CBRL Group, Inc. Reports Strong Sales Trends and Updated Earnings Guidance and Share Repurchase Status.

Business Editors

LEBANON, Tenn.--(BUSINESS WIRE)--Dec. 20, 2001

CBRL Group, Inc. (Nasdaq:CBRL) today reported its fiscal 2002 second quarter sales trends and share repurchase status, and updated earnings guidance for the quarter and fiscal year.

The Company reported that quarter-to-date comparable store restaurant sales in its Cracker Barrel Old Country Store(R) units are up more than 8% compared to the same period a year ago, including 4.5-5% higher guest traffic. Quarter-to-date retail sales in the comparable units increased almost 2%. Quarter-to-date comparable store sales in the Company's Logan's Roadhouse(R) units are up 3.5-4% from last year, with guest traffic up approximately 3.5%. Quarter-to-date sales comparisons in both concepts recently have benefited from the relatively mild winter weather experienced this year.

The Company's present guidance for diluted earnings per share for the second quarter of fiscal 2002, which ends on February 1, 2002, is in the low $0.30's range, compared with $0.26 in the year ago quarter. This guidance reflects, among other things, sales comparisons for the remainder of the quarter against more normal winter weather than the especially severe weather of mid-December a year ago, and the lower benefit from pricing at Cracker Barrel as it anniversaries last year's 1.2% mid-December menu price increase. For the full fiscal year, the Company continues to expect to achieve diluted earnings per share growth of 15%, or better, from fiscal 2001 earnings of $1.30 per share before the effect of charges taken in fiscal 2001. 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.

Thus far this fiscal year, the Company has repurchased 767,700 shares of its common stock for total consideration of $17.5 million, or approximately $22.80 per share. These purchases were made under the Company's currently authorized three million-share repurchase program.

Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates 443 Cracker Barrel Old Country Store restaurants and gift shops located in 40 states and 82 company operated and ten franchised Logan's Roadhouse restaurants in 16 states.

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 "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 during the Company's important Christmas retail-selling season; the actual results of pending or threatened litigation; the effects of negative publicity; adverse weather conditions; commodity, group health and utility price increases; 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; changes in or implementation of additional governmental rules and regulations affecting wage and hour matters, health and safety, pensions and insurance; practical or psychological effects of terrorist acts or military responses; 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, press releases and other communications.