Cracker Barrel Board Hikes Dividend; Declares Special Dividend - Quick Facts

(RTTNews) - While reporting its third-quarter financial results today, Cracker Barrel Old Country Store, Inc. (CBRL) said its board of directors increased the quarterly dividend to $1.25 per share on the company's common stock, which represents a 4.2 percent increase over the previous quarterly dividend of $1.20.

In addition, the board declared a special dividend of $3.75 per share on the company's common stock.

For fiscal 2018, Cracker Barrel lowered the high end of its earnings outlook range. The company now expects earnings per share between $10.35 and $10.45, and adjusted earnings per share between $9.30 and $9.40. Earlier, the company projected earnings of $10.35 to $10.55 per share, and adjusted earnings of $9.30 to $9.50 per share for the year.

The company continues to anticipate total revenue for the year of about $3.1 billion, reflecting the expected opening of eight new Cracker Barrel stores and three new Holler & Dash Biscuit House restaurants.

Cracker Barrel also continues to anticipate comparable store restaurant sales growth of between 1.0 percent and 2.0 percent, and approximately flat comparable store retail sales growth.

On average, analysts polled by Thomson Reuters expect earnings of $9.45 per share for the year on revenues of $3.04 billion. Analysts' estimates typically exclude special items.