Tony Sagami (Harvest Advisors) submits: Ruth Chris Steakhouse reported a good third quarter but warned Wall Street to tame down its Q4 appetite. Instead of hitting the Wall Street forecast of 25 cents of Q4 profits, Ruth Chris said it now expects to report 17 to 19 cents instead.
Company executives are blaming Hurricane Katrina for the shortfall, but I call that baloney. Hurricane Katrina was definitely a problem in Q3, but I don’t buy that excuse for the fourth quarter.
Plain and simple, business is slowing and the dog-ate-my-homework excuse doesn’t fly with me.
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