Cracker Barrel Reports Financial Results for the Q4 Fiscal Year 2013
LEBANON, TN
Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) reported its financial results for the fourth quarter and for the fiscal year ending August 2, 2013. The Company also provided guidance for its 2014 fiscal year and first quarter.
Some of the highlights from the Company’s press release include:
Fourth Quarter Fiscal 2013 Highlights
Compared to the prior year fourth quarter, comparable store traffic increased 0.6%; comparable store restaurant sales increased 2.6%; and comparable store retail sales increased 1.1%.
Seventh consecutive quarter of positive comparable traffic, restaurant sales, and retail sales, and outperformance of the Knapp-Track™ casual-dining index.
Earnings per diluted share were $1.43 compared to GAAP EPS of $1.47 in the prior year quarter. GAAP EPS in the prior year quarter included a benefit of $0.27 for the 53rd week. Adjusted for the impact of the additional week in the prior year, earnings per diluted share increased 19.2%. (See non-GAAP reconciliation below.)
Full Year Fiscal 2013 Highlights
On a GAAP basis, earnings per diluted share were $4.90 compared to $4.40 in the prior year. Adjusted for the impact of the extra week in the prior year, and certain charges and credits in the current and prior year, adjusted earnings per diluted share were $4.97, a 14.5% increase over adjusted earnings per diluted share of $4.34 in the prior year.
On a GAAP basis, operating income was 7.6% of total revenue. On an adjusted basis, operating income was 7.8% of total revenue, compared with 7.4% in fiscal 2012.
During the year, the Company reduced debt by $125.1 million and paid $45.4 million in dividends.
“The fourth quarter of fiscal 2013 represents the seventh consecutive quarter of year-over-year improvement in comparable store traffic, restaurant sales, and retail sales,” said Sandra B. Cochran, Cracker Barrel President and CEO. “The financial results of the fourth quarter and full year reflect the effective execution of our strategic plan. As we begin our 2014 fiscal year, we are poised to capitalize on the achievements of fiscal 2013. I am proud of our team’s hard work and dedication, especially those in the field who are committed to serving our Cracker Barrel guests every day.”
For fiscal 2014, Cracker Barrel expects total revenue to be between $2.7 billion and $2.75 billion, and earnings per diluted share between $5.60 and $5.80. The increased revenue projection for fiscal 2014 reflects the expected opening of 7 or 8 new Cracker Barrel stores, and projected increases in comparable store restaurant sales and retail sales in a range of 2.0% to 3.0%. The Company projects an operating income margin of between 7.8% and 8.0% of total revenue for fiscal 2014. The Company expects to report earnings per diluted share for the first quarter of 2014 of between $1.05 and $1.15. However, the Company would also like to remind its investors that its outlook for fiscal 2014 reflects a number of assumptions, many of which are outside of the Company’s control.
