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Cracker Barrel Profit Rises

Cracker Barrel Profit Rises - Restaurant operator Cracker Barrel Old Country Store Inc. said Tuesday its fiscal first-quarter profit rose 32 percent on higher revenue.

Net income rose to $23.7 million, or $1.01 per share, in the three months ended Oct. 29, from $18 million, or 78 cents per share, a year ago. Revenue rose 3 percent to $598.7 million from $581.2 million.

Revenue in restaurants open at least a year rose 2.4 percent while retail sales rose 1.5 percent. Revenue at stores open at least a year is a key indicator of a retailer's performance because it excludes growth at stores that open or close during the year.

Analysts polled by Thomson Reuters, on average, predicted earnings of 92 cents per share on revenue of $600.3 million.

The company, which operates nearly 600 restaurants in 42 states, reaffirmed its full-year outlook for earnings between $3.95 and $4.10 per share on a revenue increase of 3 percent to 4.5 percent. Analysts expect earnings of $4.07 per share on revenue of $2.49 billion.

In a research note, KeyBanc Capital Markets analyst Brad Ludington, who maintained a "Buy" rating on the stock, wrote, "While investors may choose to take some profits today given the lack of increased guidance despite the impressive earnings-per-share upside in the first quarter, we believe management is likely being conservative with its outlook given it is still early in the fiscal year."

Shares of Cracker Barrel fell $2.80, or 4.9 percent, to $54.97 in afternoon trading. The stock has traded between $34.14 and $56.24 over the last 52 weeks.

Cracker Barrel Profit Rises
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