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Ruby Tuesday Reports Lower Profit, Cuts Guidance

Ruby Tuesday reported on Wednesday a drop in quarterly earnings in line with a lowered forecast the restaurant operator had given, and cut its full-year outlook.

Shares of the company plunged more than 10 percent Thursday.

Net income for the fiscal first quarter was $11.1 million, or 21 cents per diluted share, compared with $21.6 million, or 37 cents per share, a year ago.

In September, Ruby Tuesday said it expected to earn 21 cents a share for the quarter, falling short of analysts' estimates due to aggressive discounting by competitors and high gasoline prices and interest rates that hampered its customers' ability to eat out.