Cracker Barrel Old Country Store Raises FY16 Profit View; Hikes Dividend

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL) said it raised its full-year earnings guidance. For fiscal 2016, the Company now expects to report earnings pe share on a GAAP basis of between $7.75 and $7.85, and on an adjusted basis of between $7.45 and $7.55. The Company now expects to report increases in comparable store restaurant and retail sales in the range of 2.0% to 2.5%.

The company said in February 2016 that it expected to report adjusted earnings per share for the 2016 fiscal year of between $7.40 and $7.50.

The company today noted that it still expects annual total revenue of between $2.90 billion and $2.95 billion, reflecting the expected opening of five new Cracker Barrel stores during the fiscal year.

Analysts polled by Thomson Reuters expect the company to report earnings of $7.51 per share and revenues of $2.92 billion for fiscal year 2016. Analysts' estimates typically exclude special items.

The Company expects to report earnings per share for the fourth quarter of fiscal 2016 of between $2.05 and $2.15. The Company reminds investors that its outlook for fiscal 2016 reflects a number of assumptions, many of which are outside the Company's control. Analysts project fourth-quarter earnings of $2.11 per share

The Company announced that its Board of Directors increased the quarterly dividend to $1.15 per share on the Company's common stock, which represents a 4.5% increase over the Company's previous quarterly dividend of $1.10. The quarterly dividend is payable on August 5, 2016 to shareholders of record on July 15, 2016.

The Board of Directors also declared a special dividend of $3.25 per share on the Company's common stock. The special dividend is payable on July 29, 2016 to shareholders of record on July 15, 2016.