Restaurant chain Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) on Tuesday reported a 2.9% decline in fourth-quarter sales to $787.1 million, but this was higher than the street expectation of $775 million.
The top-line growth was spurred by a 3.8% growth in comparable restaurant sales, as well as a narrow increase in traffic of about 0.2%.
Meanwhile, net income for the quarter came in at $2.70 per share, compared to $2.55 per share in the same period last year. The bottom-line topped analysts’ projection of $2.48 per share by a wide margin.
The better-than-expected results sent the stock up 3.1% during pre-market trading hours. The stock is up 2.5% so far this year.
CEO Sandra Cochran said, “We ended the fiscal year with a strong quarter, delivering comparable store restaurant sales and traffic growth in the fourth quarter that outperformed the casual dining industry.”
Outlook
The restaurant company also provided its expectations for the upcoming financial year. For fiscal 2020, the Lebanon, Tennessee-based firm sees revenues between $3.15 billion and $3.20 billion, as Comparable store restaurant sales is projected to grow 2-3%.
Excluding the unfavorable impact from the investments it made in Denver-based Punch Bowl Social, earning for this period is expected between $9.30 and $9.45 per share.
Cracker Barrel is also hoping to spend $115 million to $125 million in capital expenditures during fiscal 2020.
Most Popular
Tyson Foods (TSN) Q2 2024 Earnings: Key financials and quarterly highlights
Tyson Foods, Inc. (NYSE: TSN) reported second quarter 2024 earnings results today. Sales dipped slightly to $13.07 billion from $13.1 billion in the same period a year ago. Net income
After mixed Q2, what awaits Apple (AAPL) in the second half?
Apple’s (NASDAQ: AAPL) stock rallied this week after the gadget giant reported stronger-than-expected Q2 results and announced the largest-ever share buyback program. The company is investing heavily in the business,
What to expect when Tyson Foods (TSN) reports Q2 2024 earnings results
Shares of Tyson Foods, Inc. (NYSE: TSN) stayed green on Friday. The stock has gained 8% over the past three months. The branded foods company is slated to report its