Cracker Barrel Old Country Store Issues FY19 Guidance - Quick Facts

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL) announced, for fiscal 2019, the company expects total revenue of approximately $3.04 billion reflecting the expected opening of 8 new Cracker Barrel stores, as well as projected increases in comparable store restaurant sales growth in the range of flat to 1%, and comparable store retail sales growth in the range of flat to 1%. The company projects earnings per diluted share for fiscal 2019 of between $8.95 and $9.10.

For the fourth-quarter, adjusted for the impact of the 53rd week, diluted earnings per share were $2.19, a decrease of $0.04 from last year. Total revenue was $810.9 million, an increase of 9.1% over the fourth quarter of the prior year. Adjusted for the 53rd week, total revenue increased 1.3%. Cracker Barrel comparable store restaurant sales decreased 0.4%, as a 3.1% increase in average check partially offset a 3.5% decrease in comparable store restaurant traffic.

Cracker Barrel CEO Sandra Cochran said, "The softer sales trend we saw in May persisted throughout the quarter, leading to fourth quarter results that fell below expectations. Our traffic was challenged, particularly with lighter users and during the dinner daypart, some of which was attributable to our menu and marketing promotion not delivering the anticipated topline traffic and sales. While our results did not meet our expectations, I am confident that our initiatives and plans for fiscal 2019 will drive improved performance."

The company announced that its Board declared a regular quarterly dividend of $1.25 per share to common shareholders.