Cracker Barrel Old Country Store, Inc. (CBRL), Tuesday reported a first quarter profit that came above Street estimates, helped by lower food costs, positive sales leverage and lower operating expenses. The restaurant chain also recorded positive comparable restaurant sales for the first time since the third quarter of fiscal 2008, while lifting fiscal 2010 earnings forecast.
Net income of Lebanon, Tennessee-based Cracker Barrel rose 40% to $18.02 million or $0.78 per share from $12.83 million or $0.57 per share in the same quarter a year ago.
On average, nine analysts polled by Thomson Reuters expected earnings of $0.62 per share for the quarter. Analysts' estimate typically excludes one-time items.
Total revenue increased to $581.18 million, up 1.3% from $573.93 million in the year-ago quarter beating Street estimates of $576.14 million.
Comparable store restaurant sales increased 0.6% over the prior-year period, included a 2% higher average check.Comparable store retail sales were down 4.8% for the quarter.
Operating income of $37.99 million was 6.5% of total revenue compared with $32.56 million or 5.7% of total revenue, in the first quarter of fiscal 2009.
Operating income rose primarily due to higher sales, lower food costs and lower other store operating expenses despite the additional expense from the sale/leaseback completed in the fourth quarter of fiscal 2009 and higher general and administrative expenses.
Looking ahead to the fiscal 2010, Cracker Barrel said it presently expects net income from continuing operations in the range of $3.05 to $3.30 per share and revenues in the range of flat to an increase of approximately 2% over revenues in fiscal 2009.
Earlier, the company expected full year income from continuing operations in the range of $2.85 to $3.10 per share and total revenue to increase about 0.5% to 2.5% over revenue in fiscal 2009
Wall Street currently expects earnings of $3.02 per share on revenues of $2.39 billion for the year.
Comparable store restaurant sales are projected between a decrease of 0.5% to an increase of 1% and comparable store retail sales between a decrease of 2% to flat. Previously, the company expected comparable store restaurant sales between a decrease of 0.5% to an increase of 1.5% and comparable store retail sales between a decrease of 1.5% to an increase of 0.5%.
CBRL is currently trading at $38.15, up $2.78 or 7.86%, on the Nasdaq.
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