June 03, 2015
Positive Comparable Store Traffic, Restaurant and Retail Sales
Adjusted EPS Increased 21% to $1.49
Board Increases Quarterly Dividend to $1.10 per share and Declares Special Dividend of $3.00 per share
LEBANON, Tenn. – June 2, 2015 – Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq:CBRL) today reported financial results for the third quarter of fiscal 2015 ended May 1, 2015.
Third-Quarter Fiscal 2015 Highlights
Compared to the prior-year third quarter, comparable store traffic increased 1.8%, comparable store restaurant sales increased 5.2% and comparable store retail sales increased 4.5%.
Fourteenth consecutive quarter of outperformance of the Knapp-TrackTM casual dining index.
On a GAAP basis, operating income margin was 8.1% of total revenue, compared with 7.0% in the prior year quarter. Adjusted to exclude the impact of additional charges related to the settlement of the previously disclosed Fair Labor Standards Act (“FLSA”) litigation, adjusted operating income margin was 8.2% of total revenue, compared to prior year adjusted operating income margin of 7.2%. (See non-GAAP reconciliation below.)
On a GAAP basis, earnings per diluted share were $1.47, or $1.49 when adjusted to exclude the impact of charges related to the FLSA settlement, a 21% increase over adjusted earnings per diluted share of $1.23 in the prior year quarter.
Commenting on the third-quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “We believe that our strong sales performance in the quarter is the result of general increases in consumer spending, our strong value positioning, and the continuing success of our marketing initiatives. Our margin improvement in the quarter reflects the continuing implementation of our cost savings initiatives and the leverage of higher sales.”
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