Cracker Barrel (NASDAQ: CBRL) reported Q3 EPS of $2.03, $0.07 better than the analyst estimate of $1.96. Revenue for the quarter came in at $721.41 million versus the consensus estimate of $718.59 million.

Third Quarter Fiscal 2018 Highlights

• Comparable restaurant sales growth of 1.5% and traffic of -1.3% outperformed the casual dining industry.
• Net income was $48.7 million, a 3.9% increase over prior year third quarter net income of $46.9 million.
• Diluted earnings per share were $2.03, a 4.1% increase compared to $1.95 in the prior year third quarter.
• The Company announced that its Board of Directors increased the quarterly dividend to $1.25 per share on the Company's common stock, which represents a 4.2% increase over the Company's previous quarterly dividend of $1.20.
• The Board of Directors also declared a special dividend of $3.75 per share on the Company's common stock.

Commenting on the third quarter, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I am pleased that we again delivered positive comparable store sales growth in both restaurant and retail and that the sales trend reflected sequential improvement versus previous quarters. Higher commodity inflation and expenses related to our strategic initiatives pressured operating margins, but I\'m pleased with the progress we\'re making. Our confidence in the strength of our business is reflected in our increased regular dividend and our declared special dividend."

Fiscal 2018 Outlook

The Company now expects to report earnings per diluted share for the 2018 fiscal year of between $10.35 and $10.45 and adjusted earnings per diluted share for the 2018 fiscal year of between $9.30 and $9.40. The Company continues to anticipate total revenue of approximately $3.1 billion, reflecting the expected opening of eight new Cracker Barrel stores and three new Holler & Dash Biscuit House restaurants. The Company continues to anticipate comparable store restaurant sales growth of between 1.0% and 2.0% and approximately flat comparable store retail sales growth. The Company now expects food commodity inflation of approximately 3.25% for the year. The Company now projects an operating income margin of approximately 9.5% of total revenue for fiscal 2018. The Company expects depreciation expense of approximately $95 million; net interest expense in the range of $15 million and $16 million; and capital expenditures of approximately $150 million. The Company now estimates a blended effective tax rate for fiscal 2018 of approximately 11%.

For earnings history and earnings-related data on Cracker Barrel (CBRL) click here.