Cracker Barrel Old Country Store, Inc. (CBRL) reported that its second-quarter net income was $35.17 million or $1.47 per share, up from $25.61 million or $1.10 per share in the same quarter last year.
Adjusted net income for the quarter was $34.26 million or $1.43 per share, compared to $27.90 million or $1.20 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose to $702.67 million from $673.23 million in the prior year quarter. Eight analysts had consensus revenue estimate of $694.06 million for the quarter.
Comparable store restaurant sales increased 3.3%, including a 3.1% increase in average check.
The company expects to report earnings per share for the third quarter of fiscal 2013 of between $0.90 and $0.95. Analysts expect the company to report earnings of $0.92 per share for the third-quarter.
For fiscal 2013, the company expects total revenue of between $2.6 billion and $2.65 billion and adjusted earnings per diluted share of between $4.60 and $4.80. The revenue projection for fiscal 2013 reflects the expected opening of eight new Cracker Barrel stores and projected increases in comparable store restaurant and retail sales in a range of 2.0% to 3.0%. The Company projects an adjusted operating income margin of between 7.3% and 7.5% of total revenue for fiscal 2013.
Analysts expect the company to report earnings of $4.65 per share on revenues of $2.63 billion for fiscal 2013.
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