Cracker Barrel Profit Rises on Lower Operating Expenses

Cracker Barrel Old Country Store reported earnings on Wednesday. Profit was more than $28 million, or $1.20 a share, a 17-percent jump from a year ago and higher than analysts' estimates of $1.22 a share, but $1.20 was not bad. The top line was in line with expectations at over $643 million. What really saved the day was the significantly lower operating costs. General and administrative costs decreased 10-percent. The company is implementing a three-year plan to cut costs, and so far that effort is enough to offset lower store traffic. Same-store retail sales went up 0.9% during the past quarter, but same-store restaurant sales were down 0.6%. Shares were up more than 1-percent before earnings.