RUBY TUESDAY, INC.
Financial Results For the First Quarter of Fiscal Year 2004 (unaudited)
(Amounts in thousands except per share amounts)

	13 Weeks Ended						13 Weeks Ended
	September 2, 2003			Percent of Sales			September 3, 2002			Percent of Sales			Percent Change
System-Wide Sales:
Company-owned Ruby Tuesday revenue		$   245,774						$   218,713
Franchised revenue		103,441						95,627
Total system-wide sales		$ 349,215						$ 314,340						11.1
Revenues:
Company restaurant revenues		$   245,774			98	.4		$   218,713			98	.3		12.4
Franchise income		4,078			1	.6		3,799			1	.7
Total operating revenues		249,852			100	.0		222,512			100	.0		12.3
Operating Costs and Expenses:
(as a percent of Company restaurant revenues)
Cost of merchandise		63,341			25	.8		58,865			26	.9
Payroll and related costs		77,688			31	.6		74,439			34	.0
Other restaurant operating costs		41,454			16	.9		38,451			17	.6
Depreciation and amortization		12,887			5	.2		9,999			4	.6
(as a percent of Total operating revenues)
Selling, general and administrative		16,080			6	.4		10,864			4	.9
Equity in (earnings) of unconsolidated franchises		(1,071	)		(0	.4)		(565	)		(0	.3)
Total operating costs and expenses		210,379						192,053
Earnings before Interest and Taxes		39,473			15	.8		30,459			13	.7		29.6
Interest expense / (income), net		1,350			0	.5		(506	)		(0	.2)
Pre-tax Profit		38,123			15	.3		30,965			13	.9
Provision for income taxes		13,610			5	.4		10,776			4	.8
Net Income		$   24,513			9	.8		$   20,189			9	.1		21.4
Earnings Per Share:
Basic		$        0.38						$        0.32						18.8
Diluted		$        0.37						$        0.31						19.4
Shares:
Basic		64,809						63,818
Diluted		66,170						65,101