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Ruby Tuesday shares plummet on disappointing sales, restaurant closures

Ruby Tuesday shares dropped 12 percent on Friday after the company posted weak same-store sales for the fiscal fourth quarter and reported that it would shutter 13 percent of its restaurants.

Same-store sales for the Tennessee-based restaurant operator fell 3.7 percent, worse that the 1.7 percent decline in the year-ago quarter. Traffic dropped 4.6 percent in the quarter, according to the company.

"Our fourth quarter was impacted by softness in the casual dining industry and increased promotional activity by our peers," J.J. Buettgen, CEO of Ruby Tuesday, said in a statement. "Given that we expect the macro environment to remain...