Cracker Barrel Sees Q1 EPS $0.99-1.04 vs 0.90 Est

Cracker Barrel Old Country Store, Inc.

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. Comparable store restaurant traffic, average check and comparable store restaurant and retail sales for the fiscal months of August, September and October 2011 compared to the same months in the prior year were as follows: “We believe that the sequential improvement in traffic and sales during the quarter, and the improvement in earnings per share compared to our previous expectations, demonstrate the early success of the six strategic priorities that we discussed in September,” said Sandra B. Cochran, President and Chief Executive Officer of Cracker Barrel. “We continue to be concerned about consumer spending, but are pleased that our new initiatives appear to be delivering improved results. In September, we offered full-year earnings guidance of between $4.05 and $4.20 per diluted share, and noted that our guidance did not reflect any proxy contest expenses. Given our performance in the first quarter, we are increasing our full-year earnings guidance to between $4.10 and $4.25 per diluted share, excluding proxy expenses which we now estimate at between $0.11 and $0.14 per diluted share.”