LEBANON, Tenn. (AP) — Cracker Barrel's second-quarter net income rose 38 percent despite inclement weather that kept traffic down in some locations, with stores able to raise their menu prices.

The company topped Wall Street profit and revenue expectations and raised its outlook for the year.

Shares climbed nearly 2 percent in premarket trading Tuesday.

Cracker Barrel earned $35.2 million, or $1.47 per share, for the period ended Feb. 1. That's up from $25.6 million, or $1.10 per share, a year earlier.

Taking out severance expenses and other items, earnings were $1.43 per share.

Analysts that follow the company had been looking for earnings of $1.24 per share, according to a poll by FactSet expected.

Cracker Barrel's stock gained $1.30 to $68.25 before the market open.

Traffic edged up 0.2 percent in the quarter, while the average check rose 3.1 percent. Menu prices increased, on average, about 2.6 percent.

Revenue climbed 4 percent to $702.7 million, outpacing Wall Street predictions of $694.1 million.

Restaurant sales at locations open at least a year climbed 3.3 percent, while retail sales at locations open at least a year increased 3.1 percent.

Cracker Barrel Old Country Store Inc. said that bad weather lowered its traffic, restaurant and retail sales at locations open at least a year by approximately 0.3 percent.

The Lebanon, Tenn. company now anticipates fiscal 2013 adjusted earnings between $4.60 and $4.80 per share. Its prior guidance was for $4.50 to $4.70 per share. It still expects revenue in a range of $2.6 billion to $2.65 billion.

Analysts predict earnings of $4.65 per share on revenue of $2.63 billion.

For the third quarter, Cracker Barrel foresees earnings of 90 cents to 95 cents per share.

Wall Street expects earnings of 92 cents per share.

Cracker Barrel has 621 company-run locations in 42 states.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel