CBRL Group, Inc. Reports Current Sales Trends and Reaffirms Earnings Guidance.Business Editors CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) Group, Inc. (Nasdaq:CBRL) today reported fiscal 2002 fourth quarter-to-date sales trends and reaffirmed its earnings guidance for the fourth quarter. The Company reported that quarter-to-date same-store restaurant sales in its 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(R) units are up 4-4.5% compared with the same period a year ago, including 1.5-2% higher guest traffic. Quarter-to-date retail sales in the same units increased approximately 2-2.5%. Quarter-to-date same-store restaurant sales in the Company's 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). (R) units are up 1-1.5% from last year, including an increase in guest traffic of approximately 2%. Commenting on sales trends, 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 pleased to report that our solid sales momentum continues, with Cracker Barrel's 4-4.5% same-store restaurant sales increase coming on top of a strong year-ago fourth quarter when comparable store sales were up 4.0%, which itself was an improvement over a strong prior year fourth quarter in which we reported 3.8% positive comparable store restaurant sales. This continuing strength and sales momentum puts us in our tenth consecutive quarter of positive comparable store restaurant sales at Cracker Barrel Old Country Store, an achievement last recorded in 1994." The Company reaffirmed guidance for 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 for the fourth quarter of fiscal 2002, which ends on August 2, 2002, in the low-to-mid $0.50's, compared with $0.48 after excluding the impact of charges taken in the year-ago quarter. The prior year $0.48 was benefited by approximately $0.09 as a result of a non-recurring fourteenth week (the present fiscal quarter has thirteen weeks). 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
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 456 Cracker Barrel Old Country Store restaurants and gift shops located in 41 states and 84 company-operated and 12 franchised Logan's Roadhouse restaurants in 17 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 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 such as "assumptions", "target", "guidance", "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: adverse general economic conditions including uncertain consumer confidence effects on sales; the actual results of pending or threatened 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. ; the effects of negative publicity; legal rulings or changes in legal interpretations or implementation of additional governmental rules and regulations affecting taxes, accounting, wage and hour matters, health and safety, pensions and insurance; weather conditions and customer travel activity; the effects 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 availability and cost of acceptable sites for development; the acceptance of the Company's concepts as the Company continues to expand into new markets and geographic regions; changes in interest rates affecting the Company's financing costs; commodity, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , group health and utility price increases; practical or psychological effects of terrorist acts, or military or government responses; other undeterminable areas of government or regulatory actions or regulations; and other factors described from time to time in the Company's filings with the Securities and Exchange Commission, press releases and other communications. |
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