On Friday, shares of restaurant operator Ruby Tuesday RT have plunged around 15% in late-morning trading after the company posted weaker-than-expected third quarter fiscal 2016 results yesterday. Ruby Tuesday reported earnings of $0.03 a share, missing expectations of $0.05 a share and falling flat in comparison to a year ago. Revenues came in at $271.5 million, also missing estimates of $284 million and dropping 5.1% on a year-over-year period. Same-store sales dropped 3.1%. Guidance was subsequently lowered as a result. Ruby Tuesday now expects earnings for the year to be in the range of $0.05-$0.08 per share, drastically down from its previous outlook range of $0.12-$0.17 per share. Sales are also expected to fall 1% in fiscal 2016, compared to the past forecast of no growth to a 1% increase. "Our third quarter was a volatile period affected by weather, softness in the casual dining industry, and increased promotional activity by our peers," CEO James Buettgen said. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report To read this article on Zacks.com click here. Zacks Investment Research