LEBANON Tenn. CBRL Group Inc., operator of 555 Cracker Barrel Old Country Store restaurants and gift shops, more than tripled its net income for the fiscal 2007 second quarter on the sale of its Logan's Roadhouse chain and a 4.3-percent increase in revenues.
For the quarter ended Jan. 26, CBRL earned $102.5 million, or $2.88 per share, compared with $30.8 million, or 61 cents per share, in the prior-year second quarter. CBRL booked $82 million in income from discontinued operations for its Logan's concept, sold in December to private-equity groups.
Revenues totaled $612.1 million. Same-store restaurant sales at Cracker Barrel increased 0.5 percent, which reflected a 1.2-percent jump in the average check and a 0.7-percent decline in guest traffic. Same-store retail sales increased 5.5 percent.
Income from continuing operations totaled $20.5 million in the latest quarter, down from $26.7 million in the second quarter of fiscal 2006. The company blamed the reduction on higher interest expense from its recapitalization efforts begun last year. Per-share earnings from continuing operations totaled 60 cents, up from 53 cents in the year-earlier quarter. The increase in per-share profit was due to a reduction in the number of shares outstanding from CBRL's share repurchase initiatives.