UPDATE: Cracker Barrel Posts Surge In FQ4 Profit

Cracker Barrel Old Country Store (NASDAQ: CBRL) reported a strong rise in its fiscal fourth-quarter earnings.

Cracker Barrel expects FQ1 income of $1 to $1.05 per share, missing analysts' estimates of $1.17 per share.

Cracker Barrel's quarterly profit surged to $34.7 million, or $1.47 per share, versus $17.5 million, or $0.75 per share, in the year-ago period. Excluding other items, it earned $1.20 per share.

Its revenue surged 14% to $700 million. However, analysts were expecting a profit of $1.30 per share on revenue of $685 million.

Cracker Barrel's gross margin rose to 69.1% from 68.4%, while restaurant same-store sales gained 3.8%.

Cracker Barrel shares closed at $63.62 yesterday.

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