Ruth’s Hospitality reports $110.2m total revenues in Q2 2019

6th August 2019 (Last Updated August 6th, 2019 11:57)

Ruth’s Hospitality Group has reported a 0.6% increase in total revenues to $110.2m for the second quarter ending 30 June 2019 (Q2 2019), compared to $109.6m for the same period in the previous year.

Ruth’s Hospitality reports $110.2m total revenues in Q2 2019
Ruth’s Hospitality operates more than 150 Ruth’s Chris Steak House locations globally. Credit: Mx. Granger.

Ruth’s Hospitality Group has reported a 0.6% increase in total revenues to $110.2m for the second quarter ending 30 June 2019 (Q2 2019), compared to $109.6m for the same period in the previous year.

The company also announced a net income of $9.3m, or $0.31 per diluted share, compared to $9.6m, or $0.32 per diluted share in Q2 last year.

Restaurant sales in Q2 2019 increased 0.5% to $104m compared to $103.5m, with comparable restaurant sales at company-owned restaurants decreasing by 0.5%.

The restaurant chain also reported basic earnings per common share of $0.32 and diluted earnings per common share of $0.31.

Ruth’s Hospitality Group president and CEO Cheryl Henry said: “I’m pleased with the work of our team. After seeing slower sales in April, our comparable restaurant sales saw sequential improvement throughout the quarter including positive comparable sales during our June period.

“We continue to lay the foundation for long-term growth within the framework of our total return strategy. Earlier this week, we closed on the previously announced acquisition of development territory and three restaurants in Philadelphia, Pennsylvania and Long Island, New York from a long-time franchise partner.

“Additionally, we have recently signed two new leases for Company-owned restaurants in Short Hills, New Jersey and Worcester, Massachusetts. We remain excited about our opportunities to grow and evolve the iconic Ruth’s Chris Steak House brand.”

Ruth’s Hospitality Group noted that 78 company-owned Ruth’s Chris Steak House restaurants were open at the end of this quarter.