CBRL Group, Inc. Reports Sales Trends and Reaffirms Earnings Guidance for the Remainder of Fiscal 2004

The Company reported that quarter-to-date comparable store restaurant sales in its Cracker Barrel Old Country Store(R) ("Cracker Barrel") units are up approximately 1-1.5% from last year, including approximately 1% higher average check. Cracker Barrel quarter-to-date comparable store retail sales are up approximately 7.5%. Quarter-to-date comparable restaurant sales in the Company's Logan's Roadhouse(R) units are up approximately 3-3.5%, including approximately 2.5-3% higher guest traffic. The Company reported that it has not taken any menu price increases at either concept to date during the second quarter.

The Company urges caution in considering its current trends and the earnings guidance disclosed in this press release. The restaurant industry is highly competitive, and trends and guidance are subject to numerous factors and influences, some of which are discussed in the cautionary language at the end of this press release. The Company disclaims any obligation to update disclosed information on trends or targets other than in its periodic filings on Forms 10-K, 10-Q, and 8-K with the Securities and Exchange Commission.

The Company reaffirmed its earnings guidance for the second fiscal quarter of 2004, which ends on January 30, 2004. The Company continues to expect diluted net income per share in the second quarter to increase 15% or more from $0.48 in the second quarter of last year. The Company also reaffirmed its earnings guidance for the remainder of fiscal 2004. The Company continues to expect percentage increases in diluted net income per share for the remaining quarters of fiscal 2004 in the mid-teens, resulting in growth for the full fiscal year exceeding its long-term growth objective of 15%.

The Company also reported that it has repurchased approximately 450,000 shares of its outstanding common stock thus far during the second quarter, leaving approximately 210,000 shares remaining to be repurchased under its current share repurchase authorization.

Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates 486 Cracker Barrel Old Country Store restaurants and gift shops located in 41 states and 101 company-operated and 17 franchised Logan's Roadhouse restaurants in 17 states.


Logos, product and company names mentioned are the property of their respective owners.

Reader Comments:

Be the first to leave a comment for this article

Tweet