Ruby Tuesday Announces Saudi Arabia Expansion
MARYVILLE, Tenn., Feb 27, 2006 (BUSINESS WIRE) -- Casual dining chain Ruby Tuesday, Inc. today announced the establishment of a Ruby Tuesday franchise in Saudi Arabia. The agreement with franchisee Marssana International Trading Co. includes four restaurants planned for the Central and Western provinces of Saudi Arabia.
Ruby Tuesday, Inc., a publicly traded company, currently owns, operates and franchises more than 825 casual dining restaurants in the United States and around the world. This marks the company's second venture in the Middle East. There are currently Ruby Tuesdays in Salmiya and Kuwait City, Kuwait.
Mark Ingram, President - Franchising, said: "Saudi Arabia is one of the fastest-growing casual dining destinations in the Middle East. Many companies have established regional headquarters there. Ruby Tuesday continues its efforts to expand its restaurants into increasingly significant and important market areas of that part of the world. This latest franchise development, added to the more than 800 restaurants currently operated by the company or its franchisees around the world, will allow us to offer complete dining services to one of the world's most important business areas."
Sheik Mohammed O. Balubaid, Managing Director of Marssana International Trading Co., and son of the founder of Omar A. Balubaid Co. Ltd., a well-known and diversified organization in Saudi Arabia with businesses in various industries, including automotive, real estate, manufacturing, trading and distribution, said "Ruby Tuesday is a promising concept for the Saudi market and opens great opportunities for customer enthusiasm and loyalty."
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 825 company-owned and franchised restaurants in 42 states, the District of Columbia and operations in locations 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.
SOURCE: Ruby Tuesday, Inc.
Ruby Tuesday, Inc., Maryville Perrin Anderson, 865-379-6751