Cracker Barrel Old Country Store Inc. (CBRL) posted lower first-quarter net income of $23.19 million, or $0.97 per share, compared with $23.8 million, or $1.03 per share last year. Adjusted for severance and proxy contest expenses, quarterly earnings per share were $1.08, down from $1.09 in the earlier year quarter.
On the other hand, the company reported total revenue of $627.5 million for the first quarter of fiscal 2013, up 4.8% from $598.44 million in the prior-year quarter. Comparable-store restaurant sales increased 3.3%, including a 2.5% increase in average check.
On average, 8 analysts polled by Thomson Reuters expected earnings per share of $1.06, on $629.72 million for the quarter. Analysts' estimates typically exclude one-time items.
Looking ahead to the second quarter of 2013, Cracker Barrel expects adjusted earnings per share between $1.22 and $1.27, while 8 analysts project second-quarter earnings of $1.28.
For fiscal 2013, the company still sees total revenue between $2.6 billion and $2.65 billion and adjusted earnings per share of $4.50 - $4.70. The revenue projection for fiscal 2013 reflects the expected opening of 9 to 11 new Cracker Barrel stores and projected increases in comparable store restaurant and retail sales in a range of 2.0% - 3.0%. Analysts anticipate annual earnings of $4.68 per share on $2.63 billion revenue.
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