Cracker Barrel (CBRL) Comps Down 2.8% in Nov., Dec.
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Price: $57.79 -0.74%
Revenue Growth %: -5.6%
Financial Fact:
Cost of goods sold: 213.11M
Today's EPS Names:
BMNM, KG, NHC, More
Revenue Growth %: -5.6%
Financial Fact:
Cost of goods sold: 213.11M
Today's EPS Names:
BMNM, KG, NHC, More
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Cracker Barrel Old Country Store, Inc,. (Nasdaq: CBRL) reported its comparable store sales for the first two months of its 2014 second quarter. Comparable store restaurant traffic, average check and comparable store restaurant and retail sales for the fiscal months of November and December and for the quarter-to-date were as follows:
Comparable restaurant traffic: Down 0.4% in November, down 4.7% in December, off 2.5 percent quarter-to-date (QTD);
Average restaurant check: Up 2.9 in November, up 2.0 percent in December, 2.4%
Comparable restaurant sales: Up 2.5 percent in November, down 2.7 percent in December, down 0.1 percent QTD;
Comparable retail sales: Down 2.8 percent in November, down 2.8 percent in December, off 2.8 percent QTD
The Company estimates that inclement weather in November and December negatively impacted quarter-to- date comparable store traffic, restaurant and retail sales by approximately 1.5 to 2.0 percentage points, with the most significant impact in December.
“Based upon Knapp-Track sales information, we believe that we outperformed the casual dining industry in November and December,” said Sandra B. Cochran, Cracker Barrel President and Chief Executive Officer. “Our sales were negatively impacted by weather events in three of the four weekends during this shortened holiday season, and the inclement weather continued through the first two weeks of our January fiscal month. Holiday travelers are an important part of our customer base during these two months, and we believe that the inclement weather reduced travel visits. Our sales during the period also reflected the continued economic challenges faced by our customers.”
The Company affirmed its previous earnings guidance for its second fiscal quarter of $1.50 to $1.60 per diluted share. The Company noted that it expected second quarter earnings to be close to the midpoint of this range. The Company also noted that its guidance does not include expenses related to the proxy contest at its recent shareholders’ meeting.
Comparable restaurant traffic: Down 0.4% in November, down 4.7% in December, off 2.5 percent quarter-to-date (QTD);
Average restaurant check: Up 2.9 in November, up 2.0 percent in December, 2.4%
Comparable restaurant sales: Up 2.5 percent in November, down 2.7 percent in December, down 0.1 percent QTD;
Comparable retail sales: Down 2.8 percent in November, down 2.8 percent in December, off 2.8 percent QTD
The Company estimates that inclement weather in November and December negatively impacted quarter-to- date comparable store traffic, restaurant and retail sales by approximately 1.5 to 2.0 percentage points, with the most significant impact in December.
“Based upon Knapp-Track sales information, we believe that we outperformed the casual dining industry in November and December,” said Sandra B. Cochran, Cracker Barrel President and Chief Executive Officer. “Our sales were negatively impacted by weather events in three of the four weekends during this shortened holiday season, and the inclement weather continued through the first two weeks of our January fiscal month. Holiday travelers are an important part of our customer base during these two months, and we believe that the inclement weather reduced travel visits. Our sales during the period also reflected the continued economic challenges faced by our customers.”
The Company affirmed its previous earnings guidance for its second fiscal quarter of $1.50 to $1.60 per diluted share. The Company noted that it expected second quarter earnings to be close to the midpoint of this range. The Company also noted that its guidance does not include expenses related to the proxy contest at its recent shareholders’ meeting.
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