Cracker Barrel Q3 Adj. EPS Beats Estimates; Lifts FY15 EPS View - Quick Facts

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL), the operator of Cracker Barrel Old Country Store restaurant and retail concept, reported third quarter net income of $35.3 million, or $1.47 a share, compared to $28.7 million, or $1.20 a share, last year.

Adjusted earnings for the latest third quarter rose to $1.49 per share from $1.23 per share in the prior-year quarter. On average, 6 analysts polled by Thomson Reuters expected the company to report profit of $1.37 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly total revenue was $683.71 million, up 6.3% from $643.30 million in the comparable quarter last year, while 5 analysts expected revenue of $680.05 million for the quarter. Comparable-store restaurant sales grew by 5.2% and comparable-store retail sales increased 4.5%.

Looking ahead to the fourth quarter, the company expects earnings of $1.75 to $1.85 per share. Analysts currently expect fourth quarter earnings of $1.78 per share.

For fiscal 2015, the company now expects adjusted earnings per share of between $6.60 and $6.70, up from its previous range of $6.40 to $6.50 per share. Analysts now expect earnings of $6.52 per share.

The company expects total revenue of 2.8 billion and $2.85 billion. The revenue projection for fiscal 2015 reflects the expected opening of six new Cracker Barrel stores for the year, projected increases in comparable store restaurant sales of between 4.5% to 5.0%, and comparable store retail sales of between 3.5% to 4.0%.