Cracker Barrel reports its first quarter results in fiscal year 2019 and declares a quarterly dividend

Highlights of the first quarter of fiscal year 2019

• Diluted earnings per share was $ 1.96, an increase of 2.1% over $ 1.92 in the first quarter of the previous year.
• Compared with the prior year, same-store sales increased 1.4% and same-store sales increased 4.3%.
• The Board of Directors of the Company declared a quarterly dividend of $ 1.25 per share on the common shares of the corporation, payable on February 5, 2019 to record shareholders on January 18, 2019.

Commenting on the first quarter results, Cracker Barrel's President and Chief Executive Officer Sandra B. Cochran "Our teams have made progress in improving traffic through increased focus on the customer experience, our menu, our daily value and the continued expansion of our off-site business. achieved comparable same-store sales in stores and restaurants, and we improved our sales trend for the fourth quarter, I'm encouraged by our start to the year, and we need to continue working tirelessly to further improve traffic. "

First quarter results of fiscal year 2019
Returned
The company reported a total turnover of $ 733.5 million for the first quarter of fiscal 2019, representing an increase of 3.3% over the first quarter last year. Same-store sales at Cracker Barrel increased 1.4%, a 3.0% increase in average check offs, offsetting a 1.6% decline in same-store traffic. The average increase in menu prices for the quarter was about 2.0%. Comparable store retail sales increased 4.3% year-over-year.

Traffic, average verification and restaurant sales and comparable retail sales at Cracker Barrel stores in the first quarter were as follows:

Operating product
First quarter operating income was $ 61.7 millionor 8.4% of total revenues, a decrease from the previous year's quarter of $ 70.8 millionor 10.0% of total income. The percentage decrease in revenues is due to higher cost of goods sold, labor and related costs, other operating expenses, and general and administrative expenses.

Diluted earnings per share
Diluted earnings per share was $ 1.96, up 2.1% from the first quarter of the previous year.

Quarterly dividend declared
The board of directors of the company has declared a quarterly dividend to the ordinary shareholders of $ 1.25 per share, payable on February 5, 2019 to record shareholders on January 18, 2019.

Outlook for the 2019 financial year
For fiscal year 2019, the Company still expects total sales of approximately $ 3.04 billion, reflecting the anticipated opening of eight new Cracker Barrel stores and expected increases in same-store sales growth, in the range of 1% to 1%. The company is now expecting comparable growth in retail sales in stores ranging from 1% to 2%. The company continues to forecast food inflation of about 2% for the year. The company now expects an operating profit margin of between 9.0% and 9.3% of total revenue. The company continues to expect amortization expense between $ 110 million and $ 115 million; net interest expense of approximately $ 17 million; and capital expenditures of about $ 160 million at $ 170 million. The Company currently expects an effective tax rate of approximately 17% for fiscal 2019. The Company continues to project diluted earnings per share for fiscal 2019 between $ 8.95 and $ 9.10 compared to GAAP earnings per diluted share of $ 10.29 and adjusted earnings per diluted share of $ 8.87, which reflects the $ 1.06 the impact of the non-cash single revaluation of the net deferred tax liabilities and the $ 0.36 impact of the 53^rd fiscal year 2018. (For a reconciliation of GAAP and non-GAAP financial measures, please refer to the table accompanying this release.)

The company reminds investors that its outlook for fiscal 2019 is based on a number of badumptions, many of which are beyond the control of the company.

First Quarter Fiscal Conference Call 2019
As previously announced, the live webcast of Cracker Barrel's quarterly teleconference will be available to the public online at investor.crackerbarrel.com. 11:00 am (ET). Online replay will be available at the address 2:00 p.m.. (AND) and continue through December 13, 2018.

About Cracker Barrel Old Country Store^®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) shares a warm welcome and friendly service while providing guests with high quality meals and unique purchases, all at a reasonable price. By creating a world filled with hospitality and charm through an experience combining catering and shopping, guests are taken care of as a family. Founded in 1969 Lebanon, Tenn.Cracker Barrel and its affiliates operate 658 Cracker Barrel Old Country Store® stores in 45 states and own Holler and Dash® casual restaurants. For more information on the company, visit crackerbarrel.com.

CBRL-F

With the exception of specific historical information, some of the issues discussed in this press release may express or imply projections of income or expense, statements of plans and objectives or future transactions or statements of economic performance. future. These statements, and similar statements, are forward-looking statements with respect to matters that involve risks, uncertainties and other factors that could cause the actual performance of Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ materially from those expressed or implied by this debate. All forward-looking information is subject to the completion of our financial procedures for the first quarter of fiscal year 2019 and is provided in accordance with the "Safe Harbor" established under the 1995 Law Reform Act. disputes with the private sector (Securities Securities) and should be badessed according to these factors. Forward-looking statements can usually be identified using prospective terminology such as "trends", "badumptions", "target", "direction", "outlook", "opportunity", "future", "plans", " objectives "," objectives "," expectations "," short-term "," long-term "," projection "," may "," will "," could "," could "," expect "," may " "Intend", "" estimate "," anticipate "," believe "," potential "," regular "," should "," plans "," forecasts "or" continue "(or negative or other derivatives of each of these terms) or similar terminology and include the expected effects of operational improvement initiatives, such as new menu items and retail offerings.Factors that could significantly affect actual results include: include, but not limited to, the effects of uncertain consumer confidence, higher energy costs and of general or regional economic weakness and weather conditions on customer sales and travel, discretionary income or personal expenses of our customers. ; incidents related to information technology, including data security breaches and information security, whether as a result of infrastructure failures, errors in the information technology; employee or supplier or actions of third parties; our ability to successfully identify, acquire and sell new lines of retail products and new menu items in our restaurants; our ability to maintain or the effects of plans to improve performance and operational or marketing performance; changes or implementation of additional governmental or regulatory rules, regulations and interpretations affecting taxes, wages and hours, health and safety, pensions, insurance or other indeterminable areas; the effects of plans to promote or protect our brands and products; rising commodity prices; the ability and cost for us to recruit, train and retain skilled hourly employees and executives in a constantly increasing salary environment; the effects of increased competition on our sites on sales and recruitment, cost and retention of the workforce; workers' compensation, collective health and utility price changes; consumer behavior based on negative publicity or concerns about the nutritional or safety aspects of our food or products or those of the catering industry in general, including concerns about pandemics, and the possible effects of such events on price or availability of ingredients used in our restaurants; the effects of our indebtedness and related restrictions on our financial and operational flexibility and our ability to execute or pursue our operational plans and objectives; changes in interest rates or financial market conditions that affect our financing costs and our ability to refinance all or part of our debt; the effects of business trends on the prospects of individual restaurant locations and their impact on the book value of these locations; our ability to retain key personnel; the availability and cost of appropriate sites for restaurant development and our ability to identify these sites; our ability to successfully penetrate new geographic markets that we may be less familiar with; changes in land, building materials and construction costs; the actual results of current, future or threatened litigation or government investigations, as well as the costs and effects of negative publicity badociated with these activities; practical or psychological effects of natural disasters or acts of terrorism or war and military or governmental responses; disturbances in our restaurant supply chain or retailers; changes in foreign exchange rates that affect our future purchases of retail inventory; implementation of new accounting principles or changes to the interpretation of existing generally accepted accounting principles United States of America ( "GAAP"); and other factors described from time to time in our filings with the Securities and Exchange Commission, our press releases and other communications. Any forward-looking statement made by us, here or elsewhere, is given only on the date on which it is made. We expressly disclaim any intention, obligation or commitment to update or revise any forward-looking statements contained herein to reflect any change in our expectations therein or any change in the events, conditions or circumstances on which such statements are made. founded.

SOURCE Cracker Barrel Old Country Store, Inc.

Related Links

http://www.crackerbarrel.com