Ruby Tuesday Q1 Sales Decline, Closes 95 Stores In Quarter

Shares of Ruby Tuesday, Inc. RT are down following the release of its Q1 earnings after Thursday's market close.

The restaurant operator's total revenue declined 8.2 percent to $256.7 million, including a net reduction of 109 company-owned Ruby Tuesday restaurants from a year prior.

Ninety-five restaurants closed in the current quarter, as a part of the company's Fresh Start Initiative that plans to "improve our financial profitability and ultimately create a stronger Ruby Tuesday for the future" the company announced in August.

Same-store restaurant sales decreased 2.7 percent in the quarter, as the company announced a net loss of $39.7 million. Ruby Tuesday posted a loss of $0.11 per share, while analysts were looking for a loss of just $0.01.

Ruby Tuesday was down more than 4 percent after hours, but was down about 2.7 percent at $2.44 in the pre-market session.