Business
Cracker Barrel Reports Second Quarter Fiscal 2020 Results And Updates Guidance
Comparable store restaurant sales growth and traffic outperform the casual dining industry LEBANON, Tenn., Feb. 25, 2020 /PRNewswire/ -- Cracker Barrel Old
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"Comparable store restaurant sales growth and traffic outperform the casual dining industry\n\n\nLEBANON, Tenn., Feb. 25, 2020 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today reported its financial results for the second quarter ended January 31, 2020.\nSecond Quarter Fiscal 2020 Highlights\nComparable store restaurant sales growth of 3.8% and traffic of -0.2% outperformed the casual dining industry. Comparable store retail sales increased 1.3%.Operating income was $79.1 million, a 3.2% increase compared to the prior year.GAAP earnings per diluted share were $2.55, which includes an unfavorable impact to earnings per diluted share for the quarter of ($0.15) from the Company's equity method investment in its unconsolidated subsidiary Punch Bowl Social, compared to prior year second quarter earnings per diluted share of $2.52. Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, \"I am pleased that we continued to outperform the casual dining industry and that we delivered solid operating income growth. The holidays are an important time for Cracker Barrel, and I believe this quarter we further strengthened our reputation as a destination for both in-store and off-premise holiday dining occasions, as demonstrated by the success of our Country Fried Turkey menu promotion and the continued growth of our off-premise business. Our teams continued to make progress on key initiatives, and I believe we are well-positioned to build on our momentum in the back half of our fiscal year.\"\nSecond Quarter Fiscal 2020 Results Revenue The Company reported total revenue of $846.1 million for the second quarter of fiscal 2020, representing an increase of 4.2% over the second quarter of the prior year. Cracker Barrel comparable store restaurant sales increased 3.8%, as a 4.0% increase in average check offset a 0.2% decrease in comparable store restaurant traffic. The average menu price increase for the quarter was approximately 2.2%. Comparable store retail sales increased 1.3% from the prior year quarter. \nOperating IncomeOperating income in the second quarter was $79.1 million, or 9.4% of total revenue, an increase from the prior year quarter of $76.7 million, or 9.5% of total revenue. As a percentage of total rev...