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Industry: Email Alert RSS FeedRyan's unveils new profit strategies
Nation's Restaurant News, Nov 18, 1996
GREER, S.C. - Ryan's Family Steak Houses Inc. unveiled a series of initiatives to improve profitability at the 260-unit steak-buffet chain, including the examination of ways to reduce unit-investment costs and improve unit efficiency. Those strategies will be combined with an accelerated stock-repurchase plan.
In addition, the company said it would take a onetime charge of $12.7 million in the fourth quarter for the adoption of FAS 121 accounting standards relating to nine under performing restaurants.
The company also said it would slow unit growth to 5 percent per year to help finance the stock repurchase 6.4 million program. Ryan's said it would repurchase 10 million share. of its common stock through 1998, up from a previous plan to repurchase 6.4 million shares in that time.
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Dubbed "Focus 2000," the overall plan to improve profitability also will include "deeper levels of training, resulting in greater ... empowerment," company said.
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