Luby’s, Inc. (LUB) Reports First Fiscal Quarter Of 2010
Luby's, Inc. reported a net loss of $3.7 million, or $0.13 per share, in its first fiscal quarter of 2010. Same store sales fell by 13.5% after adjusting for a hurricane that affected comparability. The quarter ended November 18, 2009. Chris Pappas, the CEO of Luby’s, said, “During the first quarter, we launched our previously announced Cash Flow Improvement and Capital Redeployment Plan, strengthening our core store base and positioning ourselves to better weather this challenging economic environment.” Luby's concentrated on expense control during the first fiscal quarter in order to deal with the drop in sales. The company cut…