February 24, 2015
Adjusted EPS increased to $1.93 compared to $1.56 in the prior year quarter
Comparable store restaurant sales increased 7.9% on 4.7% traffic growth
LEBANON, Tenn. – February 24, 2015 – Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) today reported financial results for the second quarter of fiscal 2015 ended January 30, 2015.
Second-Quarter Fiscal 2015 Highlights
Compared to the prior-year second quarter, comparable store traffic increased 4.7%, comparable store restaurant sales increased 7.9% and comparable store retail sales increased 3.2%.
Thirteenth consecutive quarter of outperformance of the Knapp-TrackTM casual dining index.
On a GAAP basis, operating income margin was 9.4% of total revenue, compared with 8.4% in the prior year quarter. Adjusted to exclude the impact of an accrual related to the previously disclosed Fair Labor Standards Act (“ FLSA”) litigation, adjusted operating income margin was 9.7% of total revenue, compared to prior year adjusted operating income margin of 8.5%. (See non-GAAP reconciliation below.)
On a GAAP basis, earnings per diluted share were $1.96, or $1.93 when adjusted to exclude the impact of the FLSA litigation accrual and the retroactive reinstatement of the Work Opportunity Tax Credit (“WOTC”), a 24% increase over adjusted earnings per diluted share of $1.56 in the prior year quarter.
Commenting on the second-quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “We believe that our strong performance in the quarter results from several key factors, including mild winter weather compared to the prior year quarter, the positive impact of lower gasoline prices on consumer spending and travel, the success of our national advertising, and consistent execution of the Cracker Barrel experience by our operations teams. We are pleased with the strength of these results and our ability to once again outperform the industry as measured by the Knapp-Track Casual Dining Index.”
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