For the quarter, the company achieved net income and diluted net income per share of $24 million and 47 cents, respectively, compared to net income of $26.6 million and diluted net income per share of 52 cents in the same quarter a year ago. Total revenue for the fiscal third quarter was up 2.6% to $644.2 million.
The company's profit beat Wall Street's expectations, and CBRL Group chairman, president and CEO Michael A. Woodhouse said during the earnings conference call that the company's operating performance was "strong" despite a "soft sales environment."
The company's other brand, Logan Roadhouse, posted comp-store sales increases of 0.5% for the quarter. CBRL is currently working to divest the chain. Logan's average check increased 2.5%, driven by an average menu price increase of approximately 2.6%. Guest traffic declined 2%.
During the quarter, CBRL closed seven Cracker Barrel units and three Logan's restaurants, incurring charges of $3.6 million before income taxes. It opened six new Cracker Barrel units, three new Logan's company-operated restaurants and one new Logan's franchised restaurant. The company ended the quarter with 542 Cracker Barrel Old Country Store restaurants and gift shops located in 41 states and 137 company-operated and 25 franchised Logan's Roadhouse restaurants in 20 states.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
