Ruth's Chris reports 4Q net loss
Ruth's Hospitality Group, owner of Mitchell's Fish Market, today reported its 2008 fourth-quarter financial results.
The company reported a 12.1 percent revenue increase from USD 89 million (EUR 70.7 million) in 2007 to USD 99.8 million (EUR 79.2 million) in 2008, including USD 19.4 million (EUR 15.4 million) from the February 2008 acquisition of Mitchell's.
However, Ruth's Chris reported a net loss of USD 60.7 million (EUR 44.2 million) in the fourth quarter of 2008, compared to a net income of USD 4.1 million (EUR 3.3 million) in 2007. The loss is due to severance costs, impairment and restructuring costs and discontinued operations expenses.
Company-owned same restaurant sales also fell 18.5 percent, compared to a 5.6 percent decrease in 2007. Average weekly sales for Mitchell's were USD 67,900 (EUR 53,939), compared to USD 80,800 (EUR 64,187) the previous year.
Heathrow, Fla.-based Ruth Hospitality Group owns Ruth's Chris Steak House, Mitchell's Fish Market, Mitchell's Steakhouse and Cameron's Steakhouse concepts with more than 150 restaurants worldwide.