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Ruth's Hospitality fiscal Q1 profit climbs 17.0% YOY

Ruth's Hospitality Group Inc. said its normalized net income for the fiscal first quarter ended March 29 was 29 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS rose 21.4% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $10.0 million, an increase of 17.0% from $8.5 million in the prior-year period.

The normalized profit margin climbed to 10.3% from 9.5% in the year-earlier period.

Total revenue climbed 7.7% on an annual basis to $97.3 million from $90.4 million, and total operating expenses rose 6.2% from the prior-year period to $81.1 million from $76.4 million.

Reported net income rose 19.5% from the prior-year period to $10.7 million, or 31 cents per share, from $9.0 million, or 25 cents per share.