Cracker Barrel Old Country Store Inc. blamed poor weather for a same-store sales decline in the second quarter ended Jan. 31. Same-store restaurant sales fell 0.6 percent, and same-store retail sales dropped 3 percent. However, a 2.3-percent increase in average check contributed to a 5-percent increase in net income despite a 1-percent decline in revenue. The average menu price increase during the quarter was approximately 1.8 percent.
“The unusually severe winter weather significantly impacted our store traffic and sales,” Cracker Barrel president and chief executive Sandra B. Cochran said in a press release. “Holiday travelers are an important part of our customer base during the second quarter, and we believe that the inclement weather reduced travel visits. I am pleased with the performance of our field teams, who helped preserve our operating margins by controlling costs during periods of unpredictable customer traffic.”
Earnings per share were $1.55, compared with $1.47 in the year-earlier quarter. Adjusted for proxy contest expenses, earnings per share were $1.56, compared with $1.43 a year earlier.
2Q NET INCOME
Result: $37.06 million, or $1.55 per share% Increase: 5% (from $35.17 million, or $1.47 per share)
2Q REVENUE
Result: $689.49 million% Decrease: 1% (from $702.67 million)
2Q SAME-STORE SALES
% Decrease: 0.6%Source: Company report
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