Top Performer for Tues: Ruby Tuesday (RT)

Shares of Ruby Tuesday, Inc. (RT - Snapshot Report) have gained more than 10% ahead of its fiscal fourth-quarter report, which is scheduled for later today.

This Zacks #1 Rank Top Performer is moving on much heavier-than-normal volume of 1.2 million, compared to the daily average of 636,000.

RT is 1 of 6 companies from the Retail-Restaurants industry on today's Zacks #1 Rank List. (There are 224 stocks on the list today.) The other 5 companies are Bob Evans Farms, Inc. (BOBE - Snapshot Report), Cracker Barrel Old Country Store, Inc. (CBRL - Snapshot Report), DineEquity, Inc. (DIN - Snapshot Report), O'Charley's, Inc. (CHUX) and The Steak n Shake Company (SNS).

Reporting Later Today

RT is scheduled to report after the bell today. At the moment, analysts expect 20 cents per share in its fiscal fourth-quarter. In the year-ago quarter, RT earned 27 cents.

The consensus for the fiscal year ended May 2009 is currently at 45 cents, which is up 2.3% from 2 months ago.

Analysts see 55 cents for the current fiscal year, ending May 2010, which accounts for a year-over-year gain of more than 22%. Furthermore, that estimate has advanced by 3.8% in 2 months.

In its fiscal third-quarter report from early April, RT narrowed its expected loss per share, including items, for fiscal 2009. Excluding items, the company forecasted adjusted profit between 38 cents and 48 cents.

Back in April...

RT's fiscal third-quarter report from Apr 7 spawned a sharp gain in its share price and improvements for its earnings estimates. Though the company had to deal with the same uncooperative environment as everybody else, analysts and investors alike seemed to appreciate the results.

Excluding items, earnings per share reached 26 cents, eclipsing the consensus of 11 cents by more than 130%. That marked the second consecutive quarter with a sharp earnings surprise.

Revenue declined to $317.5 million from $351.2 million last year. Meanwhile, same-restaurant sales were down 6.8%, but that was a significant improvement from the previous year's decline of 12.7%.

"We are doing everything we can to finish our fiscal year with strength and carry the momentum we gained in the third quarter over to our next fiscal year," stated Founder and CEO Sandy Beall in the last quarterly press release.

"Third-quarter results began to benefit from many of the actions we have taken to reposition the brand, revitalize sales, and improve cash flow," the chief continued.

If RT is successful with carrying over that momentum from the fiscal third quarter, then it's likely that earnings estimates will resume the upward trajectory. We'll find out real soon...

Read the full analyst report on RT

Read the full analyst report on BH

Read the full analyst report on DIN

Read the full analyst report on CHUX

Read the full analyst report on CBRL

Read the full analyst report on BOBE