Traders Cheer Cracker Barrel's (CBRL) 37% Rise in Q1 Earnings
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Price: $57.93 -0.8%
EPS Growth %: -86.5%
Financial Fact:
Basic (in dollars per share): 2.01
Today's EPS Names:
SVBT, ZEO, OTLK, More
EPS Growth %: -86.5%
Financial Fact:
Basic (in dollars per share): 2.01
Today's EPS Names:
SVBT, ZEO, OTLK, More
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Shares of Cracker Barrel Old Country Stores (NASDAQ: CBRL) are up nearly 7 percent today following a reported 37 percent jump in Q1 profits.
The company posted 2010 fiscal first-quarter earnings of 78 cents per share, beating the market consensus of 62 cents per share. The restaurant chain had earnings of 57 cents per share in the same quarter last year.
Revenue for Cracker Barrel was up 1 percent from the same quarter last year $581.2 million, ahead of the analyst estimate of $576.1 million. Net profit for the company was up from $12.8 million in the year-ago quarter to $18 million.
Cracker Barrel execs said that the lower cost for food, a reduction in store opex and a continued trend toward savings for consumers who choose to eat out, lead to higher profits.
"These results demonstrate the progress we have made in providing solid value to our guests, which includes exciting new menu choices and an appealing retail assortment,” Cracker Barrel Chairman, President and CEO Michael A. Woodhouse said. “For the first time since the third quarter of fiscal 2008, we reported positive comparable restaurant sales for the quarter.”
In an important measurement of company growth, diners at the restaurant spent, on average, 2 percent more per meal at stores that had been open at least a year. This marks the first time that the company saw growth in this figure in 18 months.
Executives raised their forecasts for the fiscal year 2010 to $3.05-$3.30, which compares to the market consensus of $3.03. Sales are expected to grow 2 percent next year.
Cracker Barrel shares most recently traded at $37.67, up 6.5% from yesterday's close.
The company posted 2010 fiscal first-quarter earnings of 78 cents per share, beating the market consensus of 62 cents per share. The restaurant chain had earnings of 57 cents per share in the same quarter last year.
Revenue for Cracker Barrel was up 1 percent from the same quarter last year $581.2 million, ahead of the analyst estimate of $576.1 million. Net profit for the company was up from $12.8 million in the year-ago quarter to $18 million.
Cracker Barrel execs said that the lower cost for food, a reduction in store opex and a continued trend toward savings for consumers who choose to eat out, lead to higher profits.
"These results demonstrate the progress we have made in providing solid value to our guests, which includes exciting new menu choices and an appealing retail assortment,” Cracker Barrel Chairman, President and CEO Michael A. Woodhouse said. “For the first time since the third quarter of fiscal 2008, we reported positive comparable restaurant sales for the quarter.”
In an important measurement of company growth, diners at the restaurant spent, on average, 2 percent more per meal at stores that had been open at least a year. This marks the first time that the company saw growth in this figure in 18 months.
Executives raised their forecasts for the fiscal year 2010 to $3.05-$3.30, which compares to the market consensus of $3.03. Sales are expected to grow 2 percent next year.
Cracker Barrel shares most recently traded at $37.67, up 6.5% from yesterday's close.
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