Restaurant chain Ruth’s Hospitality Group‘s total revenues for the fiscal year ending 30 December 2018 (FY2018) reached $452.33m, an increase of 9% compared with $414.82m in FY2017.
The company also announced a net income of $41.7m, compared with $30.1m in FY2017.
In addition, the restaurant chain reported basic earnings per common share of $1.41 compared with $0.99 in FY2017, and diluted earnings per common share of $1.38 compared with $0.97.
Ruth’s operating income for 2018 was $51.66m, compared with $46.69m in 2017. It also reported total revenues of $127.16m for the preliminary results of FY2018, an increase of 2.5% compared with $124.10m for FY2017.
Ruth’s Hospitality Group president and CEO Cheryl Henry said: “For the full year, we grew revenue by 9%, expanded restaurant level margins to the highest levels in over ten years, successfully integrated our six Hawaiian franchise locations, and opened three new company-operated and two new franchise restaurants.
“In addition, 2018 marked the 9th consecutive year of comparable restaurant sales and earnings growth.
“This success has been driven by our intense focus on operational excellence, and I’d like to thank all of our team members and franchisees for their incredible work each and every day.”
Based in Florida, Ruth’s Hospitality operates more than 150 Ruth’s Chris Steak House locations globally.