Cracker Barrel (CBRL) Offers Preliminary Q1 Results Above Expectations

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) announced today that it expects to report net earnings for its first quarter of fiscal 2012 ended October 28, 2011 of between $0.99 and $1.04 per diluted share. This compares with the First Call consensus estimate of $.90 per share. The Company's expected results for the quarter include charges of $0.06 per diluted share for expenses relating to the proxy contest with Biglari Holdings Inc.

The Company expects to report sales of $598.4 million for the first quarter of fiscal 2012, compared to sales of $598.7 million for the same period a year ago. The consensus is $603.18 million.

Cracker Barrel will issue its complete first quarter fiscal 2012 earnings release prior to market opening on Tuesday, November 22, 2011. Management will discuss financial and operating results and its outlook for fiscal 2012 in a conference call beginning at 11:00 a.m. Eastern Time on November 22.

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