LEBANON Tenn. Cracker Barrel Old Country Store reported a 38-percent jump in second-quarter net income as lower costs helped offset slight sales declines.
For the quarter ended Jan. 29, the company posted net income of $25.4 million, or $1.09 per share, compared with year-ago profit of $18.4 million, or 81 cents per share. Latest quarter revenue was virtually flat at $632.6 million.
Same-store restaurant sales dipped 0.2 percent, which Cracker Barrel attributed to severe winter weather. Same-store retail sales fell 3 percent.
"We're very pleased with what weÕve done in these difficult times, and we're proud of the fact that our trusted brand continues to offer great value in a family-friendly setting," said Michael A. Woodhouse, chairman, president and chief executive of Cracker Barrel. "Our execution is continuing to improve and it's helping us sustain our top line and better manage the cost side of the business."
Cracker Barrel raised its outlook for fiscal 2010, projecting earnings to range between $3.35 and $3.50 a share, up from a previous range of $3.05 to $3.30 per share. For fiscal 2009, the company posted per-share earnings of $2.89.
Cracker Barrel operates 594 restaurants in 41 states.
Contact Molly Gise at [email protected].