Cracker Barrel Old Country Store Updates Earnings Guidance - Quick Facts

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL) announced, for fiscal 2020, the company now estimates the unfavorable impact from the equity method investment in Punch Bowl Social to be approximately $0.80. As a result, Cracker Barrel now expects fiscal 2020 GAAP earnings per share between $8.50 and $8.65. This also includes transactional and integration expenses related to the acquisition of Maple Street Biscuit Company, which are expected to result in an unfavorable impact to GAAP earnings per share of approximately $0.15.

For fiscal 2020, the company continues to project total revenue in the range of $3.15 billion to $3.20 billion.

For the first-quarter, GAAP earnings per share were $1.79 compared to $1.96, prior year. This includes unfavorable impacts of $0.11 related to transactional and integration expenses associated with the acquisition of Maple Street Biscuit Company and $0.25 from the equity method investment in Punch Bowl Social.

First-quarter total revenue was $749.0 million, an increase of 2.1 percent from prior year. Cracker Barrel comparable store restaurant sales increased 2.1 percent, for the quarter.

The company's Board declared a quarterly dividend of $1.30 per share on the common stock, payable on February 5, 2020 to shareholders of record on January 17, 2020.

Shares of Cracker Barrel Old Country Store, Inc. were down nearly 4% in pre-market trade on Tuesday.