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Speaking of -- the market likes and doesn't like -- can't decide to market definitely decided it didn't like.
Yesterday's earnings numbers which were dragged down by higher marketing costs for company called Ruby Tuesday but also.
A hunt for new CEO because the founder who is also the CEO says.
And -- I gotta get somebody else to run this thing but don't take about a Ruby Tuesday just yet the stock is moving higher by half a percent it is reversed saying that the drop from yesterday casual dining -- did post positive same store sales.
For the first time in two years of the doing something right let's find out what joining me now.
-- -- -- Ruby Tuesday founder chairman CEO and president of the united they're happy or what that I mean that it two years it's been very tough for you guys and suddenly started to see some improvement.
I'm sure that thrilled you don't know when but if you could pick what it was -- turn it around what would you say evidence.
Well that's pretty simple we've been improving the brand and invests in the brand dramatically which hasn't helped earnings but we also.
Last year we built -- foundation for funding about a thirty million dollar plus advertising.
Expense going in this year.
And it's paying off we've never marketed -- would be until this year really now we're competing -- our peer group level.
And it is -- all the same store -- we feel good about that.
Earnings were down about 16%.
Though year over year what do you need to change that I mean is it your cost structure do you need to.
Get rid of more cost out of the system and then how do you do that.
And -- we donate taking more calls to assist with the 45 million dollars out last year to help fund not primarily help fund our advertising expense.
But what we -- -- sales.
And move fifty cents every dollar in extra sales -- to bottom line and that's what we need.
On an apples to apples basis is not that bad at all we actually beat our internal budget it would make consensus.
For the year we're guiding to twenty Ford a 34 cents I remember right.
And on an apples to apples ought to be about even with last year and that's after absorbing.
You know 3034 million dollars an extra advertising.
We think earnings are stable we feel okay about that the key is -- same store sales -- -- -- leaving sandy and just time to move to.
With -- -- position cesium sixty.
Well I'm 62 spent forty it's been forty years and are trying to retire for really about the last 45 years I think -- stable -- -- business stable or sells are up.
We -- about 130 million dollar mark in war chest Balladur sixty -- million dollars in the bank.
And I think it's time it's time for me to move on him go to news new person and -- in the we're also reworked or board.
So our new -- have a solid board with a lot more experience weapon new CEO.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Well Neil that the number one preference of the search committee is to have some -- experience from the industry.
And you're looking for five or six traits that's that's a key one hope we will we will get that.
And was have to say we have -- down to about three people right now and hopefully in the next 3060 days will decide make an announcement have -- in.
Thanksgiving to January 1 for so.
You know as we as we finish up in the competitors are doing all kinds of things look at the going gets tough the tough get going olive garden has this dinner tonight dinner tomorrow we're everywhere in -- a dinner and then they'll give -- -- second one at a cheaper price what 1295 total.
She could have something for the next night what do you need to do will you resort to these kinds of ideas.
I think everybody's pushing value that you know -- too many references to many of everything really.
-- -- too much supply too little demand the consumer is extremely tight very very value conscious the you know close to four dollar gas to somehow fast.
So they're vice trying to have value.
My -- last quarter we did gain in market share vs competition.
But you do have to have -- to attract guests in this kind of market place.
Sandy you look really good for 62 -- -- -- Clark -- that he's sixty like you very much a work at a good luck to thank you so much your joining us or on the stand right now so what -- learned Tuesday it founder chairman CEO and pressing thinking that worker -- --
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