Ruby Tuesday Announces Dubai Expansion
MARYVILLE, Tenn.--(BUSINESS WIRE)--May 1, 2006--Casual dining chain Ruby Tuesday, Inc. announced today the establishment of a Ruby Tuesday franchise in Dubai, United Arab Emirates. The agreement with franchisee Bin Hendi Hospitality, LLC includes three restaurants planned for Dubai City, Emirate of Dubai, United Arab Emirates.
Ruby Tuesday, Inc., a publicly-traded company, currently owns, operates, and franchises more than 850 casual dining restaurants in the United States and around the world. This marks the company's third venture in the Middle East, as there are currently Ruby Tuesday Restaurants in Kuwait and new restaurants under development in Saudi Arabia.
Mark Ingram, President-Franchising, said: "Dubai is a very important and exciting growth opportunity for Ruby Tuesday. We have partnered with a very successful local diversified retail company, Bin Hendi Enterprises. The Middle East is one of the fastest growing casual dining destinations in the world. Ruby Tuesday continues to aggressively expand its international franchise community. We believe the potential exists for at least 1,000 Ruby Tuesday locations around the world."
Mr. Mohi-Din Abdalkadir Binhendi, founder and president of Bin Hendi Hospitality and its affiliate Bin Hendi Enterprises, said "My goal is to have a diversified business to provide the people of my country with much more than basic services. We always try to do things with quality, taste and style. Ruby Tuesday is a welcome addition to our businesses." Bin Hendi Enterprises is a well known and diversified organization with businesses in hospitality services, fashion, real estate, oil field supplies, trading and distribution, furniture, design services, currency exchange/transfer and jewelry.
About Ruby Tuesday
The Ruby Tuesday concept was born more than 30 years ago, when current Chairman and CEO Sandy Beall opened the first restaurant near the University of Tennessee in Knoxville. Since then, the company has grown to over 825 company-owned and franchised restaurants in 42 states and 15 countries around the world. Ruby Tuesday is aggressively franchising territories in the western United States and countries around the world. Ruby Tuesday, Inc. is traded on the New York Stock Exchange (NYSE: RI). More information about the company can be found at www.rubytuesday.com.
Special Note Regarding Forward-Looking Information
This press release contains various "forward-looking statements," which represent the Company's expectations or beliefs concerning future events, including one or more of the following: future financial performance and restaurant growth (both Company-owned and franchised), future capital expenditures, future borrowings and repayment of debt, payment of dividends, stock repurchase, and restaurant and franchise acquisitions. The Company cautions the reader that a number of important factors and uncertainties could, individually or in the aggregate, cause actual results to differ materially from those included in the forward-looking statements, including, without limitation, the following: changes in promotional, couponing and advertising strategies; guests' acceptance of changes in menu items; changes in our guests' disposable income; consumer spending trends and habits; mall-traffic trends; increased competition in the casual dining restaurant market; weather conditions in the regions in which Company-owned and franchised restaurants are operated; guests' acceptance of the Company's development prototypes; laws and regulations affecting labor and employee benefit costs; costs and availability of food and beverage inventory; the Company's ability to attract qualified managers, franchisees and team members; changes in the availability of capital; impact of adoption of new accounting standards; effects of actual or threatened future terrorist attacks in the United States; significant fluctuations in energy prices; and general economic conditions.
CONTACT: Ruby Tuesday Inc., Maryville Sherri Clendenen, 865-379-5739 SOURCE: Ruby Tuesday, Inc.