Ruth’s Chris sales have made a comeback.
The upscale steakhouse chain’s same-store sales have been up over 2019 levels so far this quarter, parent company Ruth’s Hospitality Group said on Tuesday, as consumers have returned in droves to in-restaurant dining.
Same-store sales rose 2.1% in April and 6% in May. In the first week of June they’ve increased 6.2%, according to a corporate update published Tuesday.
The company also said that it made a $35 million debt repayment this month and had a cash balance of $82.2 million.
The data reinforces comments the company made in May, when it suggested that its early April sales were positive and that a recovery was “underway.”
Ruth’s had some of the worst results in the industry during the depths of the pandemic. Same-store sales were down 74% in the second quarter of last year, worse than all but two chains, another upscale concept operator STK and the sushi chain Kura Sushi.
And though consumers were armed with funds from stimulus checks this year, it looked as if a full recovery was far off. Same-store sales were down 36% in January when compared with 2019.
But those sales improved each month and then jumped in April after consumers started receiving more stimulus checks and governments eased their restrictions.
A number of restaurant chains have seen strong sales so far this year and the industry as a whole has seen sales improve over pre-pandemic levels. But upscale concepts generally remain slower to recover—OpenTable reservations data has shown relatively consistent declines in recent months even as restaurants have largely reopened.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.