CBRL Group, Inc. Announces Successful, On-Target Fourth Quarter and Year-End Results, and Continuing Improvement in Current Sales Trends and Earnings Guidance for Fiscal 2002.Business Editors LEBANON Lebanon, country, Asia Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. , Tenn.--(BUSINESS WIRE)--Sept. 13, 2001 CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) Group, Inc. (Nasdaq:CBRL) today announced that results for its fourth quarter and fiscal year ended August 3, 2001, were on-target with previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). Company estimates. The Company also disclosed information on current trends and earnings guidance for its current fiscal first quarter and full year. -- Fourth quarter 2001 diluted earnings per share of $0.48 before previously disclosed charges, up 14% from last year, and on-target with the Company's guidance during the quarter; full-year fiscal 2001 diluted earnings per share before charges of $1.30 compared with $1.11 before charges in fiscal 2000 -- Fourth quarter 2001 comparable store restaurant sales up 4.0% in its Cracker Barrel Old Country Store(R) units from a year earlier; retail comparable store sales down 1.3% for the quarter, an improvement from earlier reported trends; Logan's Roadhouse(R) comparable store sales down 1.1%, also an improvement from earlier disclosed trends -- Current sales trends positive in all key areas; current fiscal 2002 quarter-to-date Cracker Barrel Old Country Store comparable store restaurant sales up approximately 5% from a year ago, comparable store retail sales up approximately 1%, and Logan's Roadhouse comparable store sales up approximately 1.5% -- Estimated current quarter diluted earnings per share of up to the mid-$0.30's compared with $0.30 in the first quarter of the prior fiscal year; full year fiscal 2002 diluted earnings per share growth targets of 15% or better compared with the $1.30 (before the effect of charges) reported today for fiscal 2001 -- Expected net free cash flow of $60 million after capital expenditures in fiscal 2002 Details of the announcement follow. For the fourth quarter ended August 3, 2001, the Company reported net income before the effect of exiting its Carmine carmine /car·mine/ (kahr´min) a red coloring matter used as a histologic stain. indigo carmine indigotindisulfonate sodium. car·mine n. Giardini's business, closing seven other units, and providing for the estimated settlement of certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ("before charge effect") of $27.1 million, or $0.48 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), compared with net income of $23.7 million, or $0.42 per share (diluted), for the fourth fiscal quarter of 2000. The results were consistent with the earlier guidance by the Company, that diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of before charge effect were expected to be in the high $0.40's range. Actual net income and earnings per share (diluted) including the charges were $2.6 million and $0.05 per share, respectively. The improvement in the fourth quarter of fiscal 2001 over the fourth quarter of fiscal 2000 before charge effect was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 14% in both net income and in diluted earnings per share. The charges taken in the fourth fiscal quarter reflected the costs of exiting the Company's Carmine Giardini's restaurant and gourmet market business and closing seven other units in the Company's Cracker Barrel This article is about the restaurant-and-store chain. For the unrelated company marketing cheeses bearing the "Cracker Barrel" trademark, see Kraft Foods. Cracker Barrel Old Country Store, Inc. Old Country Store and Logan's Roadhouse Logan's Roadhouse is a chain of restaurants that was founded in 1991, and in 1999 became a wholly owned subsidiary of the publicly held CBRL Group, Inc (which also owns Cracker Barrel). concepts, as well as an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for a settlement proposal for a certain collective action lawsuit lawsuit: see procedure; tort. under the Fair Labor Standards Act Fair Labor Standards Act or Wages and Hours Act, passed by the U.S. Congress in 1938 to establish minimum living standards for workers engaged directly or indirectly in interstate commerce, including those involved in production of goods bound not considered routine litigation incidental Contingent upon or pertaining to something that is more important; that which is necessary, appertaining to, or depending upon another known as the principal. Under Workers' Compensation statutes, a risk is deemed incidental to employment when it is related to whatever a to the Company's business. The pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta cost of exiting the Carmine Giardini's business and closing seven other units included the following: $10.4 million for write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of goodwill related to the original acquisition of the Carmine Giardini's business; $14.8 million for loss on disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of inventories and property and equipment net of projected sales proceeds; and $4.4 million for estimated lease termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. expenses, severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs, and other incidental costs of exiting and closing. The accrual for estimated settlement of litigation was $3.5 million. These charges are reflected in the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of income for the fourth quarter and full fiscal year ended August 3, 2001 as follows: cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold , $0.7 million; labor and other related expenses, $0.9 million; other store operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , $20.6 million; general and administrative expenses, $0.5 million; and amortization of goodwill, $10.4 million. For the full fiscal year, net income before charge effect was $73.7 million, or $1.30 per share (diluted), increases of approximately 14% and 17%, respectively. Full year net income in the prior year was $64.4 million, or $1.11 per share (diluted) before the effect of previously reported charges of $5.4 million, or $0.09 per share, recorded in the prior year fiscal second quarter as a result of management changes and resulting refocused priorities. The following table summarizes the results before the effect of charges and actual results:
Fourth Quarter
FY2001 FY2000
Net Income (in millions) ----- -----
Before effect of charges $27.1(a) $23.7
Actual $ 2.6 $23.7
Earnings per Share (diluted)
Before effect of charges $0.48(a) $0.42
Actual $0.05 $0.42
Full Year
FY2000 FY2001
Net Income (in millions) ----- -----
Before effect of charges $73.7(a) $64.4(b)
Actual $49.2 $59.0
Earnings per Share (diluted)
Before effect of charges $1.30(a) $1.11(b)
Actual $0.87 $1.02
(a) Results before effect of charges reflect earnings before
charges taken in the fourth quarter of fiscal 2001 for exiting
the Carmine Giardini's restaurant and gourmet market business,
closing of seven other units, and providing for estimated
settlement value of certain litigation
(b) Results before effect of charges reflect earnings before
charges taken in the second quarter of fiscal 2000 principally
as a result of management changes and resulting refocused
priorities
Revenue for the fourth quarter in fiscal 2001 was $544.1 million compared with $470.9 million in fiscal 2000, an increase of 15.5%, of which $40.5 million, or 8.6%, was the effect of one additional week in the 14-week fourth quarter of fiscal 2001. Comparable store sales (based on comparable calendar weeks) for the Cracker Barrel Old Country Stores concept increased 4.0% for restaurants, including increases of 3.2% in average check and 0.8% in guest traffic, and decreased 1.3% in retail. The Logan's Roadhouse concept recorded a comparable store sales decrease of 1.9%, reflecting 0.6% increase in average check and a 2.5% traffic decline. During the quarter, the Company opened two new Cracker Barrel Old Country Store units and no new Logan's Roadhouse units. Revenue for the fiscal year was approximately $2.0 billion compared with approximately $1.8 billion in fiscal 2000, an increase of 10.8%, of which 2.3% was the effect of one additional week in the 53-week fiscal 2001. Comparable store sales for the Cracker Barrel Old Country Store concept increased 4.6% for restaurants, including 3.1% higher average check and 1.5% guest traffic improvement, and increased 1.1% in retail. The Logan's Roadhouse concept recorded a comparable store sales decrease of 1.1%, reflecting 1.3% higher average check and a 2.4% traffic decline. During the fiscal year, the Company opened 15 new Cracker Barrel Old Country Store units, and 13 new company-operated and one franchised Logan's Roadhouse units. Commenting on the results, CBRL Group, Inc. President and Chief Executive Officer Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. A. Woodhouse Wood´house` n. 1. A house or shed in which wood is stored, and sheltered from the weather. said, "We are very pleased with the results reported today. We achieved the fourth quarter earnings improvements before the effect of charges as targeted in press releases throughout the quarter. Our Cracker Barrel Old Country Store concept was within one-half of one percent of our plan for the year; its best relative performance in years. We've we've Contraction of we have. we've have now had eight consecutive quarters of comparable store guest traffic improvements at the Cracker Barrel Old Country Store concept, an accomplishment last achieved in fiscal 1994. We recently have begun to see a restoration of positive comparable store sales and guest traffic in our Logan's Roadhouse concept. And, we successfully exited our Carmine Giardini's business." The Company urges caution in considering its current trends and earnings targets as disclosed below. 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. Such trends and targets should not be assumed to be current after the date of this press release unless specifically updated by the Company. 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. Quarter-to-date comparable store sales in the Cracker Barrel Old Country Store concept increased approximately 5%, a rate that includes a higher average check of approximately 3-3.5% and guest traffic improvement of approximately 1.5-2%, reflecting particularly strong trends before Labor Day Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. . During the fourth quarter of fiscal 2001 the Company took estimated menu price increases of approximately 1.3%. Quarter-to-date Cracker Barrel Old Country Store concept comparable store retail sales have been higher than prior year by approximately 1%, more than accounted for by a recent highly successful clearance CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel sale. Quarter-to-date comparable store sales trends for the Logan's Roadhouse concept have been higher than prior year by approximately 1.5%. This trend includes a higher average check of approximately 0.5% compared with the same period last year, and increased guest traffic of approximately 1%. The Company has opened one new Cracker Barrel Old Country Store unit thus far this quarter. It presently expects to open two more new units before quarter-end, with a total of 20 new units to be opened during the fiscal year. One new Logan's Roadhouse unit has been opened during the quarter, with three more expected before quarter-end and a total of nine during the fiscal year. After projected capital expenditures of approximately $100-105 million, the Company expects to generate net positive free cash flow of $60 million or more during fiscal 2002 but has not yet determined how such cash flow will be used. At the present time, consideration is being given to reducing debt and to repurchasing shares of its common stock. Any decision to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares will be announced prior to the commencement of any repurchase activities. The Company's present estimate for diluted earnings per share in the first quarter of fiscal 2002 is up to the mid- mid- pref. Middle: midbrain. $0.30's per share, compared with $0.30 in the first quarter of fiscal 2001, reflecting continuation continuation - continuation passing style of current sales trends among other things. For the full fiscal year, the Company presently expects to achieve diluted earnings per share growth of 15%, or better, from the fiscal 2001 earnings before the effect of charges of $1.30 reported today. Key assumptions in achieving these targets include: elimination of amortization of goodwill as the Company adopts FAS 142; a related lower effective income tax rate of not more than 36%; improvements in comparable store restaurant and retail sales generally at or above current trends; modest improvements in store operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margins, primarily in cost of sales, as a result of exiting the gourmet market business, closing seven low performing stores in fiscal 2001, and other operational improvements; and flat to modestly increasing general and administrative expenses as a percent of revenues as the Company invests in various new initiatives to improve future operations. Partly offsetting the targeted improvements will be the loss of the benefit of the additional week in the fourth quarter and full year of fiscal 2001. Commenting on the present trends and earnings guidance, Mr. Woodhouse said, "We have made clear progress in turning around our operating and financial results. The present trends and our earnings estimates, while not without challenges and risks, reflect our expectation that this progress will continue." Headquartered in Lebanon, Tennessee
Lebanon is a city in Wilson County, Tennessee, in the United States. The population was 20,235 at the 2000 census. , CBRL Group, Inc. presently operates 438 Cracker Barrel Old Country Store restaurants and gift shops located in 40 states, and 76 Logan's Roadhouse company-operated and eight franchised restaurants in 15 states. Except for specific historical information, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by this discussion. All forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information is provided by the Company pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. established under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "assumptions," "target," "plans," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe," "potential," 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 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 RECRUIT. A newly made soldier. , train, and retain qualified restaurant hourly and management employees; the ability of the Company to identify successful new lines of retail merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain ; the actual results of pending or threatened litigation; the effects of negative publicity; 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 geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. regions; adverse general economic conditions including high or escalating gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by prices and declining consumer confidence; 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.
CBRL GROUP, INC.
CONSOLIDATED INCOME STATEMENT (Unaudited)
(In thousands, except per share amounts)
Fourth Quarter Ended
Net sales: 8/03/01 7/28/00 Change
-------- -------- ------
Restaurant $440,005 $375,171 17%
Retail 103,846 95,575 9
-------- --------
Net sales 543,851 470,746 16
Franchise fees and royalties 218 203 7
-------- --------
Total revenue 544,069 470,949 16
Cost of goods sold 178,053 157,694 13
-------- --------
Gross profit 366,016 313,255 17
Labor & other related expenses 206,859 172,362 20
Other store operating expenses 107,810 72,357 49
-------- --------
Store operating income 51,347 68,536 (25)
General and administrative 27,285 22,718 20
Amortization of goodwill 11,374 998 1,040
-------- --------
Operating income 12,688 44,820 (72)
Interest expense 2,526 6,870 (63)
Interest income -- 85 (100)
-------- --------
Pretax income 10,162 38,035 (73)
Provision for income taxes 7,568 14,342 (47)
-------- --------
Net income $2,594 $23,693 (89)
======== ========
Earnings per share:
Basic $0.05 $0.42 (88)
Diluted $0.05 $0.42 (88)
Weighted average shares:
Basic 55,236 56,872 (3)
Diluted 55,923 56,986 (2)
Ratio Analysis
Net sales:
Restaurant 80.9% 79.7%
Retail 19.1 20.3
-------- --------
Net sales 100.0 100.0
Franchise fees and royalties -- --
-------- --------
Total revenue 100.0 100.0
Cost of goods sold 32.7 33.5
-------- --------
Gross profit 67.3 66.5
Labor & other related expenses 38.0 36.6
Other store operating expenses 19.8 15.4
-------- --------
Store operating income 9.5 14.5
General and administrative 5.0 4.8
Amortization of goodwill 2.1 0.2
-------- --------
Operating income 2.4 9.5
Interest expense 0.5 1.5
Interest income -- --
-------- --------
Pretax income 1.9 8.0
Provision for income taxes 1.4 3.0
-------- --------
Net income 0.5% 5.0%
======== ========
Year Ended
8/03/01 7/28/00 Change
---------- ---------- ----------
Restaurant $1,543,815 $1,378,753 12%
Retail 419,104 393,293 7
---------- ---------- ----------
Net sales 1,962,919 1,772,046 11
Franchise fees and royalties 773 666 16
---------- ---------- ----------
Total revenue 1,963,692 1,772,712 11
Cost of goods sold 664,332 614,472 8
---------- ---------- ----------
Gross profit 1,299,360 1,158,240 12
Labor & other related expenses 732,419 645,976 13
Other store operating expenses 353,334 294,012 20
---------- ---------- ----------
Store operating income 213,607 218,252 (2)
General and administrative 102,541 95,289 8
Amortization of goodwill 14,370 3,994 260
---------- ---------- ----------
Operating income 96,696 118,969 (19)
Interest expense 12,316 24,616 (50)
Interest income 84 352 (76)
---------- ---------- ----------
Pretax income 84,464 94,705 (11)
Provision for income taxes 35,283 35,707 (1)
---------- ---------- ----------
Net income $49,181 $58,998 (17)
========== ========== ==========
Earnings per share:
Basic $0.88 $1.02 (14)
Diluted $0.87 $1.02 (15)
Weighted average shares:
Basic 56,129 57,960 (3)
Diluted 56,799 58,041 (2)
Ratio Analysis
Net sales:
Restaurant 78.6% 77.8%
Retail 21.4 22.2
---------- ----------
Net sales 100.0 100.0
Franchise fees and royalties -- --
---------- ----------
Total revenue 100.0 100.0
Cost of goods sold 33.8 34.7
---------- ----------
Gross profit 66.2 65.3
Labor & other related expenses 37.3 36.4
Other store operating expenses 18.0 16.6
---------- ----------
Store operating income 10.9 12.3
General and administrative 5.2 5.4
Amortization of goodwill 0.8 0.2
---------- ----------
Operating income 4.9 6.7
Interest expense 0.6 1.4
Interest income -- --
---------- ----------
Pretax income 4.3 5.3
Provision for income taxes 1.8 2.0
---------- ----------
Net income 2.5% 3.3%
========== ==========
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited)
(In thousands)
8/03/01 7/28/00
----------- -----------
Assets
Cash and cash equivalents $ 11,807 $ 13,865
Other current assets 143,383 130,170
Property and equipment, net 955,028 1,075,134
Goodwill, net 92,882 107,253
Other assets 9,772 8,601
----------- -----------
Total assets $1,212,872 $ 1,335,023
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities $ 197,249 $ 173,578
Long-term debt 125,000 292,000
Other long-term obligations 44,515 40,475
Stockholders' equity 846,108 828,970
----------- -----------
Total liabilities and
stockholders' equity $ 1,212,872 $ 1,335,023
=========== ===========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited)
(In thousands)
Fiscal Year Ended
8/03/01 7/28/00
----------- -----------
Cash flow from operating activities:
Net income $ 49,181 $ 58,998
Depreciation and amortization 64,902 65,218
Loss on disposition of
property and equipment 671 664
Impairment loss 24,431 3,887
Net changes in other assets
and liabilities 8,577 31,480
----------- -----------
Net cash provided by operating
activities 147,762 160,247
----------- -----------
Cash flows from investing activities:
Purchase of property and equipment (91,439) (138,032)
Net proceeds from sale of property
and equipment 141,283 17,333
----------- -----------
Net cash provided by (used in)
investing activities 49,844 (120,699)
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of
long-term debt 355,600 444,500
Principal payments under long-term
debt and capital lease obligations (522,790) (467,234)
Proceeds from exercise of stock options 5,155 530
Purchase and retirement of
common stock (36,444) (21,104)
Dividends on common stock (1,185) (637)
----------- -----------
Net cash used in financing activities (199,664) (43,945)
----------- -----------
Net decrease in cash and cash equivalents (2,058) (4,397)
Cash and cash equivalents,
beginning of year 13,865 18,262
----------- -----------
Cash and cash equivalents, end of year $ 11,807 $ 13,865
============ ===========
CBRL GROUP, INC.
Supplemental Information
(Unaudited)
As of As of
8/03/01 7/28/00
----------- -----------
Common shares outstanding 55,026,846 56,668,349
Units in operation:
Cracker Barrel 437 426
Carmine Giardini's Gourmet Market (NOTE) 3
Logan's Roadhouse - company-owned 75 65
---------- -----------
Total company-owned units 512 494
Logan's Roadhouse - franchised 8 7
---------- -----------
System-wide units 520 501
========== ===========
Fourth Quarter Ended
Net sales in company-owned stores: 8/03/01 7/28/00
--------- ---------
(In thousands)
Cracker Barrel - restaurant $380,767 $328,074
Cracker Barrel - retail 101,595 93,211
--------- ---------
Cracker Barrel - total 482,362 421,285
Carmine Giardini's Gourmet Market 2,997 3,439
Logan's Roadhouse 58,492 46,022
--------- ---------
Total net sales $543,851 $470,746
========= =========
Operating weeks - company-owned stores:
Cracker Barrel 6,161 5,538
Logan's Roadhouse 1,086 840
Average comparable store sales -
Company-owned stores: (In thousands)
Cracker Barrel - restaurant $871.2 $837.5
Cracker Barrel - retail 232.5 235.6
-------- ---------
Cracker Barrel - total $1,103.7 $1,073.1
======== =========
Logan's Roadhouse $774.3 $789.5
======== =========
Capitalized interest $120 $333
======== =========
Fiscal Year Ended
8/03/01 7/28/00
---------- ----------
Cracker Barrel - restaurant $1,324,903 $1,196,680
Cracker Barrel - retail 407,887 382,932
---------- ----------
Cracker Barrel - total 1,732,790 1,579,612
Carmine Giardini's Gourmet Market 15,587 14,137
Logan's Roadhouse 214,542 178,297
---------- ----------
Total net sales $1,962,919 $1,772,046
========== ==========
Operating weeks - company-owned stores:
Cracker Barrel 23,049 21,676
Logan's Roadhouse 3,906 3,165
Average comparable store sales -
Company-owned stores: (In thousands)
Cracker Barrel - restaurant $3,081.6 $2,945.7
Cracker Barrel - retail 946.4 936.3
---------- ----------
Cracker Barrel - total $4,028.0 $3,882.0
========== ==========
Logan's Roadhouse $3,040.7 $3,073.7
========== ==========
Capitalized interest $851 $1,511
========== ==========
NOTE: The Company has exited the Carmine Giardini's Gourmet Market
business.
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