Cracker Barrel (NASDAQ: CBRL) reported Q2 EPS of $2.73, $0.23 better than the analyst estimate of $2.50. Revenue for the quarter came in at $811.7 million versus the consensus estimate of $809.61 million.

• Compared to the prior year second quarter, comparable restaurant sales increased 3.8% with comparable restaurant traffic increasing 0.1%. Comparable store retail sales declined 1.4%.
• Comparable restaurant sales and traffic growth outperformed the casual dining industry.
• Earnings per diluted share were $2.52, compared to prior year second quarter GAAP earnings per diluted share of $3.79 (including a $1.06 per share benefit in Q2 2018 resulting from a one-time non-cash revaluation of the Company's deferred tax liability in conjunction with the Tax Cut and Jobs Act of 2017) and adjusted earnings per diluted share of $2.73 (see non-GAAP reconciliation below).
• Operating income margin was 9.5% of revenue, compared to prior year operating income margin of 9.7% of revenue.

Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I am pleased that we delivered positive comparable store restaurant sales and traffic, which reflected improvements versus previous quarters. Our teams continued to make progress driving performance through an increased focus on our menu, the guest experience, and the continued expansion of our off-premise business."

GUIDANCE:

Cracker Barrel sees FY2019 EPS of $8.95-$9.10, versus the consensus of $9.12. Cracker Barrel sees FY2019 revenue of $3.05 billion, versus the consensus of $3.05 billion.

Fiscal 2019 OutlookFor fiscal 2019, the Company now expects total revenue of approximately $3.05 billion, reflecting the expected opening of eight new Cracker Barrel stores as well as projected increases in comparable store restaurant sales growth in the range of 1% to 2%. The Company now expects comparable store retail sales growth of approximately 1%. The Company continues to project food commodity inflation of approximately 2% for the year. The Company continues to project operating income margin in the range of 9.0% to 9.3% as a percentage of total revenue. The Company now expects depreciation expense of approximately $110 million and net interest expense of approximately $17 million. The Company now projects capital expenditures of approximately $150 million. The Company continues to anticipate an effective tax rate for fiscal 2019 of approximately 17%. The Company continues to project earnings per diluted share for fiscal 2019 of between $8.95 and $9.10. This compares to fiscal 2018 GAAP earnings per diluted share of $10.29 and adjusted earnings per diluted share of $8.87, which reflects the $1.06 impact of the one-time non-cash revaluation of the net deferred tax liability and the $0.36 impact of the 53rd week (for a reconciliation of GAAP to non-GAAP financial measures, please see the table accompanying this release).

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