Cracker Barrel (CBRL) Tops Q3 EPS by 8c; Guides In-Line

May 27, 2009 7:12 AM EDT

Cracker Barrel (Nasdaq: CBRL) reports Q3 earnings of $0.52 per share, above the consensus of $0.44. Revenues came in at $567.6 million, versus the consensus of $568.7 million.

Cracker Barrel sees FY09 EPS of $2.70-$2.90 versus the consensus of $2.76. The Company presently expects fiscal 2009 total revenue to be flat to down 0.5% compared to fiscal 2008.

Commenting on the outlook, CEO Michael Woodhouse said, "With the continued uncertainty in the economy and its impact on casual dining, the steps we have taken have improved our near-term profitability and should help make us a stronger competitor for the long-term. Central to the strength of the Cracker Barrel brand are the consistently high-quality meals at the affordable prices that our guests have come to expect. Our company’s strong cash flow allows us to invest in our brand, pursue growth, maintain our dividend and reduce our debt. With demographic trends supporting growth in our target customer base, we aim to remain the first choice among diners who will be satisfied only by honest value, consistent quality, and delicious food served in ample portions."

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