LEBANON, TN-CBRL Group Inc.’s flagship brand, Cracker Barrel, suffered from a 3.3%-decrease in guest traffic, pushing the chain’s same-store sales down 2.1% for the most recent quarter.

For the quarter, the company achieved net income and diluted net income per share of $24 million and 47 cents, respectively, compared to net income of $26.6 million and diluted net income per share of 52 cents in the same quarter a year ago. Total revenue for the fiscal third quarter was up 2.6% to $644.2 million.

The company’s profit beat Wall Street’s expectations, and CBRL Group chairman, president and CEO Michael A. Woodhouse said during the earnings conference call that the company’s operating performance was “strong” despite a “soft sales environment.”

The company’s other brand, Logan Roadhouse, posted comp-store sales increases of 0.5% for the quarter. CBRL is currently working to divest the chain. Logan’s average check increased 2.5%, driven by an average menu price increase of approximately 2.6%. Guest traffic declined 2%.

During the quarter, CBRL closed seven Cracker Barrel units and three Logan’s restaurants, incurring charges of $3.6 million before income taxes. It opened six new Cracker Barrel units, three new Logan’s company-operated restaurants and one new Logan’s franchised restaurant. The company ended the quarter with 542 Cracker Barrel Old Country Store restaurants and gift shops located in 41 states and 137 company-operated and 25 franchised Logan’s Roadhouse restaurants in 20 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.