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Cracker Barrel (CBRL) Earnings Beat, Revenues Miss in Q1
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Cracker Barrel Old Country Store, Inc. (CBRL - Free Report) posted mixed first-quarter fiscal 2018 results, with the bottom line beating the Zacks Consensus Estimate and the top line lagging the same. The mixed results led to a 4% decline in the company’s share price yesterday.
Earnings & Revenues
Earnings of $1.92 per share surpassed the Zacks Consensus Estimate of $1.86 by 3.2%. However, the bottom line declined 4.5% from the year-ago figure of $2.01 due to the impact of recent hurricanes Harvey and Irma. According to management’s estimates, hurricanes hurt earnings by 7cents a share.
The company reported revenues of $710.4 million in the quarter, missing the Zacks Consensus Estimate of $719.1 million by 1.2%. Meanwhile, the top line increased a nominal 0.1% on a year-over-year basis.
Cracker Barrel Old Country Store, Inc. Price, Consensus and EPS Surprise
Comparable store restaurant sales increased 0.2% year over year, including a 2% increase in average check, partially offset by a 1.8% decrease in store traffic. The figure compared favorably with a 0.8% decline in fourth-quarterfiscal 2017. Notably, the average menu price rise in the quarter was close to 2.2%.
Comparable store retail sales in the fiscal first quarter fell 3.6% in the fiscal first-quarter, slightly better than the 4.4% decline recorded in the last quarter.
Operating Highlights
Operating margin in the reported quarter was 10%, down 70 basis points (bps) from 10.7% a year ago.
Second-Quarter Outlook
For second-quarter fiscal 2018, management expects earnings per diluted share between $2.15 and $2.25, including an estimated negative impact of 3 cents from the hurricanes.
Fiscal 2018 Guidance
Cracker Barrel decreased the lower end of its previously expected range of earnings per diluted share to $8.75—$8.90 (earlier $8.85 to $9.00), reflecting approximately 10-cent negative impact from hurricanes. It is to be noted that the company's 2018 fiscal year has 53-weeks. Cracker Barrel estimates the impact of the 53rd week, which is included in its guidance, to contribute roughly 30 cents to earnings per share.
Total revenues are still expected at $3.1 billion, due to the expected opening of eight or nine new Cracker Barrel stores and three new Holler & Dash stores. The outlook also takes into consideration a projected increase in comparable store restaurant sales of 2% to 3% (lower than the previously guided range of 2.5% to 3.5%). Comparable store retail sales are expected to remain flat (earlier flat to up 1%).
Operating margin as a percentage of revenue is expected to be 10.5%. Capital expenditures are anticipated in the band of $150 million to $160 million, same as the previous band.
Darden Restaurants, Inc.’s (DRI - Free Report) first-quarter fiscal 2018 adjusted earnings of 99 cents per share outpaced the Zacks Consensus Estimate of 98 cents by more than1%. Further, the bottom line improved 12.5% year over year on the back of higher revenues.
Buffalo Wild Wings, Inc.’s third-quarter adjusted earnings of $1.36 per share increased 5.4% year over year and surpassed the Zacks Consensus Estimate of 78 cents by 74.4%.
In third-quarter fiscal 2017, DineEquity, Inc. (DIN - Free Report) posted earnings of 91 cents per share that surpassed the Zacks Consensus Estimate of 88 cents by 3.4%. However, earnings declined 37.8% year over year mainly due to lower gross profits.
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Cracker Barrel (CBRL) Earnings Beat, Revenues Miss in Q1
Cracker Barrel Old Country Store, Inc. (CBRL - Free Report) posted mixed first-quarter fiscal 2018 results, with the bottom line beating the Zacks Consensus Estimate and the top line lagging the same. The mixed results led to a 4% decline in the company’s share price yesterday.
Earnings & Revenues
Earnings of $1.92 per share surpassed the Zacks Consensus Estimate of $1.86 by 3.2%. However, the bottom line declined 4.5% from the year-ago figure of $2.01 due to the impact of recent hurricanes Harvey and Irma. According to management’s estimates, hurricanes hurt earnings by 7cents a share.
The company reported revenues of $710.4 million in the quarter, missing the Zacks Consensus Estimate of $719.1 million by 1.2%. Meanwhile, the top line increased a nominal 0.1% on a year-over-year basis.
Cracker Barrel Old Country Store, Inc. Price, Consensus and EPS Surprise
Cracker Barrel Old Country Store, Inc. Price, Consensus and EPS Surprise | Cracker Barrel Old Country Store, Inc. Quote
Behind the Headline Numbers
Comparable store restaurant sales increased 0.2% year over year, including a 2% increase in average check, partially offset by a 1.8% decrease in store traffic. The figure compared favorably with a 0.8% decline in fourth-quarterfiscal 2017. Notably, the average menu price rise in the quarter was close to 2.2%.
Comparable store retail sales in the fiscal first quarter fell 3.6% in the fiscal first-quarter, slightly better than the 4.4% decline recorded in the last quarter.
Operating Highlights
Operating margin in the reported quarter was 10%, down 70 basis points (bps) from 10.7% a year ago.
Second-Quarter Outlook
For second-quarter fiscal 2018, management expects earnings per diluted share between $2.15 and $2.25, including an estimated negative impact of 3 cents from the hurricanes.
Fiscal 2018 Guidance
Cracker Barrel decreased the lower end of its previously expected range of earnings per diluted share to $8.75—$8.90 (earlier $8.85 to $9.00), reflecting approximately 10-cent negative impact from hurricanes. It is to be noted that the company's 2018 fiscal year has 53-weeks. Cracker Barrel estimates the impact of the 53rd week, which is included in its guidance, to contribute roughly 30 cents to earnings per share.
Total revenues are still expected at $3.1 billion, due to the expected opening of eight or nine new Cracker Barrel stores and three new Holler & Dash stores. The outlook also takes into consideration a projected increase in comparable store restaurant sales of 2% to 3% (lower than the previously guided range of 2.5% to 3.5%). Comparable store retail sales are expected to remain flat (earlier flat to up 1%).
Operating margin as a percentage of revenue is expected to be 10.5%. Capital expenditures are anticipated in the band of $150 million to $160 million, same as the previous band.
Cracker Barrel carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
Darden Restaurants, Inc.’s (DRI - Free Report) first-quarter fiscal 2018 adjusted earnings of 99 cents per share outpaced the Zacks Consensus Estimate of 98 cents by more than1%. Further, the bottom line improved 12.5% year over year on the back of higher revenues.
Buffalo Wild Wings, Inc.’s third-quarter adjusted earnings of $1.36 per share increased 5.4% year over year and surpassed the Zacks Consensus Estimate of 78 cents by 74.4%.
In third-quarter fiscal 2017, DineEquity, Inc. (DIN - Free Report) posted earnings of 91 cents per share that surpassed the Zacks Consensus Estimate of 88 cents by 3.4%. However, earnings declined 37.8% year over year mainly due to lower gross profits.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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