Cracker Barrel Old Country Store Inc. reported a 21-percent jump in profit and positive same-store sales for the third quarter.
Net income for the April 30-ended quarter totaled $14.4 million, or 62 cents a share, compared with a profit of $12.0 million, or 53 cents a share, in last year's third quarter, Cracker Barrel said.
Revenue rose 2 percent to $578.2 million. Same-store restaurant sales were up 0.6 percent, which reflected a 1.6-percent decline in traffic offset by a 2.2-percent bump in the average check. Same-store retail sales increased 3.2 percent.
"We are encouraged by the improving profitability at the store level while, at the same time, delivering higher levels of customer satisfaction according to our latest surveys," said Michael A. Woodhouse, Cracker Barrel's chairman, president and chief executive.
Cracker Barrel raised its guidance slightly for the full year, saying it now expects full-year revenue to grow 1 percent to 2 percent, based on projected same-store restaurant sales increases between 0.5 percent and 1 percent and the addition of six new locations. The company earlier had projected 2010 revenue to be flat to up 2 percent and same-store stores to range from down 0.5 percent to up 1 percent.
Lebanon, Tenn.-based Cracker Barrel opened one restaurant during the third quarter, ending the period with 594 total locations.
Contact Molly Gise at [email protected].
