In order to provide additional visibility into its expectations for future performance, the Company provided a preliminary earnings estimate for its 2013 fiscal year. Based upon its current outlook for comparable store sales, new store openings, commodity cost increases, and the impact of its cost savings initiatives, the Company expects to generate earnings per diluted share of between $4.50 and $4.70. After adjustments for proxy contest expenses, severance charges, and the impact of the 53 rd week on the current year’s results, this represents a year-over-year percentage increase in the high single digits.Commenting on the outlook, Ms. Cochran said, “We are pleased with the progress we have made over the last three quarters and the momentum leading us into our final fiscal quarter. In April, we outlined our longer term, three-pronged strategy for growth and increasing shareholder return - enhancing the core business, expanding the store footprint and extending the Cracker Barrel brand. In the near term, we will continue to focus on enhancing the core business through our six business initiatives to drive restaurant traffic, grow retail sales and control costs. We remain encouraged by our results and look to build on our successes in the fourth quarter and into the next fiscal year.”
Cracker Barrel Reports Results For Third Quarter Fiscal 2012 And Increases Full-Year Earnings Guidance
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