Luby’s, Inc. reported net income of $730,000, or $0.03 per diluted share, in the third quarter of fiscal 2010, which ended 5/5/2010. The company reported a net loss of $1.0 million, or ($0.04) per diluted share, in the same quarter of fiscal 2009.

Luby’s, Inc. reported a decline in same store sales of 4.8% in the third quarter of fiscal 2010. The company’s same store sales have declined by 10.2% for the first nine months of fiscal 2010. Revenues fell by 5% on a year over year basis, to $57.2 million in the quarter that just ended, compared to $60.4 million in the same quarter in fiscal 2009.

Luby’s, Inc. anticipates that the company will have a loss from continuing operations in fiscal 2010 due to the economic situation in its service area and weak traffic into its stores. The company would not offer any specific earnings or revenues numbers.

“Although we feel better about the direction of our sales, our customers are still feeling the weakness in the economy and until consumer confidence and the unemployment rate improve, we will remain cautious and refrain from giving sales and earnings guidance,” said Chris Pappas, the CEO of Luby’s, Inc.

Luby’s, Inc. operates 96 buffet style family restaurants in Texas, and other states in the Southwestern United States.

For more information on the company, go to www.lubys.com

Let us hear your thoughts below: