UPDATE: Cracker Barrel Posts Better-Than-Expected Q4 Earnings

Cracker Barrel Old Country Store CBRL reported better-than-expected earnings for the fourth quarter. The Lebanon, Tennessee-based company posted quarterly earnings of $39.2 million, or $1.63 per share, compared to $34.3 million, or $1.43 per share, in the year-ago period. Cracker Barrel had expected earnings of $1.50 to $1.60 per share. Its total revenue rose 2.8% to $692.7 million. However, analysts were expecting earnings of $1.57 per share on revenue of $687.81 million. Cracker Barrel's comparable store restaurant sales rose 1.2% in the quarter, while comparable store retail sales gained 2.6%. Average menu prices increased 2.2%. Its gross margin shrank to 67.9% from 68.7%. The company opened 4 new Cracker Barrel stores in the quarter. Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “During our 2014 fiscal year, we executed against our business plan and continued to deliver solid results for our shareholders. Although we still face a challenged consumer and industry environment, we have consistently outperformed our peers in the Knapp-Track casual dining index. As we begin the 2015 fiscal year, we remain focused on the initiatives we set forth in our three-year strategic plan and look forward to continuing to please our guests and deliver value for our shareholders.” Cracker Barrel expects FY15 earnings of $5.80 to $5.95 per share on revenue of $2.75 billion to $2.80 billion. Analysts expected earnings of $6.08 per share on revenue of $2.77 billion. It also expects Q1 earnings of $1.20 to $1.30 per share, versus analysts' estimates of $1.29 per share. Cracker Barrel shares fell 0.20% to $103.06 in pre-market trading.