Cracker Barrel Old Country Store, Inc. (CBRL) posted higher third-quarter net income of $24.6 million, or $1.02 a share, compared with $18.97 million, or $0.81 a share, last year, driven by strong sales, traffic and operational performance. Adjusted earnings per share in the earlier year quarter amounted to $0.86. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.94 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported total revenue of $640.41 million for the third quarter of fiscal 2013, representing a 5.2% increase over the prior-year quarter's $608.51 million, and comparable store restaurant sales rose 3.1%, including a 2.4% increase in average check. Analysts estimated revenues of $630.56 million for the quarter.
Looking ahead, Cracker Barrel raised its fiscal 2013 adjusted earnings per share guidance to $4.75 and $4.85, from its prior view of $4.60 and $4.80. Total revenue for the year is anticipated to lie between $2.6 billion and $2.65 billion, reflecting the expected opening of eight new Cracker Barrel stores and projected increases in comparable store restaurant and retail sales in a range of 2.5% to 3.0%, according to the company. Analysts project full-year earnings of $4.79 a share, on $2.63 billion revenues.
In addition, the board recently increased the quarterly dividend to $0.75 per share on the company's common stock, payable on August 5, 2013 to shareholders of record as of July 19, 2013. This represents a 50% increase over the Company's last quarterly dividend of $0.50.
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