthen and grow the business and to create additional shareholder value.”
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