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TheStreet Open House

Cracker Barrel Reports Results For First Quarter Fiscal 2013

Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) today reported financial results for the first quarter of fiscal 2013 ended November 2, 2012.

First-Quarter Fiscal 2013 Highlights

  • Compared to the prior year first quarter, comparable store traffic increased 0.8%, comparable store restaurant sales increased 3.3% and comparable store retail sales increased 1.6%
  • Fourth consecutive quarter of positive comparable traffic, restaurant sales and retail sales, and outperformance of the Knapp-Track TM casual dining index.
  • On a GAAP basis, operating income margin was 7.2% of total revenue, compared with 7.5% in the prior year quarter. Adjusted for proxy contest and severance expenses, adjusted operating income margin was 7.8% of total revenue, compared with 7.8% in the prior year quarter. (See non-GAAP reconciliation below.)

First-Quarter Fiscal 2013 Results

Revenue

The Company reported total revenue of $627.5 million for the first quarter of fiscal 2013, representing an increase of 4.8% over the first quarter of the prior year. Comparable store restaurant sales increased 3.3%, including a 2.5% increase in average check. The average menu price increase for the quarter was approximately 2.0%. Comparable store retail sales were up 1.6% for the quarter. During the quarter, the Company opened four new Cracker Barrel stores, and has opened an additional store since the end of the quarter for a total of five new store openings year-to-date.

Comparable store restaurant traffic, average check and comparable store restaurant and retail sales for the fiscal months of August, September and October and for the first quarter were as follows:

   
 
       

August

     

September

     

October

     

First Quarter

Comparable restaurant traffic       2.6%       -0.5%       0.2%       0.8%
Average check       2.8%       2.5%       2.3%       2.5%
Comparable restaurant sales       5.4%       2.0%       2.5%       3.3%
Comparable retail sales       8.1%       -0.8%       -0.9%       1.6%

Fiscal 2012 was a 53-week year. For Fiscal 2013, the Company calculates comparable store traffic, check and sales using the corresponding prior year weeks.

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