UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (date of earliest event reported):
May 28, 2008
CBRL
GROUP, INC.
| Tennessee | 0-25225 | 62-1749513 |
| (State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of Incorporation) | Identification No.) |
305
Hartmann Drive, Lebanon, Tennessee 37087
(615)
444-5533
Check the
appropriate box if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
2.02. Results of Operations and Financial Condition.
On May 28, 2008, CBRL
Group, Inc. issued the press release that is furnished as Exhibit 99.1 to this
Current Report on Form 8-K, which by this reference is incorporated herein as if
copied verbatim, with respect to fiscal 2008 third quarter results, fiscal 2008
outlook and the conference call to be held to discuss this
information.
Item
7.01. Regulation FD Disclosure.
The information set forth
in Item 2.02 above is incorporated by reference as if fully set forth
herein.
Item
9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
| See Exhibit Index immediately following signature page. |
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
| Dated: May 28, 2008 | CBRL GROUP, INC. | ||
|
|
By:
|
/s/ N.B. Forrest Shoaf | |
| Name: N.B. Forrest Shoaf | |||
| Title: Senior Vice President, Secretary and General Counsel | |||
| EXHIBIT INDEX | |||
| Description | |||
| Exhibit No. | |||
| 99.1 | Press Release issued by CBRL Group, Inc. dated May 28, 2008 (furnished only) | ||
Exhibit
99.1
 |
POST OFFICE BOX
787
LEBANON,
TENNESSEE
37088-0787
|
| Investor Contact: | Diana S. Wynne |
| Senior Vice President, Corporate Affairs | |
| (615) 443-9837 | |
| Media Contact: | Julie K. Davis |
| Director Corporate Communications | |
| (615) 443-9266 |
CBRL
GROUP, INC. REPORTS HIGHER THIRD QUARTER NET INCOME PER DILUTED
SHARE
Updates
Guidance for Fiscal 2008
|
·
|
Fully
diluted income from continuing operations per share increased 4.5% to
$0.46 for the third quarter
|
|
|
fiscal
2008 from $0.44 in the prior-year comparable
period.
|
|
·
|
Revenue
for the third quarter grew 3.3% to $567 million compared with the prior
year quarter.
|
|
·
|
Comparable
store restaurant sales for the third quarter fiscal 2008 increased 0.2%
from prior year for
|
|
|
Cracker
Barrel Old Country Store®
(“Cracker Barrel”) while comparable store retail sales were down
2.1%,
|
|
|
both
on a comparable weeks basis.
|
|
·
|
Operating
income margin from continuing operations in the third quarter was 4.9% of
total
|
|
|
revenue
compared with 5.5% in the year-ago
quarter.
|
LEBANON,
Tenn. -- May 28,
2008 -- CBRL Group, Inc. (“CBRL” or the “Company”) (Nasdaq: CBRL)
today reported income from continuing operations of $0.46 per diluted share for
the third quarter of fiscal 2008, which represents an increase of 4.5% over
$0.44 per diluted share from continuing operations in the third quarter of
fiscal 2007. Income from continuing operations was $10.5 million
compared with $12.1 million in the third quarter of fiscal 2007, reflecting
lower operating income and lower interest income.
Third-Quarter
Fiscal 2008 Results
Revenue
from
continuing operations
Total
revenue from continuing operations of $567 million during the third quarter
represented an increase of 3.3% from the third quarter of fiscal
2007. Comparable store restaurant sales for the period increased
0.2%, including a 3.5% higher average check, while guest traffic declined 3.3%,
both on a comparable weeks basis. Cracker Barrel’s average menu price
increase for the quarter was approximately 3.7% compared with last
year. Comparable store retail sales were down 2.1% for the quarter on
a comparable weeks basis. During the quarter, the Company opened six
new Cracker Barrel Old Country Store units, bringing the new store openings to
date for fiscal 2008 to 16, with a total of 17 planned in fiscal
2008.
-MORE-
Income
from continuing operations
Operating
income from continuing operations of $27.7 million was 4.9% of total revenue
during the third quarter of fiscal 2008 compared with $30.1 million, or 5.5% of
total revenue, in the third quarter of fiscal 2007. Operating income
margin was favorably affected by higher sales and lower general and
administrative expenses, which were offset by higher retail product and food
costs. General and administrative expenses declined because of lower
incentive compensation accruals in the third quarter.
Income
from continuing operations was $10.5 million, or $0.46 per diluted share, for
the third quarter of fiscal 2008, compared with $12.1 million, or $0.44 per
diluted share for the comparable period of fiscal 2007. The decline
in income from continuing operations reflected lower operating income and lower
interest income on cash balances held (the prior year included substantial cash
balances held following the disposition of Logan’s Roadhouse, Inc.) offset by
the benefit of a lower effective tax rate.
Commenting on the
third-quarter results, CBRL Group, Inc. Chairman, President and Chief Executive
Officer Michael A. Woodhouse said, “In a very challenging consumer environment,
we are pleased that our strong value proposition continued to generate
restaurant traffic that outperformed casual dining industry trends in the
quarter. Our cost management initiatives are showing positive results
and helping to mitigate higher costs for food and pressures on retail gross
margins. While we will continue to address current cost issues, we
remain focused on driving restaurant traffic and building retail
sales.”
Year-to-date
Fiscal 2008 Results
Total
revenue from continuing operations of $1.78 billion year-to-date for fiscal 2008
represented an increase of 3.7% over fiscal 2007. Comparable store
restaurant sales increased 1.0% on a comparable weeks basis, including a 3.3%
higher check, while guest traffic declined by 2.3%. Comparable store
retail sales decreased 0.6% on a comparable weeks basis. In the first
nine months of fiscal 2008, the Company opened 16 new Cracker Barrel Old Country
Stores and closed two units.
Year to
date, the Company reported income from continuing operations of $44.7 million,
or $1.88 per diluted share, compared with income from continuing operations of
$47.8 million, or $1.50 per diluted share, in fiscal 2007.
Year-to-date net cash flow
provided by operating activities from continuing operations was $83.8 million,
compared with $100.0 million in fiscal 2007, reflecting lower net income from
continuing operations as well as the timing of accounts payable in the current
year.
-MORE-
Fiscal
May Sales
With
three days remaining in the fiscal month of May, we expect to report flat to
slightly positive comparable store restaurant sales. Comparable store
retail sales are expected to be up 2% to 3%. Sales for the fiscal
month of May, which ends May 30, 2008, will be reported on June 3,
2008.
Fiscal
2008 Outlook
The
Company urges caution in considering its current trends and the outlook
disclosed in this press release. The restaurant industry is highly
competitive, and trends and guidance are subject to numerous factors, risks and
influences, some of which are discussed in the cautionary language set forth
below in this press release and others that are described in the Company’s
Annual Report on Form 10-K for the fiscal year ended August 3, 2007 and
subsequent Quarterly Reports on Form 10-Q which can be found on the Securities
and Exchange Commission’s website, sec.gov, and the Company’s website,
cbrlgroup.com. The Company disclaims any obligations to update
disclosed information on trends or targets.
The
Company commented that its outlook for fiscal 2008 reflects many assumptions,
the accuracy of which is not yet known. Based on current trends and
estimates, the Company expects fiscal 2008 total revenue to increase
approximately 2% over revenues from continuing operations in fiscal 2007 (which
included a 53rd week equaling $46.3 million of sales). The revenue
increase reflects the projected opening of 17 new Cracker Barrel units during
the year, full-year comparable store restaurant sales projected to be up 1% to
1.5% on a comparable weeks basis, including approximately 3.6% of menu price
increases, and full-year comparable store retail sales projected to be flat to
up 0.5% compared to fiscal 2007 on a comparable weeks basis. The
Company also expects fiscal 2008 operating income margin as a percent of
revenues from continuing operations to be approximately 6.7% to 6.8% compared
with 7.0% (excluding the effect of a 53rd
week) in fiscal 2007. Commodity cost inflation for fiscal 2008 now is
expected to be 5.5% to 6.0% with an estimated 80% of product needs contracted
for the fourth quarter of fiscal 2008. Depreciation for the year is
expected to be approximately $57 to $58 million. Net interest expense
is estimated at $57 to $58 million and diluted shares outstanding are expected
to average approximately 23.5 million. The Company expects its full
year 2008 effective tax rate to be between 30.0% and 30.5%, including lower than
previously-expected tax rates in the fourth quarter. Income from
continuing operations per diluted share now is projected to be in the range of
$3.02 to $3.12 per share. The Company expects full year fiscal 2008
capital expenditures of approximately $85 million.
In
updating its guidance, the Company also noted that beginning in fiscal 2009, the
Company will no longer report sales results monthly. Instead,
quarterly sales results will be reported when the Company releases quarterly
financial results.
Commenting on the outlook,
Mr. Woodhouse said, “While our restaurant traffic and retail sales were not as
strong as we had expected in the third quarter, we are pleased with the way our
fourth quarter has started. We believe that our first ever national
promotion, The Greatest Family Road Trip™ Game, will generate new
-MORE-
excitement for Cracker
Barrel during the summer travel season. We continue to represent a great dining
value, and now we're providing more reasons to stop and see what's
new. We continue to expect earnings per share to be substantially
better than fiscal 2007, which included the 53rd
week, as a result of our operating focus and the recapitalization initiatives
that we began in fiscal 2006.”
Fiscal
2008 Third-Quarter Conference Call
As
previously announced, the live broadcast of CBRL Group’s quarterly conference
call will be available to the public on-line at investor.cbrlgroup.com
today beginning at 11:00 a.m. (ET). The on-line replay will be
available at 2:00 p.m. (ET) and continue through June 11, 2008.
Headquartered in Lebanon,
Tennessee, CBRL Group, Inc. presently operates 576 Cracker Barrel Old
Country
Store
restaurants and gift shops located in 41 states.
Except
for specific historical information, many of the matters discussed in this press
release may express or imply projections of revenues or expenditures, statements
of plans and objectives or future operations or statements of future economic
performance. These, and similar statements are forward-looking
statements concerning matters that involve risks, uncertainties and other
factors which may cause the actual performance of CBRL Group, Inc. and its
subsidiaries to differ materially from those expressed or implied by this
discussion. All forward-looking information is provided by the
Company pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of these
factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as “trends,” “assumptions,”
“target,” “guidance,” “outlook,” “opportunity,” “future,” “plans,” “goals,”
“objectives,” “expectations,” “near-term,” “long-term,”
“projection,” “may,” “will,” “would,” “could,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “potential,” “regular,” ”should,” “ projects,”
“forecasts,” or “continue” (or the negative or other derivatives of
each of these terms) or similar terminology. Factors which could
materially affect actual results include, but are not limited to: the
effects of actual or perceived negative economic conditions including uncertain
consumer confidence, higher costs for energy, consumer debt payments, or weather
on sales and customer travel, discretionary income or personal expenditure
activity of our customers; the ability of the Company to identify, acquire and
sell successful new lines of retail merchandise and new menu items at our
restaurants; commodity price increases including weather effects on supply and
the effects of demand for corn for ethanol production on the costs of animal
feed and resulting protein prices; the ability of the Company to sustain or the
effects of plans intended to improve operational or
marketing execution and performance; workers compensation,
group health and utility price changes; changes in or implementation of
additional governmental or regulatory rules, regulations and interpretations
affecting tax, wage and hour matters, health and safety, pensions, insurance or
other undeterminable areas; the effects of plans intended to promote or protect
the Company’s brands and products; the ability of and cost to the Company to
recruit, train, and retain qualified hourly and management employees in an
escalating wage environment; the effects of increased competition at Company
locations on sales and on labor recruiting, cost, and retention; the
availability and cost of suitable sites for restaurant development and our
ability to identify those sites; consumer behavior based on negative
publicity or concerns over nutritional
-MORE-
or
safety aspects of the Company’s products or restaurant food in general,
including concerns about E. coli bacteria, “mad cow” disease, and bird flu, as
well as the possible effects of such events on the price or availability of
ingredients used in our restaurants; the effects of incurring substantial
indebtedness and associated restrictions on the Company’s financial and
operating flexibility and ability to execute or pursue its operating plans and
objectives; changes in interest rates or capital market conditions affecting the
Company’s financing costs or ability to obtain financing; the effects of
business trends on the outlook for individual restaurant locations and the
effect on the carrying value of those locations; the ability of the Company to
retain key personnel; changes in land, building materials and construction
costs; the actual results of pending, future or threatened litigation or
governmental investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological effects of natural
disasters or terrorist acts or war and military or government responses;
disruptions to the Company’s restaurant or retail supply chain; changes in
foreign exchange rates affecting the Company’s future retail inventory
purchases; implementation of new or changes in interpretation of existing
accounting principles generally accepted in the United States of America
(“GAAP”); effectiveness of internal controls over financial reporting and
disclosure; and other factors described from time to time in the Company’s
filings with the Securities and Exchange Commission, press releases, and other
communications.
-MORE-
CBRL
GROUP, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except share amounts)
|
Third
Quarter Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||
|
5/2/08
|
4/27/07
|
Percentage
Change
|
5/2/08
|
4/27/07
|
Percentage
Change
|
|||||||||||||||||||
|
Total
revenue
|
$ | 567,138 | $ | 549,050 | 3 | % | $ | 1,782,756 | $ | 1,719,447 | 4 | % | ||||||||||||
|
Cost
of goods sold
|
180,588 | 167,928 | 8 | 584,551 | 551,136 | 6 | ||||||||||||||||||
|
Gross
profit
|
386,550 | 381,122 | 1 | 1,198,205 | 1,168,311 | 3 | ||||||||||||||||||
|
Labor
& other related expenses
|
226,851 | 219,012 | 4 | 681,652 | 650,780 | 5 | ||||||||||||||||||
|
Other
store operating expenses
|
103,157 | 100,511 | 3 | 314,850 | 304,165 | 4 | ||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | -- | 877 | -- | -- | ||||||||||||||||||
|
Store
operating income
|
56,542 | 61,599 | (8 | ) | 200,826 | 213,366 | (6 | ) | ||||||||||||||||
|
General
and administrative expenses
|
28,800 | 31,536 | (9 | ) | 91,641 | 102,818 | (11 | ) | ||||||||||||||||
|
Operating
income
|
27,742 | 30,063 | (8 | ) | 109,185 | 110,548 | (1 | ) | ||||||||||||||||
|
Interest
expense
|
14,215 | 13,801 | 3 | 43,578 | 43,587 | -- | ||||||||||||||||||
|
Interest
income
|
-- | 2,199 | (100 | ) | 185 | 6,654 | (97 | ) | ||||||||||||||||
|
Pretax
income
|
13,527 | 18,461 | (27 | ) | 65,792 | 73,615 | (11 | ) | ||||||||||||||||
|
Provision
for income taxes
|
3,048 | 6,350 | (52 | ) | 21,096 | 25,841 | (18 | ) | ||||||||||||||||
|
Income
from continuing operations
|
10,479 | 12,111 | (13 | ) | 44,696 | 47,774 | (6 | ) | ||||||||||||||||
|
(Loss)
income from discontinued operations
|
(35 | ) | 214 | (116 | ) | (146 | ) | 86,490 | (100 | ) | ||||||||||||||
|
Net
income
|
$ | 10,444 | $ | 12,325 | (15 | ) | $ | 44,550 | $ | 134,264 | (67 | ) | ||||||||||||
|
Earnings
per share – Basic:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.47 | $ | 0.48 | (2 | ) | $ | 1.94 | $ | 1.65 | 18 | |||||||||||||
|
(Loss)
income from discontinued operations
|
$ | -- | $ | 0.01 | (100 | ) | $ | -- | $ | 2.98 | (100 | ) | ||||||||||||
|
Net
income per share
|
$ | 0.47 | $ | 0.49 | (4 | ) | $ | 1.94 | $ | 4.63 | (58 | ) | ||||||||||||
|
Earnings
per share – Diluted:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.46 | $ | 0.44 | 5 | $ | 1.88 | $ | 1.50 | 25 | ||||||||||||||
|
(Loss)
income from discontinued operations
|
$ | -- | $ | 0.01 | (100 | ) | $ | -- | $ | 2.54 | (100 | ) | ||||||||||||
|
Net
income per share
|
$ | 0.46 | $ | 0.45 | 2 | $ | 1.88 | $ | 4.04 | (53 | ) | |||||||||||||
|
Weighted
average shares:
|
||||||||||||||||||||||||
|
Basic
|
22,140,557 | 24,984,268 | (11 | ) | 22,993,121 | 28,996,618 | (21 | ) | ||||||||||||||||
|
Diluted
|
22,812,380 | 30,183,152 | (24 | ) | 23,671,903 | 34,070,700 | (31 | ) | ||||||||||||||||
|
Ratio
Analysis
|
||||||||||||||||||||||||
|
Total
revenue:
|
||||||||||||||||||||||||
|
Restaurant
|
81.2 | % | 81.0 | % | 77.9 | % | 77.6 | % | ||||||||||||||||
|
Retail
|
18.8 | 19.0 | 22.1 | 22.4 | ||||||||||||||||||||
|
Total
revenue
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||
|
Cost
of goods sold
|
31.8 | 30.6 | 32.8 | 32.1 | ||||||||||||||||||||
|
Gross
profit
|
68.2 | 69.4 | 67.2 | 67.9 | ||||||||||||||||||||
|
Labor
& other related expenses
|
40.0 | 39.9 | 38.2 | 37.8 | ||||||||||||||||||||
|
Other
store operating expenses
|
18.2 | 18.3 | 17.7 | 17.7 | ||||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | -- | -- | ||||||||||||||||||||
|
Store
operating income
|
10.0 | 11.2 | 11.3 | 12.4 | ||||||||||||||||||||
|
General
and administrative expenses
|
5.1 | 5.7 | 5.2 | 6.0 | ||||||||||||||||||||
|
Operating
income
|
4.9 | 5.5 | 6.1 | 6.4 | ||||||||||||||||||||
|
Interest
expense
|
2.5 | 2.5 | 2.4 | 2.5 | ||||||||||||||||||||
|
Interest
income
|
-- | 0.4 | -- | 0.4 | ||||||||||||||||||||
|
Pretax
income
|
2.4 | 3.4 | 3.7 | 4.3 | ||||||||||||||||||||
|
Provision
for income taxes
|
0.6 | 1.2 | 1.2 | 1.5 | ||||||||||||||||||||
|
Income
from continuing operations
|
1.8 | 2.2 | 2.5 | 2.8 | ||||||||||||||||||||
|
(Loss)
income from discontinued operations
|
-- | -- | -- | 5.0 | ||||||||||||||||||||
|
Net
income
|
1.8 | % | 2.2 | % | 2.5 | % | 7.8 | % | ||||||||||||||||
-MORE-
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except share amounts)
|
5/2/08
|
8/3/07
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 11,901 | $ | 14,248 | ||||
|
Assets
held for sale
|
2,550 | 4,676 | ||||||
|
Other
current assets
|
186,891 | 181,357 | ||||||
|
Property
and equipment, net
|
1,034,785 | 1,018,982 | ||||||
|
Long-lived
assets
|
45,090 | 45,767 | ||||||
|
Total
assets
|
$ | 1,281,217 | $ | 1,265,030 | ||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Current
liabilities
|
$ | 237,308 | $ | 274,669 | ||||
|
Long-term
debt
|
787,535 | 756,306 | ||||||
|
Other
long-term obligations
|
184,359 | 129,932 | ||||||
|
Shareholders’
equity
|
72,015 | 104,123 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 1,281,217 | $ | 1,265,030 | ||||
|
Common
shares outstanding
|
22,147,968 | 23,674,175 | ||||||
-MORE-
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
Nine
Months Ended
|
||||||||
|
5/2/08
|
4/27/07
|
|||||||
|
Cash
flows from continuing operations:
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ | 44,550 | $ | 134,264 | ||||
|
Loss
(income) from discontinued operations, net of tax
|
146 | (86,490 | ) | |||||
|
Depreciation
and amortization
|
42,666 | 42,407 | ||||||
|
Loss
on disposition of property and equipment
|
101 | 587 | ||||||
|
Impairment
|
532 | -- | ||||||
|
Accretion
on zero-coupon notes
|
-- | 4,410 | ||||||
|
Share-based
compensation, net of excess tax benefit
|
6,585 | 5,351 | ||||||
|
Net
changes in other assets and liabilities
|
(10,743 | ) | (517 | ) | ||||
|
Net
cash provided by operating activities
|
83,837 | 100,012 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Purchase
of property and equipment, net of insurance
recoveries
|
(60,699 | ) | (66,604 | ) | ||||
|
Proceeds
from sale of property and equipment
|
4,878 | 5,330 | ||||||
|
Net
cash used in investing activities
|
(55,821 | ) | (61,274 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Net proceeds (payments) for credit facilities and other long-term
obligations
|
31,739 | (80,692 | ) | |||||
|
Proceeds
from exercise of stock options
|
2,218 | 33,013 | ||||||
|
Excess
tax benefit from share-based compensation
|
41 | 4,754 | ||||||
|
Purchase
and retirement of common stock
|
(52,380 | ) | (341,581 | ) | ||||
|
Dividends
on common stock
|
(11,756 | ) | (12,118 | ) | ||||
|
Net
cash used in financing activities
|
(30,138 | ) | (396,624 | ) | ||||
|
Cash
flows from discontinued operations:
|
||||||||
|
Net
cash used in operating activities of discontinued
operations
|
(225 | ) | (33,463 | ) | ||||
|
Net
cash provided by investing activities of discontinued
operations
|
-- | 453,394 | ||||||
|
Net
cash (used in) provided by discontinued operations
|
(225 | ) | 419,931 | |||||
|
Net
(decrease) increase in cash and cash equivalents
|
(2,347 | ) | 62,045 | |||||
|
Cash
and cash equivalents, beginning of period
|
14,248 | 87,830 | ||||||
|
Cash
and cash equivalents, end of period
|
$ | 11,901 | $ | 149,875 | ||||
-MORE-
CBRL
GROUP, INC.
Supplemental
Information
(Unaudited)
|
Third
Quarter Ended
|
Nine
Months Ended
|
|||||||||||||||
|
5/2/08
|
4/27/07
|
5/2/08
|
4/27/07
|
|||||||||||||
|
Units
in operation:
|
||||||||||||||||
|
Open
at beginning of period
|
570 | 552 | 562 | 543 | ||||||||||||
|
Opened
during period
|
6 | 5 | 16 | 14 | ||||||||||||
|
Closed
during period
|
-- | -- | (2 | ) | -- | |||||||||||
|
Open
at end of period
|
576 | 557 | 576 | 557 | ||||||||||||
|
Total
revenue: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 460,406 | $ | 444,923 | $ | 1,388,264 | $ | 1,335,032 | ||||||||
|
Retail
|
106,732 | 104,127 | 394,492 | 384,415 | ||||||||||||
|
Total
revenue
|
$ | 567,138 | $ | 549,050 | $ | 1,782,756 | $ | 1,719,447 | ||||||||
|
Operating
weeks:
|
7,445 | 7,216 | 22,166 | 21,452 | ||||||||||||
|
Average
unit volume: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 803.9 | $ | 801.5 | $ | 2,442.6 | $ | 2,427.1 | ||||||||
|
Retail
|
186.4 | 187.6 | 694.1 | 698.9 | ||||||||||||
|
Total
|
$ | 990.3 | $ | 989.1 | $ | 3,136.7 | $ | 3,126.0 | ||||||||
|
Q3
2008 vs. Q3 2007
|
9
mo. 2008 vs. 9 mo. 2007
|
|||||||||||||||
| Comparable store sales period increase (decrease): | ||||||||||||||||
|
Restaurant
|
0.2% |
1.0%
|
||||||||||||||
|
Retail
|
(2.1)% |
(0.6)%
|
||||||||||||||
| Number of locations in comparable store base |
541
|
531
|
||||||||||||||
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