LEBANON, TENN. — Cracker Barrel Old Country Store, Inc. outperformed its casual-dining competitors in the recent quarter, delivering 2.3% growth in comparable restaurant sales while overall industry trends declined. Net income for the third quarter ended April 29 was $49,169,000, equal to $2.05 per share on the common stock, up 39% from $35,317,000, or $1.48 per share, in the prior-year period. Revenue for the quarter totaled $700,136,000, up 2.4% from $683,705,000.
|Sandra B. Cochran, president and c.e.o. of Cracker Barrel|
“In an ever competitive promotional environment, we chose to focus upon our affordability programs during the quarter, and guests responded well,” said Sandra B. Cochran, president and chief executive officer of Cracker Barrel, during a June 1 earnings call with financial analysts. “Our spring menu offerings like salmon patties, the mushroom onion Swiss chop steak, and crispy buttermilk fried chicken plate drove positive guest response as part of our core menu $7.99 Country Dinner Plate category. We believe these strategic initiatives, working in conjunction with our commitment to a unique and authentic Cracker Barrel experience, supported our outperformance of the casual-dining industry in the third quarter.”
For the summer months, Cracker Barrel is featuring foil-wrapped campfire beef and campfire chicken meals, which are slow-roasted with a medley of summer vegetables.
“These guest favorites, camp-style inspired products will headline as limited-time-only offerings within our summer menu promotion, which began in May this year versus June in prior years to capture dining occasions around Mother’s Day and the busy Memorial Day travel weekend,” Ms. Cochran said. “To keep the offering new and fresh, we plan to introduce a new campfire mixed grill entree mid-summer, and this entree will include the same delicious slow-roasted vegetables, but will feature a combination of U.S.D.A. Choice beef chuck roast and a hearty serving of smoked sausage prepared with our own special seasoning.”Based on year-to-date financial performance, Cracker Barrel expects full-year comparable store restaurants sales growth in the range of 2% to 2.5% and full-year total revenue of between $2.9 billion and $2.95 billion, which reflects the expected opening of five new Cracker Barrel restaurants during the year.