Luby’s reports $74.76m total sales for third quarter 2019

16th July 2019 (Last Updated July 16th, 2019 17:14)

US-based restaurant company Luby’s has reported total sales of $74.76m in the third quarter ending 5 June 2019, compared to $86m for the same period the prior year.

US-based restaurant company Luby’s has reported total sales of $74.76m in the third quarter ending 5 June 2019, compared to $86m for the same period the prior year.

Loss from continuing operations was $5.3m, compared to loss of $14.1m for the same period in the previous year.

However, culinary contract services sales of the company increased by 14% to $7.6m, compared to $6.6m during the third quarter of 2018.

The restaurant company also reported a $0.3m decline in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). Segment profit increased $0.2m with margins above 10%.

Same-store sales decreased 4% in the quarter while store level profit as a percent of restaurant sales was 10.2%.

Luby’s president and CEO Chris Pappas said: “While our same-store sales have not yet achieved the improvement we are striving for, we do see a number of positive developments based on our recent efforts and initiatives aimed at growing guest traffic.

“For instance, at our cafeteria brand, guest traffic has continually trended better throughout the current fiscal year.

“At both of our core brands, we are providing menu price points that offer compelling everyday value options starting in the $7.00 to $9.00 range, while still including additional premium offerings at higher price points. This value orientation is helping to improve our guest traffic trends and will be central to growing sales.”