In advance of its presentation at the 16th Annual ICR XChange Conference on January 13, 2014, Cracker Barrel Old Country Store, Inc. (Nasdaq:CBRL) today reported its comparable store sales for the first two months of its 2014 second quarter. Comparable store restaurant traffic, average check and comparable store restaurant and retail sales for the fiscal months of November and December and for the quarter-to-date were as follows:
|Comparable restaurant traffic||-0.4%||-4.7%||-2.5%|
|Average restaurant check||2.9%||2.0%||2.4%|
|Comparable restaurant sales||2.5%||-2.7%||-0.1%|
|Comparable retail sales||-2.8%||-2.8%||-2.8%|
The Company estimates that inclement weather in November and December negatively impacted quarter-to- date comparable store traffic, restaurant and retail sales by approximately 1.5 to 2.0 percentage points, with the most significant impact in December.
“Based upon Knapp-Track sales information, we believe that we outperformed the casual dining industry in November and December,” said Sandra B. Cochran, Cracker Barrel President and Chief Executive Officer. “Our sales were negatively impacted by weather events in three of the four weekends during this shortened holiday season, and the inclement weather continued through the first two weeks of our January fiscal month. Holiday travelers are an important part of our customer base during these two months, and we believe that the inclement weather reduced travel visits. Our sales during the period also reflected the continued economic challenges faced by our customers.”
The Company affirmed its previous earnings guidance for its second fiscal quarter of $1.50 to $1.60 per diluted share. The Company noted that it expected second quarter earnings to be close to the midpoint of this range. The Company also noted that its guidance does not include expenses related to the proxy contest at its recent shareholders’ meeting.
About Cracker Barrel
Cracker Barrel Old Country Store provides a friendly home-away-from-home in its old country stores and restaurants. Guests are cared for like family while relaxing and enjoying real home-style food and shopping that’s surprisingly unique, genuinely fun and reminiscent of America’s country heritage…all at a fair price. The restaurants serve up delicious, home-style country food such as meatloaf and homemade chicken n’ dumplins as well as our signature biscuits using an old family recipe. The authentic old country retail store is fun to shop and offers unique gifts and self-indulgences.
Cracker Barrel Old Country Store, Inc. (Nasdaq:CBRL) was established in 1969 in Lebanon, Tenn. and operates 625 company-owned locations in 42 states. Every Cracker Barrel store is open seven days a week with hours Sunday through Thursday, 6 a.m. – 10 p.m., and Friday and Saturday, 6 a.m. - 11 p.m.
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