Ruth’s Hospitality Group has reported a 2.8% increase in total revenues to $119.7m for the first quarter ending 31 March 2019 (Q1 2019), compared to $116.5m for the same period in the previous year.
The company also announced a net income of $13.9m, compared to $13.6m during the previous year.
Restaurant sales in Q1 2019 increased 2.4% to $113.0m compared to $110.4m, with comparable restaurant sales at company-owned restaurants increasing by 1.8%.
Ruth’s Hospitality currently has four signed leases to open new company-owned restaurants in Columbus, Ohio, Washington DC, Somerville, Massachusetts, and Oklahoma City, Oklahoma.
In addition, the restaurant chain reported basic earnings per common share of $0.48 compared to $0.46 in Q1 2018, and diluted earnings per common share of $0.47 compared to $0.45.
Ruth’s Hospitality Group president and CEO Cheryl Henry said: “I’m pleased with our first quarter results, which included comparable restaurant sales growth, consistent margins year-over-year, and GAAP EPS of $0.47 despite weather challenges.
“I’m excited to announce the acquisition of three franchised restaurants and development territory from long-time franchise partner Marsha Brown. This acquisition includes two restaurants in the Philadelphia, Pennsylvania area and one on Long Island, New York.
“Additionally, we purchased the development rights to these areas which will contribute to our long-term growth strategy by unlocking valuable territory. I am thrilled to welcome these restaurants and our new team members to the Ruth’s Chris corporate family.”
Ruth’s operating income for the first quarter of 2019 was $16.84m, compared with $16.38m in Q1 2018.
In addition, 78 company-owned Ruth’s Chris Steak House restaurants and 76 franchisee-owned restaurants were open at the end of Q1 2019.