Ruth's Chris Steak House Announces Preliminary Third Quarter Sales
Ruth's Chris Steak House, Inc., (Nasdaq: RUTH) announced today that restaurant sales increased 9.3% to $43.8 million for the third quarter ended September 25, 2005 versus $40.1 million for the third quarter of 2004.
During the third quarter of 2005, total company restaurant sales were driven by strong comparable restaurant sales growth and the opening of one new location, but were adversely affected by the loss of 71 hurricane-related closure days compared to 82 hurricane-related closure days in the third quarter of 2004.
Comparable restaurant sales for the third quarter of 2005, excluding the company's New Orleans and Metairie, Louisiana locations damaged by Hurricane Katrina, increased 10.6% driven by strong entree growth and enhanced sales mix. This comparable growth was partially offset by 13 lost operating days. The increase in comparable restaurant sales compares to an increase of 11.3% in the third quarter of 2004 which was also affected by 82 lost operating days.
The company had minimal lost operating days related to Hurricane Rita, and both the Houston, Texas and Lafayette, Louisiana restaurants are open after brief closures related to local evacuation plans. The company continues to work toward the reopening of its New Orleans area locations, which will reopen as soon as all necessary repairs can be completed.
In terms of development during the quarter, Ruth's Chris Steak House opened one company-owned restaurant in Roseville, California and one franchised restaurant in Atlantic City, New Jersey. For the remainder of 2005, the company will open two additional company-owned locations and one franchised location. For 2006, the company expects growth to expand to 6-8 company openings and 5-7 franchise openings.
Comparable restaurant sales for the third quarter of 2005, excluding the company's New Orleans and Metairie, Louisiana locations damaged by Hurricane Katrina, increased 10.6% driven by strong entree growth and enhanced sales mix. This comparable growth was partially offset by 13 lost operating days. The increase in comparable restaurant sales compares to an increase of 11.3% in the third quarter of 2004 which was also affected by 82 lost operating days.
The company had minimal lost operating days related to Hurricane Rita, and both the Houston, Texas and Lafayette, Louisiana restaurants are open after brief closures related to local evacuation plans. The company continues to work toward the reopening of its New Orleans area locations, which will reopen as soon as all necessary repairs can be completed.
In terms of development during the quarter, Ruth's Chris Steak House opened one company-owned restaurant in Roseville, California and one franchised restaurant in Atlantic City, New Jersey. For the remainder of 2005, the company will open two additional company-owned locations and one franchised location. For 2006, the company expects growth to expand to 6-8 company openings and 5-7 franchise openings.