With a goal of at least 250 domestic and 50 to 100 international locations, Ruth's Chris will open its first unit in Japan this year. It will also continue to expand in Central America and Canada. Plans also call for expansion elsewhere in Asia and the Middle East, said Craig S. Miller, chairman, president and CEO. Growth in the United States will be a combination of company-owned and franchised units; all international restaurants will be franchised.
"We're looking forward to bring Ruth's Chris to locations around the world," Miller said.
Plans call for the chain to open nine new restaurants over the next five months including company-owned units in West Palm Beach, FL; Santa Barbara, CA; Knoxville TN; and Tyson's Corner, VA. Franchised units will be opened in Columbia, SC; Mishawaka, IN, Madison, WI, and international units in Tokyo and Calgary. Overall, the company will open 16 new locations in 2007.
In the second quarter, total revenue increased 29.5% to $78.4 million from $60.5 million. Comparable restaurant sales on a fiscal basis decreased 0.4%, while on a comparable calendar basis (adjusting for a fiscal week shift), comps increased 1.0%. Hoping to boost comps, the chain is testing a lunch menu at several units, and also is promoting its seafood selection. Net income was $5.4 million, up 11.8% from last year.
Ruth's Chris Steak House operates 107 locations worldwide.
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