News

Rubio's net falls 33 percent

August 6, 2008

CARLSBAD, Calif. — Comparable-store sales at Rubio's Restaurants Inc. decreased 3.9 percent for the company's second quarter ended June 29, 2008, compared with a comparable-store sales increase of 7.8 percent for the same quarter last year. Transactions decreased 5.4 percent and check average increased 1.6 percent from the same quarter last year.

Year-to-date comps were off 3.6 percent.

Revenues for the quarter were $45.1 million, up 5 percent compared with revenues of $43 million for the 2007 second quarter. For the first six months of 2008, revenues were $87.3 million, up 4 percent compared with revenues of $84 million for the same period last year.

Net income for the second quarter was $335,000, off 33 percent compared with net income of $503,000 for the 2007 second quarter. Year to date, the company ran a net loss of $410,000 compared with net income of $698,000 for the first two quarters of 2007.

"Revenues for the second quarter continued to be negatively impacted by high gas prices and the weak economy, especially in the communities hit hard with subprime problems," said Rubio's president and CEO Dan Pittard. "However, we are optimistic about the introduction in July of our new menu that introduced several new products, including Grilled Gourmet Tacos. The higher ticket price of the new items, combined with a price increase, has improved comparable-store sales trends early in the third quarter."