CRACKER BARREL OLD COUNTRY STORE, INC. ANNOUNCES FISCAL 1996 SECOND QUARTER RESULTS.LEBANON, Tenn.--(BUSINESS WIRE)--Feb. 14, 1996--Cracker Barrel Old Country Store, Inc. (Nasdaq: NM/CBRL) today announced results for its second quarter and six months ended January 26, 1996. For the second quarter, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $219.5 million compared with $188.6 million a year ago, and pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. was $20.2 million compared with $19.6 million last year. Pretax income includes an expense of $500,000 related to the previously announced store closing in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. . Net income for the quarter was $12.5 million, or $0.21 per share up from $12.3 million, or $0.20 per share for the quarter ended January 27, 1995. For the six months ended January 26, 1996, net sales were $440.5 million compared with $373.6 million a year ago. Pretax income was $47.3 million compared with $44.4 million last year; and net income was $29.3 million, or $0.48 per share, compared with net income of $27.9 million, or $0.46 per share for the six months ended January 27, 1995. Commenting on the results, Dan W. Evins, chairman and chief executive officer, said, "Same store restaurant sales for the second quarter ended January 26, 1996, increased 1.5%, and same store gift shop sales declined 3.7%. Combined same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increased 0.1%. The balance of the sales increase was attributable to the new stores opened in fiscal 1995 and fiscal 1996. Sales during the quarter were negatively affected by extreme winter weather conditions. "We opened nine new stores during the second quarter. To date in the third quarter we have opened 4 stores, bringing our year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. total of new stores to 24. We plan to open a total of 13 stores in the third quarter and 10 in the fourth quarter, for a total of 43 new stores opened in fiscal 1996. "During the second quarter, we began a test of T.V. advertising in certain of our core markets. While it is too early to draw any firm conclusions, the advertising has generally been well received. Also during the second quarter, we continued to develop our Corner Market concept. We are currently refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar the store layout and plan to introduce breakfast later this month. "We now have completed the key additions to our senior management team and believe we are fortunate to have these capable and experienced executives in position to play a greater role in the future of 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. ." 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. , Cracker Barrel Old Country Store, Inc. operates 241 restaurants located in Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , Georgia, Indiana, Kentucky, Florida, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Ohio, Illinois Ohio is a village in Bureau County, Illinois, United States. The population was 540 at the 2000 census. Geography Ohio is located at (41.556900, -89.460995)GR1. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Alabama, Virginia, Missouri, Michigan, Mississippi, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Wisconsin, Louisiana, Texas, Iowa, Oklahoma, Minnesota, Pennsylvania, Kansas, Colorado and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . -0-
Cracker Barrel Old Country Store, Inc.
Income Statements (Unaudited)
(In 000's, except per share amounts)
Second Quarter Ended % of Six Months Ended % of
1/26/96 1/27/95 Change 1/26/96 1/27/95 Change
Net sales:
Restaurant $162,593 $138,317 18% $337,150 $283,738 19%
Gift shop 56,891 50,306 13% 103,345 89,833 15%
Total sales 219,484 188,623 16% 440,495 373,571 18%
Cost of goods
sold 80,629 68,149 18% 154,236 129,539 19%
Gross profit 138,855 120,474 15% 286,259 244,032 17%
Labor & other
related
expenses 72,347 61,669 17% 146,296 122,270 20%
Other store
operating
expenses (1) 34,096 28,335 20% 67,427 55,664 21%
General and
administrative 12,682 11,470 11% 26,244 22,933 14%
Total expenses 119,125 101,474 17% 239,967 200,867 19%
Operating
income 19,730 19,000 4% 46,292 43,165 7%
Interest expense 82 277 -70% 261 522 -50%
Interest income 569 868 -34% 1,273 1,748 -27%
Pretax income 20,217 19,591 3% 47,304 44,391 7% Provision for income taxes 7,682 7,268 6% 17,976 16,469 9% Net income $ 12,535 $ 12,323 2% $ 29,328 $ 27,922 5% Earnings per share $.21 $.20 5% $.48 $.46 4% Average common and common equivalents 60,630 60,487 - 60,626 60,540 - Ratio analysis Net sales: Restaurant 74.1% 73.3% 76.5% 76.0% Gift shop 25.9% 26.7% 23.5% 24.0% Total sales 100.0% 100.0% 100.0% 100.0% Cost of goods sold 36.7% 36.1% 35.0% 34.7% Gross profit 63.3% 63.9% 65.0% 65.3% Labor & other related expenses 33.0% 32.7% 33.2% 32.7% Other store operating expenses (1) 15.5% 15.0% 15.3% 14.9% General and administrative 5.8% 6.1% 6.0% 6.1% Total expenses 54.3% 53.8% 54.5% 53.8% Operating income 9.0% 10.1% 10.5% 11.6% Interest expense 0.0% 0.1% 0.1% 0.1% Interest income 0.3% 0.5% 0.3% 0.5% Pretax income 9.2% 10.4% 10.7% 11.9% Provision for income taxes 3.5% 3.9% 4.1% 4.4% Net income 5.7% 6.5% 6.7% 7.5%
(1) Includes a $500,000 provision related to the Memphis
closure.
CONTACT: Cracker Barrel Old Country Store, Inc., Lebanon Michael A. Woodhouse, 615/444-5533 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion