16.09.2015 15:31:35
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Cracker Barrel Q4 Profit Beats View, But Revenues Miss; CFO Hyatt To Retire
(RTTNews) - Restaurant chain Cracker Barrel Old Country Store, Inc. (CBRL) on Wednesday reported a 21 percent increase in profit for the fourth quarter from last year on higher revenues and margins, reflecting increases in comparable store restaurant sales and store traffic as well as higher menu prices.
Earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates. Looking ahead, the company forecast earnings for the first quarter mostly below analysts' estimates and said that its chief financial officer Lawrence Hyatt plans to retire at the end of fiscal 2016.
The Lebanon, Tennessee-based country-style restaurant and general store operator said its net income for the fourth quarter was $47.40 million or $1.97 per share, up from $39.19 million or $1.63 per share in the prior-year period.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $1.86 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter rose 4 percent to $719.19 million from $692.75 million in the year-ago period. Analysts were looking for revenue of $724.29 million for the quarter.
Comparable store restaurant sales for he quarter increased 3.8 percent, including a 3 percent increase in average check and a 0.8 percent increase in store traffic. The average menu price increase for the quarter was about 2.7 percent.
Comparable store retail sales increased 0.6 percent. Operating margin rose 140 basis points to 10.1 percent, reflecting reductions in cost of goods sold, labor and related expenses, and store operating expenses.
Looking ahead to the first quarter, Cracker Barrel forecast earnings between $1.50 and $1.60 per share. The Street expects earnings of $1.60 per share for the quarter.
For fiscal 2016, Cracker Barrel forecast earnings between $7.15 and $7.30 per share and total revenue between $2.90 billion and $2.95 billion. Analysts expect earnings of $7.22 per share for the year on revenues of $2.95 billion.
The company noted that the increased revenue projection for the year reflects the expected opening of seven or eight new Cracker Barrel stores.
It also reflects projected increases in comparable store restaurant sales in a range of 2.5 to 3.5 percent, and comparable store retail sales in a range of 2 to 3 percent.
Cracker Barrel also said its CFO Lawrence Hyatt plans to retire at the end of the 2016 fiscal year. Hyatt, who turns 61 next month, has been CFO since January 2011. He will participate in the search for his successor, and will assist with the transition.
CBRL closed Tuesday's trading at $151.07. In Wednesday's pre-market, the stock is down $3.07 or 2.03 percent to $148.00.
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Cracker Barrel Old Country Store Inc | 54,00 | -1,82% |