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 27,
2009
CRACKER
BARREL OLD COUNTRY STORE, 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 27, 2009, Cracker Barrel Old
Country Store, 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 2009 third quarter results,
fiscal 2009 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
27, 2009
|
CRACKER
BARREL OLD COUNTRY
|
||
|
STORE,
INC.
|
|||
|
By:
|
/s/ N.B. Forrest Shoaf | ||
|
Name:
|
N.B.
Forrest Shoaf
|
||
|
Title:
|
Senior
Vice President, Secretary
|
||
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and
Chief Legal
Officer
|
|||
|
EXHIBIT
INDEX
|
||
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release issued by Cracker Barrel Old Country Store, Inc. dated May 27,
2009 (furnished only)
|
|
Exhibit 99.1
 |
POST OFFICE BOX
787
LEBANON,
TENNESSEE
37088-0787
|
| Investor Contact: | Barbara A. Gould |
| (615) 235-4124 | |
| Media Contact: | Julie K. Davis |
| (615) 443-9266 |
CRACKER
BARREL OLD COUNTRY STORE, INC. REPORTS EPS OF $0.52
FOR
FISCAL 2009 THIRD-QUARTER
Updates
Fiscal 2009 Outlook
|
·
|
Fully
diluted income per share from continuing operations was $0.52 for the
third quarter of fiscal 2009 compared
with $0.46 in the prior-year
quarter
|
|
·
|
Revenue
for the third quarter increased 0.1% to $567.6 million compared with the
prior-year quarter
|
|
·
|
Comparable
store restaurant sales for the quarter decreased 0.9% from the prior-year
quarter while
comparable store retail sales decreased
7.4%
|
|
·
|
Operating
income margin from continuing operations in the quarter was 5.1% of total
revenue compared
with 4.9% in the prior-year
quarter
|
|
·
|
Letter
of Intent on sale-leaseback of 15 stores and contract on sale-leaseback of
retail distribution center
|
LEBANON, Tenn. -- May 27, 2009 – Cracker Barrel
Old Country Store, Inc. (“Cracker Barrel,” or the “Company”) (Nasdaq: CBRL)
today reported income from continuing operations of $0.52 per diluted share for
the third quarter of fiscal 2009, compared with $0.46 per diluted share from
continuing operations in the third quarter of fiscal 2008. Income
from continuing operations was $11.9 million compared with $10.5 million in the
third quarter of fiscal 2008, which reflects this year’s higher operating income
and lower interest expense partially offset by a higher tax rate.
Third-Quarter
Fiscal 2009 Results
Revenue
from
continuing operations
In the
third quarter of fiscal 2009, total revenue of $567.6 million increased 0.1%
from the third quarter of fiscal 2008. Comparable store restaurant
sales for the period decreased 0.9%, including a 2.8% higher average
check. The average menu price increase for the quarter was
approximately 3.4% compared with last year. Comparable store retail
sales were down 7.4% for the quarter. During the quarter, the Company
opened three new Cracker Barrel Old Country Store® units, completing its planned
new store development of 11 stores for fiscal 2009.
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page 2
May 27, 2009
Comparable
store restaurant and retail sales for the fiscal months of February, March and
April were as follows:
|
February
|
March
|
April
|
|
|
Comparable
restaurant sales
|
-0.7%
|
-2.4%
|
0.3%
|
|
Comparable
restaurant traffic
|
-3.3%
|
-5.8%
|
-2.1%
|
|
Average
check
|
2.6%
|
3.4%
|
2.4%
|
|
Comparable
retail sales
|
-8.7%
|
-16.8%
|
1.4%
|
The
Company noted that the shift of Easter from March to April unfavorably affected
sales in March but benefited sales in April. For the full quarter, a later
Easter benefited comparable store restaurant and retail sales by approximately
1%.
Operating
Income
In the
third quarter of fiscal 2009, operating income of $29.0 million was 5.1% of
total revenue compared with $27.7 million, or 4.9% of total revenue, in the
third quarter of fiscal 2008. Operating margin improved primarily
because of lower food inflation and higher retail gross margin primarily due to
the timing of a porch sale. Excluding healthcare costs, which were
significantly higher than last year, labor and related expenses improved as a
percent of sales.
Commenting
on the third-quarter results, Cracker Barrel Chairman, President and Chief
Executive Officer Michael A. Woodhouse said, “We are pleased to report a 13%
increase in earnings per share for the quarter and a 20 basis point improvement
in operating margin on flat sales despite higher healthcare
costs. This shows that we are making measurable progress in cost
controls and improved profitability at the store level. Of equal
significance, our latest surveys indicate that we are achieving higher levels of
customer satisfaction. Longer term, the process improvements we are
putting in place set the stage for greater operating leverage when the consumer
environment improves.”
Year-to-date
Fiscal 2009 Results
Total
revenue from continuing operations of $1.8 billion year-to-date for fiscal 2009
represented a decrease of 0.6% over fiscal 2008. Comparable store
restaurant sales declined 1.8%, including a 3.1% higher
check. Comparable store retail sales decreased 5.6%.
The
Company reported income from continuing operations of $43.1 million, or $1.90
per diluted share, compared with income from continuing operations of $44.7
million, or $1.88 per diluted share, in fiscal 2008.
Year-to-date
net cash provided by operating activities was $90.1 million, compared with $83.8
million in fiscal 2008, reflecting the reduction in retail inventories and
timing differences in interest, accounts payable and income tax
payments.
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page
3
May 27,
2009
Updates
Fiscal 2009 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 at the end of
this press release and others that are described in the Company’s Annual Report
on Form 10-K for the fiscal year ended August 1, 2008, which can be found on the
Securities and Exchange Commission’s website, sec.gov, and the Company’s
website, crackerbarrel.com. The Company disclaims any obligations to
update disclosed information on trends or targets other than in its periodic
filings with the Securities and Exchange Commission.
The
Company commented that its outlook for fiscal 2009 reflects many assumptions,
the accuracy of which is not yet known. Based on current trends and
estimates, the Company presently expects fiscal 2009 total revenue to be flat to
down 0.5% compared to fiscal 2008. The revenue estimate assumes
comparable store restaurant sales will be down 1.5% to 2%, and comparable store
retail sales will be down 6% to 7% compared with fiscal 2008. The
Company expects its fiscal 2009 operating income margin as a percent of revenues
from continuing operations to range from 5.8% to 6.1%. Commodity cost
inflation for the fourth quarter of fiscal 2009 is expected to be flat to up
0.5% with more than 90% of product needs currently contracted for the remainder
of fiscal 2009. Depreciation for the year is expected to be
approximately $60 million. Net interest expense is estimated to be
approximately $52 to $52.5 million, and diluted shares outstanding are expected
to be between 22.5 to 23 million. The Company expects its full year
2009 effective tax rate to be approximately 26% to 27%. Based
on the foregoing assumptions, income from continuing operations per diluted
share for the 2009 fiscal year is projected to be between $2.70 and $2.90 per
share. The Company continues to expect capital expenditures for
fiscal 2009 to be approximately $65 million.
Commenting
on the outlook, Mr. Woodhouse said, “With the continued uncertainty in the
economy and its impact on casual dining, the steps we have taken have improved
our near-term profitability and should help make us a stronger competitor for
the long-term. Central to the strength of the Cracker Barrel brand
are the consistently high-quality meals at the affordable prices that our guests
have come to expect. Our company’s strong cash flow allows us to invest in
our brand, pursue growth, maintain our dividend and reduce our debt. With
demographic trends supporting growth in our target customer base, we aim to
remain the first choice among diners who will be satisfied only by honest value,
consistent quality, and delicious food served in ample portions."
Update
on Sale-Leaseback and Reduction of Debt
The
Company also announced today that, following a competitive bidding process, it
has a contract on the sale-leaseback of its retail distribution center and has
entered into a Letter of Intent for the sale-leaseback of 15 stores. The Company
continues to expect to conclude both sale-leaseback transactions before the end
of the fiscal year. Total net proceeds from the sales, which are
presently expected to be approximately $53 to $54 million, as well as excess
cash flow from operations, will be used to reduce outstanding debt.
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page
4
May 27,
2009
Fiscal
2009 Third-Quarter Conference Call
As
previously announced, the live broadcast of Cracker Barrel’s quarterly
conference call will be available to the public on-line at investor.crackerbarrel.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 10, 2009.
The
Company plans to announce its fiscal 2009 fourth quarter earnings and comparable
restaurant and retail sales for fiscal May, June and July 2009 on Tuesday,
September 15, 2009.
Headquartered
in Lebanon, Tennessee, Cracker Barrel Old Country Store, Inc. presently operates
588 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 (e.g., outlook, capital expenditure and development plans, plans to
execute sale-leaseback transactions) 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 Cracker Barrel Old Country Store, 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 uncertain consumer confidence, higher costs for energy, or general or
regional economic weakness, 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; the ability of the
Company to sustain or the effects of plans intended to improve operational or
marketing execution and performance; 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; commodity price increases; 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 Company’s ability to complete the sale-leaseback transactions in
the current capital markets environment, workers’ compensation, group
health and utility price changes; consumer behavior based on negative publicity
or concerns over nutritional or safety aspects of the Company’s food or products
or those of the restaurant industry in general, including concerns
about pandemics, 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
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page 5
May 27,
2009
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; the availability
and cost of suitable sites for restaurant development and our ability to
identify those sites; 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-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page
6
May 27,
2009
CRACKER BARREL OLD COUNTRY STORE,
INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except share amounts)
|
Third
Quarter Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||
|
5/1/09
|
5/2/08
|
Percentage
Change
|
5/1/09
|
5/2/08
|
Percentage
Change
|
|||||||||||||||||||
|
Total
revenue
|
$ | 567,568 | $ | 567,138 | -- | % | $ | 1,771,682 | $ | 1,782,756 | (1 | )% | ||||||||||||
|
Cost
of goods sold
|
176,327 | 180,588 | (2 | ) | 580,177 | 584,551 | (1 | ) | ||||||||||||||||
|
Gross
profit
|
391,241 | 386,550 | 1 | 1,191,505 | 1,198,205 | (1 | ) | |||||||||||||||||
|
Labor
and other related expenses
|
230,014 | 226,851 | 1 | 686,565 | 681,652 | 1 | ||||||||||||||||||
|
Other
store operating expenses
|
104,235 | 103,157 | 1 | 315,941 | 314,850 | -- | ||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | -- | -- | 877 | (100 | ) | |||||||||||||||||
|
Store
operating income
|
56,992 | 56,542 | 1 | 188,999 | 200,826 | (6 | ) | |||||||||||||||||
|
General
and administrative expenses
|
27,979 | 28,800 | (3 | ) | 88,155 | 91,641 | (4 | ) | ||||||||||||||||
|
Operating
income
|
29,013 | 27,742 | 5 | 100,844 | 109,185 | (8 | ) | |||||||||||||||||
|
Interest
expense
|
12,737 | 14,215 | (10 | ) | 40,051 | 43,578 | (8 | ) | ||||||||||||||||
|
Interest
income
|
-- | -- | -- | -- | 185 | (100 | ) | |||||||||||||||||
|
Pretax
income
|
16,276 | 13,527 | 20 | 60,793 | 65,792 | (8 | ) | |||||||||||||||||
|
Provision
for income taxes
|
4,328 | 3,048 | 42 | 17,651 | 21,096 | (16 | ) | |||||||||||||||||
|
Income
from continuing operations
|
11,948 | 10,479 | 14 | 43,142 | 44,696 | (3 | ) | |||||||||||||||||
|
Income
(loss) from discontinued operations, net of tax
|
4 | (35 | ) | 111 | 4 | (146 | ) | 103 | ||||||||||||||||
|
Net
income
|
$ | 11,952 | $ | 10,444 | 14 | $ | 43,146 | $ | 44,550 | (3 | ) | |||||||||||||
|
Earnings
per share – Basic:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.53 | $ | 0.47 | 13 | $ | 1.93 | $ | 1.94 | (1 | ) | |||||||||||||
|
Income
(loss) from discontinued operations, net of tax
|
$ | -- | $ | -- | -- | $ | -- | $ | -- | -- | ||||||||||||||
|
Net
income per share
|
$ | 0.53 | $ | 0.47 | 13 | $ | 1.93 | $ | 1.94 | (1 | ) | |||||||||||||
|
Earnings
per share – Diluted:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.52 | $ | 0.46 | 13 | $ | 1.90 | $ | 1.88 | 1 | ||||||||||||||
|
Income
(loss) from discontinued operations, net of tax
|
$ | -- | $ | -- | -- | $ | -- | $ | -- | -- | ||||||||||||||
|
Net
income per share
|
$ | 0.52 | $ | 0.46 | 13 | $ | 1.90 | $ | 1.88 | 1 | ||||||||||||||
|
Weighted
average shares:
|
||||||||||||||||||||||||
|
Basic
|
22,467,468 | 22,140,557 | 1 | 22,402,344 | 22,993,121 | (3 | ) | |||||||||||||||||
|
Diluted
|
22,830,712 | 22,812,380 | -- | 22,698,074 | 23,671,903 | (4 | ) | |||||||||||||||||
|
Ratio Analysis
|
||||||||||||||||||||||||
|
Total
revenue:
|
||||||||||||||||||||||||
|
Restaurant
|
82.2 | % | 81.2 | % | 78.5 | % | 77.9 | % | ||||||||||||||||
|
Retail
|
17.8 | 18.8 | 21.5 | 22.1 | ||||||||||||||||||||
|
Total
revenue
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||
|
Cost
of goods sold
|
31.1 | 31.8 | 32.7 | 32.8 | ||||||||||||||||||||
|
Gross
profit
|
68.9 | 68.2 | 67.3 | 67.2 | ||||||||||||||||||||
|
Labor
and other related expenses
|
40.5 | 40.0 | 38.8 | 38.2 | ||||||||||||||||||||
|
Other
store operating expenses
|
18.4 | 18.2 | 17.8 | 17.7 | ||||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | -- | -- | ||||||||||||||||||||
|
Store
operating income
|
10.0 | 10.0 | 10.7 | 11.3 | ||||||||||||||||||||
|
General
and administrative expenses
|
4.9 | 5.1 | 5.0 | 5.2 | ||||||||||||||||||||
|
Operating
income
|
5.1 | 4.9 | 5.7 | 6.1 | ||||||||||||||||||||
|
Interest
expense
|
2.2 | 2.5 | 2.3 | 2.4 | ||||||||||||||||||||
|
Interest
income
|
-- | -- | -- | -- | ||||||||||||||||||||
|
Pretax
income
|
2.9 | 2.4 | 3.4 | 3.7 | ||||||||||||||||||||
|
Provision
for income taxes
|
0.8 | 0.6 | 1.0 | 1.2 | ||||||||||||||||||||
|
Income
from continuing operations
|
2.1 | 1.8 | 2.4 | 2.5 | ||||||||||||||||||||
|
Income
(loss) from discontinued operations, net of tax
|
-- | -- | -- | --- | ||||||||||||||||||||
|
Net
income
|
2.1 | % | 1.8 | % | 2.4 | % | 2.5 | % | ||||||||||||||||
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page 7
May 27, 2009
CRACKER
BARREL OLD COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except share amounts)
|
5/1/09
|
8/1/08
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 35,932 | $ | 11,978 | ||||
|
Assets
held for sale
|
5,543 | 3,248 | ||||||
|
Other
current assets
|
183,655 | 205,413 | ||||||
|
Property
and equipment, net
|
1,045,948 | 1,045,240 | ||||||
|
Long-lived
assets
|
40,596 | 47,824 | ||||||
|
Total
assets
|
$ | 1,311,674 | $ | 1,313,703 | ||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Current
liabilities
|
$ | 226,521 | $ | 264,719 | ||||
|
Long-term
debt
|
769,709 | 779,061 | ||||||
|
Interest
rate swap liability
|
65,123 | 39,618 | ||||||
|
Other
long-term obligations
|
135,369 | 137,554 | ||||||
|
Shareholders’
equity
|
114,952 | 92,751 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 1,311,674 | $ | 1,313,703 | ||||
|
Common
shares outstanding
|
22,605,346 | 22,325,341 | ||||||
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page
8
May 27,
2009
CRACKER
BARREL OLD COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
Nine
Months Ended
|
|||||||||||
|
5/1/09
|
5/2/08
|
||||||||||
|
Cash
flows from continuing operations:
|
|||||||||||
|
Cash
flows from operating activities:
|
|||||||||||
|
Net
income
|
$ | 43,146 | $ | 44,550 | |||||||
|
(Income)
loss from discontinued operations, net of tax
|
(4 | ) | 146 | ||||||||
|
Depreciation
and amortization
|
44,060 | 42,666 | |||||||||
|
Loss
on disposition of property and equipment
|
2,285 | 101 | |||||||||
|
Impairment
|
-- | 532 | |||||||||
|
Share-based
compensation, net of excess tax benefit
|
5,500 | 6,585 | |||||||||
|
Net
changes in other assets and liabilities
|
(4,890 | ) | (10,743 | ) | |||||||
|
Net
cash provided by operating activities
|
90,097 | 83,837 | |||||||||
|
Cash
flows from investing activities:
|
|||||||||||
|
Purchase
of property and equipment, net of insurance
recoveries
|
(49,740 | ) | (60,699 | ) | |||||||
|
Proceeds
from sale of property and equipment
|
1,590 | 4,878 | |||||||||
|
Net
cash used in investing activities
|
(48,150 | ) | (55,821 | ) | |||||||
|
Cash
flows from financing activities:
|
|||||||||||
|
Net (payments) proceeds for credit facilities and other long-term
obligations
|
(9,267 | ) | 31,739 | ||||||||
|
Proceeds
from exercise of share-based
compensation awards
|
3,806 | 2,218 | |||||||||
|
Excess
tax benefit from share-based compensation
|
830 | 41 | |||||||||
|
Purchase
and retirement of common stock
|
-- | (52,380 | ) | ||||||||
|
Deferred
financing costs
|
(274 | ) | -- | ||||||||
|
Dividends
on common stock
|
(13,094 | ) | (11,756 | ) | |||||||
|
Net
cash used in financing activities
|
(17,999 | ) | (30,138 | ) | |||||||
|
Cash
flows from discontinued operations:
|
|||||||||||
|
Net cash provided by (used in) operating activities of discontinued
operations
|
6 | (225 | ) | ||||||||
|
Net
cash provided by (used in) discontinued operations
|
6 | (225 | ) | ||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
23,954 | (2,347 | ) | ||||||||
|
Cash
and cash equivalents, beginning of period
|
11,978 | 14,248 | |||||||||
|
Cash
and cash equivalents, end of period
|
$ | 35,932 | $ | 11,901 | |||||||
-MORE-
Cracker
Barrel Old Country Store, Inc. Announces Third Quarter Results
Page 9
May 27,
2009
CRACKER
BARREL OLD COUNTRY STORE, INC.
Supplemental
Information
(Unaudited)
|
Third Quarter Ended
|
Nine Months Ended
|
||||||||||||||||
|
5/1/09
|
5/2/08
|
5/1/09
|
5/2/08
|
||||||||||||||
|
Units
in operation:
|
|||||||||||||||||
|
Open
at beginning of period
|
585 | 570 | 577 | 562 | |||||||||||||
|
Opened
during period
|
3 | 6 | 11 | 16 | |||||||||||||
|
Closed
during period
|
-- | -- | -- | (2 | ) | ||||||||||||
|
Open
at end of period
|
588 | 576 | 588 | 576 | |||||||||||||
|
Total
revenue: (In thousands)
|
|||||||||||||||||
|
Restaurant
|
$ | 466,562 | $ | 460,406 | $ | 1,391,448 | $ | 1,388,264 | |||||||||
|
Retail
|
101,006 | 106,732 | 380,234 | 394,492 | |||||||||||||
|
Total
|
$ | 567,568 | $ | 567,138 | $ | 1,771,682 | $ | 1,782,756 | |||||||||
|
Operating
weeks:
|
7,640 | 7,445 | 22,749 | 22,166 | |||||||||||||
|
Average
unit volume: (In thousands)
|
|||||||||||||||||
|
Restaurant
|
$ | 793.9 | $ | 803.9 | $ | 2,385.4 | $ | 2,442.6 | |||||||||
|
Retail
|
171.9 | 186.4 | 651.9 | 694.1 | |||||||||||||
|
Total
|
$ | 965.8 | $ | 990.3 | $ | 3,037.3 | $ | 3,136.7 | |||||||||
|
Q3 2009 vs. Q3 2008
|
|
9 mo. 2009 vs. 9 mo.
2008
|
|
||
|
Comparable store
sales decrease:
|
|||||
|
Restaurant
|
(0.9)% |
|
(1.8)% | ||
|
Retail
|
(7.4)% |
|
(5.6)% | ||
|
Number
of locations in comparable store base
|
560 |
|
550 | ||
-END-