Luby’s Announces Third Quarter Fiscal 2009 Results

HOUSTON, TX – June 10, 2009 – Luby’s, Inc. (NYSE: LUB) today announced unaudited financial results for the third quarter of fiscal 2009, a twelve-week period, which ended on May 6, 2009.
Third Quarter Highlights:
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Restaurant sales were $66.0 million, a decrease of $6.7 million compared to the same quarter last year; approximately $1.5 million of the reduction in sales related to closed operations partially offset by new restaurant sales.
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Culinary contract services revenue increased to $3.0 million in the third quarter compared to $1.8 million in the same quarter last year. The increase was due to culinary contract services operating 13 facilities as of May 6, 2009 compared to operating 9 facilities as of May 7, 2008.
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Restaurant sales declined $6.7 million in the third quarter but store level profit declined only $1.4 million due to effective cost management. The Company defines store level profit as restaurant sales minus costs of food, payroll and related costs and other operating expenses.
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Same-store sales, which consisted of 118 restaurants, decreased approximately 8.9% due primarily to declines in guest traffic partially offset by higher menu prices. The third quarter fiscal 2009 partially benefited from the favorable timing of Lent in the third quarter. Adjusted for this item, the Company estimated same-store sales declined approximately 9.4% in the third quarter fiscal 2009.