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Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq:CBRL) today reported its financial results for the fourth quarter and for the fiscal year ending August 2, 2013. The Company also provided guidance for its 2014 fiscal year and first quarter:
Fourth Quarter Fiscal 2013 Highlights
Compared to the prior year fourth quarter, comparable store traffic increased 0.6%; comparable store restaurant sales increased 2.6%; and comparable store retail sales increased 1.1%.
Seventh consecutive quarter of positive comparable traffic, restaurant sales, and retail sales, and outperformance of the Knapp-Track™ casual-dining index.
Earnings per diluted share were $1.43 compared to GAAP EPS of $1.47 in the prior year quarter. GAAP EPS in the prior year quarter included a benefit of $0.27 for the 53rd week. Adjusted for the impact of the additional week in the prior year, earnings per diluted share increased 19.2%. (See non-GAAP reconciliation below.)
Full Year Fiscal 2013 Highlights
On a GAAP basis, earnings per diluted share were $4.90 compared to $4.40 in the prior year. Adjusted for the impact of the extra week in the prior year, and certain charges and credits in the current and prior year, adjusted earnings per diluted share were $4.97, a 14.5% increase over adjusted earnings per diluted share of $4.34 in the prior year.
On a GAAP basis, operating income was 7.6% of total revenue. On an adjusted basis, operating income was 7.8% of total revenue, compared with 7.4% in fiscal 2012.
During the year, the Company reduced debt by $125.1 million and paid $45.4 million in dividends.
Commenting on the fourth quarter and full fiscal year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “The fourth quarter of fiscal 2013 represents the seventh consecutive quarter of year-over-year improvement in comparable store traffic, restaurant sales, and retail sales. The financial results of the fourth quarter and full year reflect the effective execution of our strategic plan. As we begin our 2014 fiscal year, we are poised to capitalize on the achievements of fiscal 2013. I am proud of our team’s hard work and dedication, especially those in the field who are committed to serving our Cracker Barrel guests every day.”