Cracker Barrel Posts Upbeat Q4 Profit, But Sales Miss Views
Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) reported better-than-expected earnings for its fiscal fourth quarter, but the company's sales missed analysts' estimates.
The Lebanon, Tennessee-based company reported a quarterly profit of $47.4 million, or $1.97 per share, up from $39.2 million, or $1.63 per share, in the year-ago period.
Its revenue gained 3.8% to $719.2 million. However, analysts were expecting earnings of $1.86 per share on revenue of $724.29 million.
The average estimate among 15 Estimize users was for earnings of $1.93 per share and revenue of $729.59 million.
Its comparable store restaurant sales rose 3.8 percent for the quarter, while average menu prices rose 2.7 percent. Comparable store traffic gained 0.8 percent.
The company opened 3 new Cracker Barrel stores in the quarter.
Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I am very pleased with our strong fiscal 2015 performance which reflects the strength of the differentiated Cracker Barrel brand and our ability to execute against our strategic initiatives to drive significant increases in comparable store sales and a 120 basis point improvement in operating income."
For the year ending in July, the company expects earnings of $7.15 to $7.30 per share on revenue of $2.90 billion to $2.95 billion. Analysts projected a profit of $7.22 per share on revenue of $2.95 billion.
Cracker Barrel projects Q1 earnings of $1.50 to $1.60 per share.
Cracker Barrel reported that its CFO, Lawrence E. Hyatt, plans to retire at the end of the fiscal year.
Cracker Barrel shares fell 3.22 percent to $146.20 in pre-market trading.
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