CBRL
$134.09
Cracker Barrel
($1.57)
(1.16%)
Earnings Details
4th Quarter July 2016
Wednesday, September 14, 2016 8:00:00 AM
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Summary

Cracker Barrel Reports In-line

Cracker Barrel (CBRL) reported 4th Quarter July 2016 earnings of $2.12 per share on revenue of $745.6 million. The consensus earnings estimate was $2.10 per share on revenue of $742.0 million. The Earnings Whisper number was $2.12 per share. Revenue grew 3.7% on a year-over-year basis.

The company said it expects first quarter earnings of $1.75 to $1.85 per share and fiscal 2017 earnings of $7.95 to $8.10 per share on revenue of $2.95 billion to $3.00 billion. The current consensus earnings estimate is $1.92 per share for the quarter ending October 31, 2016 and $8.24 per share on revenue of $3.01 billion for the year ending July 31, 2017.

Cracker Barrel Old Country Store Inc is engaged in the operation and development of the Cracker Barrel Old Country Store® concept. It offers home-style country cooking featuring many of its own recipes.

Results
Reported Earnings
$2.12
Earnings Whisper
$2.12
Consensus Estimate
$2.10
Reported Revenue
$745.6 Mil
Revenue Estimate
$742.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Cracker Barrel Reports Fourth Quarter And Full Year Fiscal 2016 Results And Provides Guidance For Fiscal 2017

Fourth Quarter Comparable Store Restaurant Sales and Retail Sales Exceeded 3% Growth Fourth Quarter Earnings per Diluted Share Increased 7.6% to $2.12



LEBANON, Tenn., Sept. 14, 2016 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter and for the fiscal year ended July 29, 2016. The Company also provided guidance for its 2017 fiscal year and first quarter:

Fourth Quarter Fiscal 2016 Highlights



  • Compared to the prior year fourth quarter, comparable store restaurant sales increased 3.2%, marking the Company's largest quarterly outperformance relative to the casual dining industry in fiscal 2016; comparable store retail sales increased 3.5%.
  • Operating income as a percent of total revenue increased 30 basis points to 10.4%.
  • Earnings per diluted share were $2.12 compared to diluted EPS of $1.97 in the prior year quarter.


Full Year Fiscal 2016 Highlights



  • Comparable store restaurant sales increased 2.2% and comparable store retail sales increased 2.7%.
  • Operating income was 9.6% of total revenue, compared to GAAP operating income margin of 9.0% in the prior year, or 9.1% in the prior year when adjusted to exclude the impact of a prior year litigation matter (See non-GAAP reconciliation below).
  • On a GAAP basis, earnings per diluted share for fiscal 2016 were $7.86 versus $6.82 in the prior fiscal year. Results for the current and prior year each reflect the retroactive reinstatement of the Work Opportunity Tax Credit ("WOTC"). Adjusting for these WOTC impacts, the current year impact of a reduction of the provisions for uncertain tax positions, and a prior year litigation matter, adjusted earnings per diluted share in the current year were $7.55 compared to $6.82 in the prior year.
  • During fiscal 2016, the Company declared regular quarterly dividends totaling $4.45 per share. Additionally, the Company declared a special dividend of $3.25 per share, bringing the total dividends declared in fiscal 2016 to $7.70 per share.


    • Commenting on the fourth quarter and full fiscal year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "We believe the strategic programs we implemented during the fiscal year successfully drove our continued positive results. While we anticipate ongoing challenges in the industry during fiscal 2017, our management team and employees remain focused on delivering continued growth in our business and driving long-term shareholder value."

      Fourth Quarter Fiscal 2016 Results



      Revenue


      The Company reported total revenue of $745.6 million for the fourth quarter of fiscal 2016, representing an increase of 3.7% over the fourth quarter of the prior year. Comparable store restaurant sales increased 3.2%, including a 4.4% increase in average check partially offset by a 1.2% decrease in store traffic. The average menu price increase for the quarter was approximately 2.4%. Comparable store retail sales were up 3.5% for the quarter. The Company opened four new Cracker Barrel stores during the quarter, and one new Holler & Dash Biscuit House, bringing the combined store count to 641 locations at fiscal year-end.

      For the full press release, please go here.