Cracker Barrel Old Country Store Inc. (CBRL) is scheduled to release its earnings results for the second quarter of 2019 on Tuesday before the market opens. The results will be benefited by comparable store retail sales growth and an increase in comparable store restaurant sales.
It is expected that most regions of the country would experience positive same-store sales growth for the quarter. However, the restaurant traffic could be hurt by the government shutdown and Polar Vortex as well as bad weather.
The company is likely to aim at improving performance through an intense focus on the guest experience, its menu, and value as well as the continued expansion of its off-premise business. In the previous quarter, the company introduced new news by featuring its Biscuit which was offered as its Biscuit French Toast with sweet blackberry topping and Biscuit Beignets with butter pecan sauce.
Analysts expect Cracker Barrel to report earnings of $2.50 per share on revenue of $809.61 million for the second quarter. In comparison, during the previous year quarter, the company posted a profit of $2.73 per share on revenue of $787.77 million. Majority of the analysts recommended a “hold” rating with an average price target of $171.40.
For the first quarter, the company posted a 2% rise in earnings as a 4.3% increase in comparable store retail sales and 1.4% comparable store restaurant sales growth drove total revenue higher. Average check increased 3% and average menu price rose about 2% while comparable store restaurant traffic declined 1.6%.
For the full year 2019, Cracker Barrel had expected total revenues of about $3.04 billion and earnings in the range of $8.95 to $9.10 per share. The company had projected increases in comparable store restaurant sales growth in the range of flat to 1% and comparable store retail sales growth in the range of 1% to 2% for the full year. Food commodity inflation was predicted to be about 2% for the year.
Shares of Cracker Barrel ended Friday’s regular session down 0.66% at $170.57 on the Nasdaq. The stock has risen over 7% in the past year and over 2% in the past month.
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