The company said its labor costs, as measured as a percent ofsales, fell to 31.4% in the first quarter ending Nov. 20 incomparison to 36.3% in first quarter 2002. During the quarter, thecompany converted more restaurants to all-you-can-eat buffet formatand made efforts to increase food quality. Those moves increasedfood costs as a percent of sales to 28.4% in the first quarter from25.9% in the 2002 first quarter.
Luby's posted a loss of $3.1 million or 14 cents a share onrevenue of $88.2 million in the first quarter. In the 2002 firstquarter, it lost $8 million or 24 cents per share on revenue of$95.2 million.
Since Aug. 31, 2001, Luby's has closed 22 restaurants. Itoperates 194 restaurants in 10 states. Of those restaurants, 124are at locations owned by the company and about 70 are leasedproperties.
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