Cracker Barrel Old Country Store Sees Q1 EPS Below View

(RTTNews) - Cracker Barrel Old Country Store, Inc.(CBRL) said that it expects to report earnings per share for the first quarter of 2017 of between $1.75 and $1.85. Analysts polled by Thomson Reuters expect the company to report earnings of $1.93 per share for the first-quarter. Analysts' estimates typically exclude special items.

For fiscal 2017, the Company expects total revenue of between $2.95 billion and $3.00 billion, and earnings per share of between $7.95 and $8.10. Wall Street currently is looking for fiscal year 2017 earnings of $8.32 per share on annual revenues of $3.01 billion. The increased revenue projection for fiscal 2017 reflects the expected opening of seven or eight new Cracker Barrel stores, and projected increases in comparable store restaurant sales and retail sales in a range of 1.0% to 2.0%.

The Company projects food commodity deflation in the range of 2.0% to 3.0% for the year. The Company projects an operating income margin of between 9.5% and 10.0% of total revenue for fiscal 2017. The Company expects depreciation expense between $85 million and $87 million; net interest expense of approximately $15 million; and capital expenditures of approximately $125 million. The Company anticipates an effective tax rate for fiscal 2017 of between 31% and 33%.