CBRL Group, Inc. Announces Sales Trends and Earnings Targets for Fiscal Fourth Quarter.

Business Editors

LEBANON, Tenn.--(BUSINESS WIRE)--June 14, 2001

CBRL Group, Inc. (Nasdaq:CBRL) today announced an update of its fiscal 2001 fourth quarter sales trends and earnings targets.

The Company reported that quarter-to-date comparable store restaurant sales in its Cracker Barrel Old Country Store(R) units are up 4-4.5% compared with the same period a year ago. The increase includes an average check 3.0-3.5% higher than a year earlier. Quarter-to-date retail sales in the comparable units are down about 2.5%. Retail sales comparisons early in the quarter were affected significantly by the non-recurrence of sales of a highly popular novelty item in the prior year period but have reflected increases from prior year for the last three weeks. Quarter-to-date comparable store sales in the Company's Logan's Roadhouse(R) units are down approximately 2%, with average check up about 1%. The Company has opened 15 new Cracker Barrel Old Country Store units and 13 new company-operated Logan's Roadhouse units thus far this fiscal year, including two Cracker Barrel Old Country Store units during the fiscal fourth quarter.

In the fourth quarter, the Company has repurchased 725,800 shares of its common stock for total consideration of $12.6 million, or approximately $17.34 per share. Year-to-date the Company has repurchased 2,000,000 shares of its common stock for total consideration of $36.4 million, or approximately $18.22 per share. The Company now has completed the remainder of its currently authorized two million-share repurchase program.

The Company's present internal targets for diluted earnings per share for the fourth quarter of fiscal 2001 are in the high $0.40's range, compared with $0.42 in the year ago quarter. The Company urges caution in considering its current trends and the earnings targets disclosed in this press release. The restaurant industry is highly competitive, and trends and targets are subject to numerous factors and influences, some of which are discussed in the cautionary language at the end of this press release. The Company assumes no obligation to update disclosed information on trends or targets other than in its periodic filings under Forms 10-K, 10-Q, and 8-K with the Securities and Exchange Commission.

Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates 441 Cracker Barrel Old Country Store restaurants and gift shops located in 40 states, 78 company-operated and eight franchised Logan's Roadhouse restaurants in 15 states, and three Carmine Giardini's Gourmet Market(TM) units in Florida.

Except for specific historical information, the matters discussed in this press release are forward-looking statements that involve risks, uncertainties and other factors that may cause actual results and performance of CBRL Group, Inc. to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "target," "plans," "may," "will," "expect," "intend," "estimate," "anticipate," "believe," or "continue" (or the negative of each of these terms) or similar terminology. Factors which will affect actual results include, but are not limited to: commodity, group health benefits and utility price increases; the effect of plans intended to improve operational execution and performance; the effects of increased competition at company locations on sales and on labor recruiting, cost, and retention; the ability of and cost to the Company to recruit, train, and retain qualified restaurant hourly and management employees; the ability of the Company to identify successful new lines of retail merchandise; the results of pending or threatened litigation; the availability and costs of acceptable sites for development; adverse weather conditions; the acceptance of the Company's concepts as the Company expands into new markets and geographic regions; adverse general economic conditions including escalating gasoline prices; changes in interest rates affecting the Company's financing costs; changes in or implementation of additional governmental rules and regulations affecting wage and hour matters, health and safety, pensions and insurance; other undeterminable areas of government actions or regulations; and other factors described from time to time in the Company's filings with the Securities and Exchange Commission and press releases.