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Wanna take a look at the stock for you Ruby Tuesday the stock is actually trading.
As it back and forth a little bit and down nine cents right now 707.
It's a casual dining chain.
-- -- on gloomy after hours reported fiscal first quarter net income down about -- 5% spots.
One new licensing deal with Mexican chain line fresh girl BB ticket to renewed success for Ruby Tuesday joining us now for exclusive interview.
Ruby Tuesday's CS Navy SEALs and line fresh Mexican grill CEO John comical on this new partnership dumb outlook on the boat the -- -- -- -- wanna start with you I do wanna talk about the quarter in particular.
Your -- your you have -- rough spots last year or the company things have begun to turn around now higher saying.
That the soft economy the competitive environment is hurting the company one in particular.
As is happening in the competitive environment -- casual -- space right now.
Our issue is really the same yourselves.
It's very very competitive and competitive environment.
You consumers eating out less and you have your major change advertising more do more and more deals which makes more difficult for the ones who don't -- So we're testing different forms of advertising got to get back in the game we realize that we've got to get revenue up.
Are you worried about the about the consumer and this is really gonna be asked to both of you are you concerned -- first you first about the consumer about.
The fact that you do have the jobs -- a high right now unemployment we are concerned about the economy does that concern you.
On the on concern concern about the consumer I think it's not just a quarter a year thing I think it's five or ten -- decade issue.
-- just don't -- I think it's gonna motivates consumer to really spend a lot.
And they're very very value conscious and so you have to you have really compelling offers and communicate a lot a whole lot to them to get them come them.
What you're you aren't hasn't taken a chance -- the chair of the announcing this partnership and John wanna go over you on this because you're going to be.
You million only got ten stores right now you're gonna take it -- to 200 you've only been implore you very successful there.
But now you wanna take fresh on you wanna take it out to other states what's your strategy and how fast can you grow the company do you think.
Well I think -- -- both concentrated on the call these of the individual units picking great locations.
Focusing on really keep in the integrity of the brand where it started in Florida I think -- is filled a great niche in the market place between.
Fast casual casual dining right now where you have -- of the best of both worlds where you're able to have.
The conveniences of fast casual with some of the service points of casual dining at a real value oriented price point which is I think why we've continued one of the many reasons why we've continued to expand during a a tough economy.
You certainly haven't at Citi -- double lime Margarita I'm sure he'll still a lot of people but I wanna find out about jobs in particular for -- fresh because.
As I mentioned we do have unemployment at nine point 1% a lot of people do need jobs how many people do you plan to hire at this point.
What each store employs about forty people -- you know this year alone we're looking to hire several hundred people between our corporate expansion as well as the partnership of ruby Tuesday's.
So that's an exciting thing is we come in to these new markets to be -- provide jobs we you know we've obviously seen a much higher turnout.
When we go to higher for these stores you know much more quality employees that are out there are so it's been -- a wonderful thing to be able to provide jobs up and down the eastern seaboard as we look at new locations.
OK and Cindy last questioning you before I let you go why do this partnership.
L as as I mentioned the company.
Early Tuesday had some issues before things were can't come back now struck again.
-- a big gamble here sandy watch.
Well we're taking a -- -- we have massive free cash flow we -- reader reiterated yesterday -- 9800 million dollars as cash every year.
You create value by investing capital -- getting superior return on it.
And so the Ruby Tuesday concept is forty years old it's a great brands in great shape.
But there's no growth left for that so we're developing two concept of Sify concept that we're trying to grow as well as the partnership with John with -- concept.
Landfills a different it's just not big box casual mining.
It's small box very efficient very high returns and appeals to younger demographic so if -- can work we create jobs and create value for the shareholders.
Alright ruby Tuesday's AS standing bill -- great to have you on the show one fresh Mexican -- C -- -- -- gentlemen thank you good luck on the partnership hopes isn't higher.
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