(RTTNews)  Cracker Barrel Old Country Store Inc. (CBRL) said it revised its financial forecast for fiscal 2012, and reported higher profit for the third quarter, reflecting strong sales, traffic and margin performance.

The company currently projects fiscal 2012 adjusted earnings to range between $4.35 and $4.45 per share, excluding proxy contest and severance expenses totaling $0.21 per share. Earlier, the company expected adjusted earnings in the range of $4.20 - $4.35 per share.

On a GAAP basis, the company now expects to report earnings for the year in the range of $4.14 - $4.24 per share, versus the previously communicated range of $4.04 - $4.19 per share.

Meanwhile, Cracker Barrel reaffirmed its 2012 revenue outlook of between $2.55 billion and $2.6 billion, reflecting anticipated increases in comparable store restaurant and retail sales in a range of 1.5% - 2%, and the opening of 13 new Cracker Barrel stores in the current fiscal year.

Analysts polled by Thomson Reuters expect the company to report earnings of $4.31 per share on revenues of $2.56 billion for 2012. Analysts' estimate typically exclude certain special items.

For the third quarter of fiscal 2012, the company reported net income of $18.97 million or $0.81 per share, compared to $15.15 million or $0.64 per share in the prior year period.

Adjusted earnings per share were $0.86, up from $0.58 in the same quarter last year. Analysts expected earnings of $0.75 per share for the quarter.

Quarterly revenues totaled $608.51 million, 4.5% higher than the previous year's $582.53 million. Five Wall Street analysts had a consensus revenue estimate of $609.40 million.

Comparable store restaurant sales were up 3.1%, including a 2.5% increase in average check, while comparable store retail sales were up 0.3% for the quarter.

Sandra Cochran, President and Chief Executive Officer of Cracker Barrel, said, “Driven by our strong sales, traffic and margin performance, our financial results, including our significantly increased operating margin, for the third quarter exceeded our expectations. Comparable store traffic and sales outperformed the Knapp-Track Index for the quarter, and we are pleased to report positive traffic for the second consecutive quarter."

by RTT Staff Writer

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