RUTH - Earnings call transcript Q1 2018 | Ruths Hospitality Group Inc

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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to today's Ruth's Hospitality Group First Quarter 2018 Earnings Conference Call. At this time, all participants are in listen-only mode.

Following the formal remarks, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions.

conference recorded. today's reminder, a is being As I to Financial Mark like to Planning conference over turn the Taylor, Analysis. would now and Vice President in Please go ahead, sir.

Mark Taylor

everyone. Sergey, good you, morning, Thank and

Michael Joining O'Donnell, Arne me Executive and Henry, and President Financial Vice call Operating President on today and Haak, Chairman Chief Chief Executive the and Officer; Officer; Cheryl Chief are Officer.

recent guarantees rhgi.com performance, forward-looking at a for with remind our detailed discussion section our of operating Before the therefore, of statements. discussion statements should press copies we more Relations that placed part These begin, not future risks refer you upon results. of financial future as would I'd our the that to earnings our as sec.gov of are website undue reliance them. not like could filings for the and Investor and like SEC's will include impact our website you to at be today SEC to today's of the and well release We

call, represents of will operations. excluding This by adjusted measurement to well non-GAAP internal we useful this refer earnings calculated share. items that measure losses believe per from was We as as performance. discontinued a measure certain this During

Chairman adjusted CEO, You would for our today's in Mike call now the earnings can call. O'Donnell. like reconciliation and find our a of to over I share per press release to turn

Michael O'Donnell

us this on Thank you, call joining thank the for And Mark. all you morning.

up income growth solid of to revenue up comparable diluted growth of are non-GAAP which restaurant included pleased first total share X.X%; include: per growth We XXXX. XX%, Highlights provided net our XX%. and results, were start with XX%; earnings quarter which a sales,

contributions our quarter in was due the growth revenue by all to restaurants. Our

restaurants are in or and restaurants. meeting non-comp the two restaurants, very restaurants, months, we define of X our are restaurants, and performance that at with last comp of course, December. our expectations, which have the management open Non-comp we non-comp four all - as year, exceeding pleased quarter, the yet as we define of or we XX not Hawaiian acquired and our we which During

with performance, in both profits work continue integration this remain growth We point, on sales towards which functions their delivered and track of we most At QX. the for to are pleased back-of-the-house in the restaurants. these complete and year-over-year

inherited We expect team contributions. we built to their their have franchisee, summer. Randy we and Randy for his however, a And Schoch, by done this Desert Island Operationally team that later operating Restaurants. our thank great

quarter, along wine by sales number quarter, Our comparable Sizzle, well, during again restaurants on we the driving once dinner Easter occasion during the a Followed of growth areas. Day for business, also which both Swirl; and showed Special first significant performed store at again and initiatives. well very wine private particularly individual - Valentine's growth. and focus - had dining; year-over-year Swizzle, that and the with performed

continue We excellent execution our the field. the of teams in to rely on

quarter, heart sales franchise and the quarter. of trends who also good throughout improving the are a had comparable Our partners, brand, with soul

strong as as in consistently Ruth's partners committed the excellence. a to While continued those and to deliver completely experience not international guest markets U.S. our trends the in are were sales our great

and in shareholders; three and the business is is the our operations the foundation experience many strong coupled is enables the As consistency times, consistent sheet we brand our The is our Ruth's our execute return flexible years. strategy results today's over strategy with and Successful about to invest Steak accomplished in with our brand protect capital create core returning growing our long-term us this for have execution to balance priority shareholder to our in Chris of talked business; of responsible total our House and consumer. fashion investing our in to a evolve ways: value. core disciplined first help to of

our to XX and expect have X experience the We X expands restaurant continued XX have restaurants operating remodels currently to our X.X of This We the we capabilities. guest will means program. complete done we our in that re-model enhances in system. initiative Ruth's XXXX, which

we In XX% XX% investing tax into people XXXX and sales business our savings brand, core were initiatives. addition, to of driving our

our The second component strategy growth. of total is return disciplined

are development. meet our working actively for We on criteria sites investment that

to quarter Jersey in company-owned As in of previously third this open location announced, we year. the New Jersey expect new City, a

new signing our a partnership to our Additionally, we be Eldorado recently management with in This agreement, Cherokee, under casino to an which pleased in a Jersey, we quarter we Nevada third North Oklahoma for expect agreement location, will first lease new restaurants and the announced Carolina. of are our Furthermore, Resorts. restaurant in XXXX. will open Paramus, in Reno, operate to New the Tulsa, similar a operate in restaurant to that announce of company-owned

Hawaiian in continue while buyback one return the quarterly shareholders. our increase directors in shareholders dining in pay took pleased $XXX remain beginning of also the in to all returned of two a grow I and is expect our to debt, coming million over Since to last of cash approved increasing total and Monday, over summary, an long $X.XX capital to Indiana, and partners XXXX. dividend and May The term continuing am quarterly the us form with our report the restaurants XXXX strategy to And to our a business. we paid in integrating brand best of repayments first Markham, the our of allowed during We board of support dividend of locations payment XXXX, core of Ontario to the franchise one pay excess return Wayne, model Fort business committed category shares. repurchases, the down that our recently shareholders, the and strong shareholders, XX% our total into we Our their have with quarter to quarter. share returning our that drive the to our our pleased restaurants dividend, is returning capital of to value. open in continue are company-operated and fine to dividend we steakhouse system. way has very being In we leaders progress shareholder made component we invest results to fourth this believe in we strategy

will We force which Arne, turn is be the excellence, singularly and now operational more on will to our continue on first to provide the the for value driving focused quarter over ability create brand of stakeholders. who to for I'll results. is the detail call foundation our

Arne Haak

Mike. Thank you,

diluted share For quarter during the of in of income $XX XXXX a first also benefit, XXXX. of $XXX,XXX which of $XXX,XXX XXXX included while first income XXXX, income in per net our items. to in compared were quarter we both with $X.XX to franchisee. or quarter X, income quarter impact $X.XX the April the Net diluted first income the tax tax of of the of first or income million, reported per share, benefit, net in XXXX quarter Hawaiian included ended tax income $XX.X the of associated net income in Net of related expenses acquisition deal-related included first $XXX,XXX discrete the million,

restaurant by the decline an first in non-GAAP discontinued acquired restaurants, for Excluding common as the our a to X.X% basis. year including results in XX% company-owned quarter compared contribution the restaurant last diluted was of million, from $X.XX, first over our Total of the last up per these quarter sales items, year. well comparable those offset $XXX.X were from sales one-time were earnings $X.XX year. fiscal XX% increase as in share by new Hawaii, partially The driven on increase operations,

of Eve as a XXXX, began and quarter the quarter in last the to revenue year, week holiday the enough the and first but Christmas first of in Eve loss quarter million was of fourth quarter, to quarter $X Christmas result, the offset New we Year's from shift In year later shift and one second holiday of fiscal sales. from did benefit this XXXX. New Our over faced the the we not into Easter headwinds from Year's this

of revenue of basis basis, a our believe on the Easter. quarter were was will first approximately measured entrees calendar the by point calendar positive health our from which comparable shift we calendar we comparison year-over-year. the was on up overall in comparable a On sales, calendar business. in average restaurant reflected as Also As is calendar the the more that the XX based basis, sales check commentary and of a result quarter, traffic of focus benefit X.X% X.X%, a our up included the shift, X%

in This loss recognized weeks of that new for company-owned XXXX-XX, versus the domestic for recognition based the softness sales was XXXX, our pleased prior The decreased our contributions average comparable and quarter, by restaurants. these fine $XXX.X of first as growth year. received comparable franchise particularly were income operating number thousand the Asian In were quarter franchised expenses. that are our restaurants, driven down first franchise offset sales of down in our Black Total the restaurant the first in franchise credited certain locations. restaurants and the year. in restaurants acquisition up the We included XX.X% XX quarter from Hawaii the quarter, to against during year-over-year $X.X quarter from income dining the sales marketing quarter our franchise sales standard. from Canadian an were international by the referred were Hawaii was standard all be X,XXX, which on the generally This of Comparable to additional Total acquisition restaurants in operating driven restaurants flat comparison. revenue outpace the the largely last last by contributions X.X% decrease weeks million, of restaurants largely income. traffic Box franchise advertising was company-owned of as X.X% X.X%, X.X% from franchise requires adoption weekly were restaurants up year-over-year. in traffic in Franchise first year. Fiscal XXX continues the ASU

was Food costs, X.X% XX total points of Now turning XX.X%, to primarily restaurant sales increase in average percentage in and of a offset beef costs. our increase basis decrease as by partially decreased to check by year-over-year this an a X% driven costs. beverage

increased restaurant expenses sales in the to losing a XX.X%. costs week on For decreased restaurant the quarter, year-over-year increase XXXX. The after as of sales driven in from an leverage operating points fixed XXrd our occupancy was increase the basis to expenses due XXX by percentage primarily

of in of and the new timing been total to Jobs support the total advertising Income Our XXXX percentage as driven administrative G&A points H.R. from Act, and to better reclassification Pre-opening the have our G&A at historically the investments certain Marketing line a expenses costs, costs increased by a X.X%. year-over-year make and to result first of were quarter into of enactment due expenses, we costs also marketing largely $XXX,XXX quarter present $X that revenues, XX to million a primarily to restaurant to to of of X%, business. the known percentage marketing advertising support allocated basis the declined of compared Cuts as as flat $X.X revenues the $X.X were as X. million of in openings. first XXXX, million tax Tax the

our we addition $X our dividend, through also senior facility debt In outstanding. ending quarterly in the million under with debt returning repaid in credit to $XX capital million quarter

During the our authorization. quarter, $XX share the share million At current the under quarter, $XX.X previously the did outstanding we repurchase under first repurchase not end of shares we have repurchase program. announced million any

continued sales quarter, I'd like for in key second outlook into continues and headwind year historically this Through for our The a cost the high currently to current supply metrics. calendar levels the beef first moderate. of of our full based shift up holiday XXXX remain in of our some Easter to information low-single-digits, point beef quarter. the of comparable to has at from on running Prime inflation the flat Now reaffirm the are to the despite

take While limited retail is direction visibility favorable, outlook the the the could looks this summer. of there current on still demand

We expect in to for inflation the of X% beef to full total range to continue the be year. X%

strong of expect to we result, to sales. of cost of XX% range the in our a XX% our remain As goods sold

We XX% restaurant XX% be and to operating expenses of expect restaurant continue sales. to between

between be to costs advertising and X%. and marketing X.X% expect to continue We

expenses G&A million. million remain We $XX to between expect and $XX

expect to XX% rate to tax continue effective between our XX%. We and be

the to We $XX timing new on expect unit openings. depending million our $XX could remain capital of million, between expenditures additional and and grow

call XX.X we shares, of continue questions to the XX share our company's We and Sergey share expect I'd for might the under between over any outstanding With diluted that, now to program. have. be repurchase to million shares exclusive to repurchases, like turn fully million any

Operator

Thank first you, sir. Bank. We take [Operator Levy Instructions] ahead. of Brett question now Please go our will Deutsche from

line Your open. is

Brett Levy

results little my up bit competitive your uptick seen to Is you're anything into an call. share the be Thank taking XQ the seeing you XQ, on granularity for front? you're competitive from seeing a Obviously, the you're more or in anything Would across XQ. Thank willing morning. seeing Good from you landscape? regionally you. there you've what on

Cheryl Henry

it's Yeah, hi, Brett, Cheryl.

what I year from specifically know or as how dinner. via menu don't on stuck to seen really I opportunities Swirl we've But as speaking over think past approach around our and our allow so promotions the are far as classics, working. the if - as different our menu through we to for Sizzle, wine you're Sizzle, have well

But, changed change think and as So other discounting set. whether throughout competitive promotions it in certainly we've seeing our on the landscape in that's I But of the offering as around to - approach seasonal the gift don't that haven't we're that or the through kind really approach of stuck has far marketplace year. landscape day the know that anything opportunities competitive cards. seen promotional I or are every yeah, the the still menu, and

Brett Levy

anything seeing you. cohorts by turn to you of Thank it else. of health pullback then, Are upper different echelon any And maybe over or the business? I'll in in the terms everyone category

Cheryl Henry

Sure.

quarter business, from significant are think la seen say seeing areas that à in or us different I anything - we make our the the can't have have the changes dining, bar, would given we we quarter. I is asking this And it's you're think segment-wise carte are private marketplace. there that last of to what whether

performing. with occasions performing, special are we how specific is really dinners haven't our are or are call Mike our out there. as performing, our wine dining said seen think to I pleased significant anything private I

Brett Levy

your just I'm sorry. I - because your meant by your three baskets, business…

Cheryl Henry

Okay.

sure. - second Our

Brett Levy

Thank you.

Cheryl Henry

so the think bar again, We've and Yeah, seen remains strong. I growth.

our Swirl, as la before, over and saw been similar well. Sizzle, the year à that And I QX carte the bar really strong the Sizzle, the in dining about or has in strong, we same. Brett, it remains And talked think we've so, last it what private remains quarter. and dining to on that

Brett Levy

Thank you.

Operator

Thank you.

take of now our Please will We from next Barish go Andy Jefferies. ahead. question

Andrew Barish

with full mean, bar up that, through? mix the business, on price following just maybe kind issue average the that of primary that not on in is Yeah, flowing X% check I seeing

Arne Haak

Hey, Arne. Andy, this is

trend we're You're some the absolutely We've bar. the with changed in it's the - right. pleased of menu And items. sales not

new customer based, it's preference. traffic We some higher a are more seeing little items. bit There are just based with preferences on

of have feels I at middle - day had our positive year-over-year. appetizers. new very and called entrée versus And part it, category. - both three at Mike shifting of we remains really business Day, comments, of Some special Valentine's really of segments, we're good. segment a and also to the in for is strong. we kind I it's week Valentine's remains the these, That as a his growth us good. as kind But business. kind what this mean, the least items as certainly just-because solid Day. occasion out in the previously Easter even the look feels out The and counted of is favorable the that for mean, the probably of Wednesday It's good

Michael O'Donnell

Andy, yeah, this Mike. is

think touched earlier. it Cheryl I on

of We continue moment is a movement to people à We as remodels. bars. what dining traditionally moving we consistently out the a carte to with change from see the into doing we're do and see bars consistent which la

bar, and to that pushed like together I in the But really opportunities Filet once eating themselves, Filet & some so, it's that Cabernet, & hey, have we've dining And a in mean, Cheryl's like experience seeing I put rampage. around had people with Rosé, saying are they've the of we the not it's once bar. - people the

the an in seeing slightly being experience literally bar well we're that à as a So traffic increase then la different there as carte. a of result and

Andrew Barish

into bar just just And down it the a is dining bit? is and settled market that from a up or seeing that, to of stuff some stock experience. room seeing follow in mentioned And you casual then, little and daily you're - transition has a a around that or were consumer some more the fourth volatility as the it or different also quarter you

Michael O'Donnell

part, Sizzle, that Yeah, we with I as thing, that that that an seeing would to interesting an people, we're think - when get mean, would opportunity. the I think some to was it's entry answer people And see Sizzle, your the I part expectation be this an right? most first start that started we would for Swirl point, younger

different those a We to that. trial entrées seeing the continue of trading of see up think then and experience. I But we're some bigger were

adding we're folks. so, think I And incremental

I think dynamics basically often grill-like the diners. - the They a more our asset-light as we do as experience single often like are frequent they comes crowd. bar. in It and trade-in have We've created an some just-because play. singles, of

Andrew Barish

And line for there? if then willing that call I mean, you're finally given out little to share structure Hawaii that accretion items then show expense? any just up on me, impact did you. have Got business particular quarter. a not first the daily expense And the the did really Or volatility, different? obviously in in and a Arne, operating store is maybe

Arne Haak

Okay.

has about talked have On that market has of market settled seems down. February, And in back volatility, to The we settled the down. settled stock down. saw again that it kind we

It in but On the break Hawaii bit the It accretive. ahead actually the of thought. was little we our to accretive a kind earnings of modestly I what it plans of are not going guess, - first quarter, accretion. we're out kind to not running accretion, is to is

sales the working and really they couldn't grow for only kind hard. work that you challenge the great restaurant The percentage sales at be in percentage on don't see ever to pleased. look of got more expenses, They're runs The sale. continue it, when They've we place the it is produce as restaurants, but occupancy big operating the their some they is higher. So bit effect to numbers of the there a biggest with. you you little six margin is see team a

Michael O'Donnell

ask me this about ever don't again. Andy, Hawaii

all the and profitability. Hawaii However, in quarter had for our restaurants were positive increasing

Andrew Barish

guys. Thanks, start. Nice

Michael O'Donnell

Don't congratulate get tell Hawaii I'd to I period. I good there, a Arne talk discussion. transition doing we've as people want in such you, we're off said, and into, don't Andy, very a great let's like start, ask job to for great a to can But again, me over because got them publically about

Andrew Barish

Thank you.

Operator

We Brian next Raymond ahead. take our will now Please question go of from Vaccaro James.

Brian Vaccaro

and Thanks, that just pretty good flat quarter-to-date Arne, including underlying suggesting And about headwind just morning. to basis slightly said, XXX the Easter a shift you I so with Easter shift. the is to positive, start headwind sort of that wanted - that you're point uptick? sequential And nice a to comments. confirm, of

Arne Haak

Yeah, about points it's quarter. on basis XX the

we're some But down a in bring CFO along. - up further take good in is second in it, the is the have quarter our sales bit of nearly said, little year. let to We being so And pretty It it you X% the That if half tough pretty am particularly, me comp a toughest far. just yeah, a comps. we I yeah, we're going were this so last good. against quarter, month, back And pretty room, and the it up year. last feels

some like cadence, encouraged to we're sales Mike, about we but… go we that feel are about tough like just mindful the Hawaii, but comps got against, So think, I we also

Brian Vaccaro

All right. That's helpful.

Arne Haak

could growth we really sales is like. …I say, what well,

Brian Vaccaro

yeah, Yeah, understood.

that, start we the second Sizzle, I And Okay. and mix and is refresh quarter, the think, of on I so And expect have one on the the the you we think if recall sort to more to half as headwind, maybe that before to mix, due drag question maybe year? to Swizzle. lap of I the mix, get into to on will dissipate it fair if we the back

Arne Haak

say think into and it's drag. a Yeah, I expect don't would slow, I you

on moving we price. full modeling and issue when like it's in I We I and But that around, can't that a flow better through guess, I counts about just it's entrée our preference menu and traffic just, as refresh that. don't and on people's the gross you is more take think, sales that's think driving drag, healthy.

Brian Vaccaro

that. a That's on good Right. clarification Understood.

so - Or adjusting that on… On I the be franchise what bps, that's a is should we that's that, was for down fiscal comp, about read with well? comps, you thinking calendar it XX as

Arne Haak

the It's winter pretty tough and some there. international is that's of of an them certain remodel It they really for expansion. one Yeah, there comp a hit and And of got couple was in closed weakness then calendar Canadian hard. our a weeks on a an really had in part hit it addition, of as got and issue, Asia, franchisees hard.

it's that's weakness is. sales what's an where really weighing, So is comp international the

Brian Vaccaro

ahead. Okay. And - then, on sorry, go

Michael O'Donnell

in there recognize to China position a Kong are that affects has XX that the international have both on restaurants. tourism all geopolitically, You Taiwan. and taken And restaurants Hong

franchisee Our in restaurants felt China. in tourism by has same change both in it places. significantly has But direction the

Brian Vaccaro

the helpful for of very change? pieces Mike. for to Arne, That's lot me, know, up piece, advertising basis points. last was that Thank right. And XX due changes, the with accounting much on the moving accounting a All of but color. How there's you that, I one

Arne Haak

think, here. let see, this I me Brian, have I

about in $XXX,XXX sure, I'm the first number, it's Let right quarter. just the reading me make

Brian Vaccaro

in you of you're magnitude those quantify in that of Can weeks spend. I an how spend the guess, sort of air deploying mentioned air? And okay. Just number planned Okay, you dollars? any increase, increase on or changes you're a of versus the help

Arne Haak

So around it the to end of reinvesting talked of down comes year some tax really the about we at what last savings.

and brand driving, talked have the and about about, XX% people Mike our sales at tax this, XX% initiatives. front into both to briefly here we of savings reinvesting and So marketing,

always bit we're like sales more to not lot keep a paddling we're but whole of But duck moving were the below be doing. forward. seems kind that the lake, our surface is talk what doing across reasons, the in moving little competitive of about mad going below calmly so for This we're joked surface. a to we're - to the And we've what

Brian Vaccaro

All enough. you. Fair Thank right.

Operator

now of Please will our We Instructions] [Operator Jaffray. you. take ahead. next question from Joshua Piper go Thank Long

Joshua Long

remodels circle you able the if Curious, might to X mentioned back taking for XXXX, kind those think, know, in? if share you I you've the going add touch that you've of could different opportunity see X. to the fall to remodels Thank up Great. might or that I about to historically, we some scheduled of what maybe restaurants. questions. for wanted buckets talked I types you and footage, different the to be square

got just XXXX? you You can how ways go shapes for curious, different in and but that update those restaurants, up

Cheryl Henry

Yes, Arne - and really at having I we talk buckets know capacity has talked about brand it whether maintenance. before the we look or of it's about or

class is a that I in of seating there lot with to of of think work the restaurants. is I'd this of around add There there not seeing lot XXXX X.X at potential if capacity bars the say to options. bring dining are the standards those. are and we're brand fully a to some looking of here up a works There some group in

Joshua Long

Great. for the CapEx million as a $XX CapEx, Thank of think how about breakout? in maybe should terms to contributing from we a $XX to about you that remodels, perspective, thinking Arne, million that. in And then,

Arne Haak

between on running million remodel anywhere It's $X million the a been CapEx. $XX and typically year

there is in bunch regulatory So some is yeah, a thing I'd in, - there is there. several the restaurants There only throw and California other just compliance.

hundred project to in for $X we year. to dollars invest is that is compliance lighting so. But each - forced there some we requirements up cadence million remodel the several other each and do to to a we're remodels adds kind $XX have when So put open thousand restaurant, in million remodel, to that looking of we're the

Joshua Long

up, of X, to lined pace rolling think more think an that that is could a operationally? kind up from the out rounding then, being get that the Is operational And the you as it. you Just to last just about pieces that pace, Got do how perspective? Great. about stage it and a all accelerate? X as one about that able

Arne Haak

new of priority presents about to higher we time has And if a going guess that a thinking that with is getting what be itself lot our do I for, we're list. returns to opportunity that I a business capital spend the looking think the remodel our to produces. restaurant

time we We X That in - think to do everyone of touch in in around season, them It new want they XX. then there kind holiday unique. select really and fit I for can don't to - the peak is has be we quarter. units. want the to the to fourth done

So, the we tend ease thing that the units, remodels. there of busy if change we to new building can development kind more kind gaps pace, on tend are do it, we to new If tend remodels. be of of back to some the

Joshua Long

Got it.

Michael O'Donnell

also beginning Portland relocate to for restaurants. relocated very done to historically. We us that the We We're opportunity It's years relocated see ago. well. done We've Houston.

as markets that We our where have a number locations in are attractive, not expire are but attractive. of other restaurants leases are to going

I to deploying capital remodels… more And starting talk into us hear think you'll so, about

Arne Haak

Relocations.

Michael O'Donnell

least - those restaurants, we of so, just signed, of I'm relocations. you're herself - of some markets them that Relocations, course, some at correct looked change. when years day, XX-some-odd seen Ruth And Arne, and old, other the you're into and we've sorry. the that, at,

you relocating future in in hear so, new that start restaurants in will about calls will And to restaurants, not be but we just highly think profitable.

Joshua Long

Got very I it. Mike. That's helpful. that, appreciate

thinking individual store of terms here, you well. about from transitioning In remodels as maybe initiatives mentioned

between that's terms share operational those the goal But on difference could you kind store - if the focused. kind some there of individual initiatives how are you're us of in specific maybe anything or thinking of with curious deploying more of individual two, those about initiatives? So if store

Cheryl Henry

level and big it's a it's obvious really marketing, so too market. it's partnership to I your the reasons. specific many be really that But operations between one details and might of it's Yeah, point, - for - that on go deep market, opportunities won't to into getting a a if local convention

things something are differently - we should there that in versus certain For that example, market. would work there works another

So those marketing local for on works And several the of a team we that have plans have we those. identified. really

Joshua Long

XQ fiscal and or as to like Arne, the of And, just helpful. what date low-single-digits estimates try any of on That's with on up look would about calendar things consensus to spot a were calendar flat basis, that we thinking been? Great. basis, up have on where expectations kind idea a to kind where

Arne Haak

said, I me tend our Josh, you front - with have and around. guess follow-up in Like you. when focused let us business, we that today, for to to look you of when to at it I be don't we we I want don't then. give very we

we to we we when because importance We have basis. of fiscal on look from we a as I perspective. time sales you and different a the whole them trends, spend part, a - think to a modeling And don't can its all about our understand tend but tend modeling, lot approach on on calendar see to comp We at the restaurants.

Joshua Long

you. it. Got Thank

Operator

Thank like you. call there further or back no the any in turn would to team I are for Instructions] closing additional As queue, remarks. questions [Operator to the

Michael O'Donnell

this that out force the Thanks, and call. everybody, been We're be we quarter. eat results excited day today steak. a for in in to - to the you. deliver joining had morning's Thank And you. be may able as are great us to it's And to first with excited have we always, go the

Operator

and Quarter conclude First XXXX gentlemen, will Call. Group now may That you. Conference today's you Thank Ladies participation. Thank for Hospitality your Earnings you Ruth's disconnect.

Ruths Hospitality (RUTH) 4 May 182018 Q1 Earnings call transcript