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 25,
2010
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 25, 2010, 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 2010 third quarter results
and the outlook for fiscal 2010.
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
25, 2010
|
CRACKER
BARREL OLD COUNTRY
|
||
|
STORE,
INC.
|
|||
|
By:
|
/s/ N.B. Forrest Shoaf | ||
|
Name:
|
N.B.
Forrest Shoaf
|
||
|
Title:
|
Senior
Vice President, Secretary
|
||
|
and
Chief Legal Officer
|
|||
|
EXHIBIT INDEX
|
||
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release issued by Cracker Barrel Old Country Store, Inc. dated May 25,
2010 (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 REPORTS 17% INCREASE IN THIRD-QUARTER EPS
UPDATES
FISCAL 2010 OUTLOOK
|
·
|
Fully
diluted income per share from continuing operations was $0.61 for the
third quarter of fiscal 2010, an increase of
17%
|
|
·
|
Operating
income margin from continuing operations in the third quarter was 5.5% of
total revenue compared
with 5.1% in the prior-year
quarter
|
|
·
|
Comparable
store restaurant and retail sales for the quarter increased 0.6% and 3.2%,
respectively
|
|
·
|
Comparable
store restaurant traffic outpaced the Knapp-Track™ Traffic Index for the
fifteenth consecutive quarter
|
|
·
|
Revenue
for the third quarter increased 1.9% to $578.2
million
|
|
·
|
Net
cash flow from operating activities for the first nine months of fiscal
2010 increased $46.7 million to $136.8 million compared with the
prior-year comparable period
|
LEBANON, Tenn. -- May 25, 2010 – Cracker Barrel
Old Country Store, Inc. (“Cracker Barrel,” or the “Company”) (Nasdaq: CBRL)
today reported income from continuing operations of $0.61 per diluted share for
the third quarter of fiscal 2010, compared with $0.52 per diluted share from
continuing operations in the third quarter of fiscal 2009. Income
from continuing operations was $14.4 million compared with $11.9 million in the
third quarter of fiscal 2009, which reflected this year’s higher operating
income and lower interest expense.
Third-Quarter
Fiscal 2010 Results
Revenue from continuing
operations
In the
third quarter of fiscal 2010, total revenue of $578.2 million represented an
increase of 1.9% from the third quarter of fiscal 2009. Comparable
store restaurant sales for the period increased 0.6%, including a 2.2% higher
average check. The average menu price increase for the quarter was
approximately 2.1% compared with same prior year period. Comparable
store retail sales were up 3.2% for the quarter.
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 2
May 25, 2010
Comparable
store restaurant and retail sales for the fiscal months of February, March and
April were as follows:
|
February
|
March
|
April
|
Third
Quarter
|
|
|
Comparable
restaurant traffic
|
-4.6%
|
1.0%
|
-1.3%
|
-1.6%
|
|
Average
check
|
2.3%
|
1.9%
|
2.3%
|
2.2%
|
|
Comparable
restaurant sales
|
-2.3%
|
2.9%
|
1.0%
|
0.6%
|
|
Comparable
retail sales
|
1.1%
|
8.9%
|
0.6%
|
3.2%
|
Comparable
store restaurant sales in the third quarter were unfavorably affected versus
prior year by approximately one percentage point as a result of severe winter
weather. The severe winter weather occurred primarily in February and
without this impact, February comparable restaurant sales would have been
positive. The shift in the timing of the Easter holiday
benefited retail sales in fiscal March but unfavorably affected fiscal
April.
Operating
Income
In the
third quarter of fiscal 2010, operating income was $31.8 million, or 5.5% of
total revenue, compared with $29.0 million, or 5.1% of total revenue, in the
third quarter of fiscal 2009. The increase in operating income was
the result of higher revenues, lower cost of goods sold and lower labor and
related expenses partially offset by higher maintenance and general and
administrative expenses.
Commenting
on the third-quarter results, Cracker Barrel Chairman, President and Chief
Executive Officer Michael A. Woodhouse said, “We are pleased to report positive
restaurant and retail comparable store sales, along with a 17% increase in
earnings per share for the quarter. We are encouraged by the
improving profitability at the store level while, at the same time, delivering
higher levels of customer satisfaction according to our latest
surveys. As we roll out our initiatives, the focus is on continuing
to improve operations and the guest experience.”
Year-to-date
Fiscal 2010 Results
Total
revenue from continuing operations of $1.8 billion year-to-date for fiscal 2010
represented an increase of 1.1% over fiscal 2009. Comparable store
restaurant sales increased 0.3%, including a 2.1% higher
check. Comparable store retail sales decreased 2.0%.
The
Company reported income from continuing operations of $57.8 million, or $2.47
per diluted share, compared with income from continuing operations of $43.1
million, or $1.90 per diluted share, in fiscal 2009.
Year-to-date
net cash provided by operating activities was $136.8 million, compared with
$90.1 million in fiscal 2009, reflecting higher net income and continued
improvements in working capital.
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 3
May 25, 2010
Updates
Fiscal 2010 Outlook
The
Company commented that its updated outlook for fiscal 2010 continues to reflect
many assumptions, the accuracy of which is not yet known. Based on
current trends and estimates, the Company presently expects fiscal 2010 total
revenue to increase approximately 1.0 to 2.0% over revenue in fiscal
2009. The revenue increase reflects the opening of a total of six new
Cracker Barrel units during the year, projected positive comparable store
restaurant sales between 0.5% to 1.0%, and comparable store retail sales ranging
from -1.0% to -0.5%. Depreciation for the year is expected to be $61
to $62 million. The Company expects fiscal 2010 operating income
margin to be approximately 6.8% to 6.9% compared with 6.0% in fiscal
2009. Interest expense is estimated to be approximately $49 million,
and diluted shares outstanding are expected to be in the range of 23.5 to 23.7
million. The Company expects its full year 2010 effective tax rate to
be between 26% and 27%. Based on the assumptions outlined
above, full-year net income per diluted share for the 2010 fiscal year is
projected to be between $3.50 and $3.60. The Company expects capital
expenditures for fiscal 2010 to be between $65 and $70 million.
Commenting
on the outlook, Mr. Woodhouse said, “The steps we have taken during this
economic downturn have significantly improved our near-term profitability and
made us a stronger competitor for the long-term. The consistently
high-quality meals at affordable prices that our loyal guests have come to
expect are central to the strength of the Cracker Barrel brand. With a
variety of exciting new promotional items, we now have a strong proposition to
encourage our new and infrequent visitors to return. Meanwhile, our
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 intend to remain the first choice in family dining by
serving delicious food, consistent quality, and honest value every
day."
Fiscal
2010 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 8, 2010.
The
Company plans to announce its fiscal 2010 fourth quarter earnings and comparable
restaurant and retail sales for the fourth fiscal quarter (May, June and July)
and fiscal 2010 on Tuesday, September 14, 2010.
About
Cracker Barrel
Cracker
Barrel Old Country Store restaurants provide a friendly home-away-from-home in
its old country stores and restaurants. Guests are cared for like
family while relaxing and enjoying real home-style food and shopping that’s
surprisingly unique, genuinely fun and reminiscent of America’s country
heritage…all at a fair price. The restaurants serve up delicious,
home-style country food such as meatloaf and homemade chicken n’ dumplins as
well as our signature biscuits using an old family recipe. The
authentic old country retail store is fun to shop and offers unique gifts and
self-indulgences.
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 4
May 25, 2010
Cracker
Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in 1969 in
Lebanon, Tenn. and operates 594 company-owned locations in 41
states. Every Cracker Barrel unit is open seven days a week with
hours Sunday through Thursday, 6 a.m. – 10 p.m., and Friday and Saturday, 6 a.m.
- - 11 p.m. For more information, visit:
crackerbarrel.com.
CBRL-F
Except
for specific historical information, certain 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 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 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 and include our fiscal 2010 outlook,
expected number of new units, expected labor management improvement and
additional operating leverage. 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; our ability to identify,
acquire and sell successful new lines of retail merchandise and new menu items
at our restaurants; our ability 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 our brands and products; commodity price increases; the
ability of and cost to us to recruit, train, and retain qualified hourly and
management employees in an escalating wage environment; the effects of increased
competition at our locations on sales and on labor recruiting, cost, and
retention; workers’ compensation, group health and utility price changes;
consumer behavior based on negative publicity or concerns over nutritional or
safety aspects of our 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 our substantial indebtedness and associated restrictions on our
financial and operating flexibility and ability to execute or pursue our
operating plans and objectives; changes in interest rates or capital market
conditions affecting our financing costs and ability to refinance all or
portions of our indebtedness; the effects of business trends on the outlook for
individual restaurant locations and the effect on the carrying value of those
locations; our ability 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
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 5
May 25, 2010
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 our restaurant
or retail supply chain; changes in foreign exchange rates affecting our future
retail inventory purchases; implementation of new or changes in interpretation
of existing accounting principles generally accepted in the United States of
America (“GAAP”); and other factors described from time to time in our filings
with the Securities and Exchange Commission, press releases, and other
communications.
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 6
May 25, 2010
CRACKER BARREL OLD COUNTRY STORE,
INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except share amounts)
|
Third
Quarter Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||
|
4/30/10
|
5/1/09
|
Percentage
Change
|
4/30/10
|
5/1/09
|
Percentage
Change
|
|||||||||||||||||||
|
Total
revenue
|
$ | 578,233 | $ | 567,568 | 2 | % | $ | 1,792,032 | $ | 1,771,682 | 1 | % | ||||||||||||
|
Cost
of goods sold
|
173,041 | 176,327 | (2 | ) | 562,410 | 580,177 | (3 | ) | ||||||||||||||||
|
Gross
profit
|
405,192 | 391,241 | 4 | 1,229,622 | 1,191,505 | 3 | ||||||||||||||||||
|
Labor
and other related expenses
|
226,047 | 230,014 | (2 | ) | 679,401 | 686,565 | (1 | ) | ||||||||||||||||
|
Other
store operating expenses
|
109,302 | 104,235 | 5 | 320,269 | 315,941 | 1 | ||||||||||||||||||
|
Impairment
charges
|
-- | -- | -- | 2,263 | -- | -- | ||||||||||||||||||
|
Store
operating income
|
69,843 | 56,992 | 23 | 227,689 | 188,999 | 20 | ||||||||||||||||||
|
General
and administrative expenses
|
38,012 | 27,979 | 36 | 108,488 | 88,155 | 23 | ||||||||||||||||||
|
Operating
income
|
31,831 | 29,013 | 10 | 119,201 | 100,844 | 18 | ||||||||||||||||||
|
Interest
expense
|
12,186 | 12,737 | (4 | ) | 37,249 | 40,051 | (7 | ) | ||||||||||||||||
|
Pretax
income
|
19,645 | 16,276 | 21 | 81,952 | 60,793 | 35 | ||||||||||||||||||
|
Provision
for income taxes
|
5,217 | 4,328 | 21 | 24,107 | 17,651 | 37 | ||||||||||||||||||
|
Income
from continuing operations
|
14,428 | 11,948 | 21 | 57,845 | 43,142 | 34 | ||||||||||||||||||
|
Income
from discontinued operations, net of tax
|
-- | 4 | (100 | ) | -- | 4 | (100 | ) | ||||||||||||||||
|
Net
income
|
$ | 14,428 | $ | 11,952 | 21 | $ | 57,845 | $ | 43,146 | 34 | ||||||||||||||
|
Earnings
per share – Basic:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.62 | $ | 0.53 | 17 | $ | 2.52 | $ | 1.93 | 31 | ||||||||||||||
|
Income
from discontinued operations, net of tax
|
$ | -- | $ | -- | -- | $ | -- | $ | -- | -- | ||||||||||||||
|
Net
income per share
|
$ | 0.62 | $ | 0.53 | 17 | $ | 2.52 | $ | 1.93 | 31 | ||||||||||||||
|
Earnings
per share – Diluted:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.61 | $ | 0.52 | 17 | $ | 2.47 | $ | 1.90 | 30 | ||||||||||||||
|
Income
from discontinued operations, net of tax
|
$ | -- | $ | -- | -- | $ | -- | $ | -- | -- | ||||||||||||||
|
Net
income per share
|
$ | 0.61 | $ | 0.52 | 17 | $ | 2.47 | $ | 1.90 | 30 | ||||||||||||||
|
Weighted
average shares:
|
||||||||||||||||||||||||
|
Basic
|
23,198,505 | 22,467,468 | 3 | 22,934,732 | 22,402,344 | 2 | ||||||||||||||||||
|
Diluted
|
23,802,998 | 22,830,712 | 4 | 23,445,554 | 22,698,074 | 3 | ||||||||||||||||||
|
Ratio Analysis
|
||||||||||||||||||||||||
|
Total
revenue:
|
||||||||||||||||||||||||
|
Restaurant
|
81.9 | % | 82.2 | % | 78.9 | % | 78.5 | % | ||||||||||||||||
|
Retail
|
18.1 | 17.8 | 21.1 | 21.5 | ||||||||||||||||||||
|
Total
revenue
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||
|
Cost
of goods sold
|
29.9 | 31.1 | 31.4 | 32.7 | ||||||||||||||||||||
|
Gross
profit
|
70.1 | 68.9 | 68.6 | 67.3 | ||||||||||||||||||||
|
Labor
and other related expenses
|
39.1 | 40.5 | 37.9 | 38.8 | ||||||||||||||||||||
|
Other
store operating expenses
|
18.9 | 18.4 | 17.9 | 17.8 | ||||||||||||||||||||
|
Impairment
charges
|
-- | -- | 0.1 | -- | ||||||||||||||||||||
|
Store
operating income
|
12.1 | 10.0 | 12.7 | 10.7 | ||||||||||||||||||||
|
General
and administrative expenses
|
6.6 | 4.9 | 6.0 | 5.0 | ||||||||||||||||||||
|
Operating
income
|
5.5 | 5.1 | 6.7 | 5.7 | ||||||||||||||||||||
|
Interest
expense
|
2.1 | 2.2 | 2.1 | 2.3 | ||||||||||||||||||||
|
Pretax
income
|
3.4 | 2.9 | 4.6 | 3.4 | ||||||||||||||||||||
|
Provision
for income taxes
|
0.9 | 0.8 | 1.4 | 1.0 | ||||||||||||||||||||
|
Income
from continuing operations
|
2.5 | 2.1 | 3.2 | 2.4 | ||||||||||||||||||||
|
Income
from discontinued operations, net of tax
|
-- | -- | -- | -- | ||||||||||||||||||||
|
Net
income
|
2.5 | % | 2.1 | % | 3.2 | % | 2.4 | % | ||||||||||||||||
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 7
May 25, 2010
CRACKER
BARREL OLD COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except share amounts)
|
4/30/10
|
7/31/09
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 79,391 | $ | 11,609 | ||||
|
Inventory
|
120,455 | 137,424 | ||||||
|
Other
current assets
|
48,496 | 49,292 | ||||||
|
Property
and equipment, net
|
991,532 | 1,001,776 | ||||||
|
Long-lived
assets
|
50,824 | 45,080 | ||||||
|
Total
assets
|
$ | 1,290,698 | $ | 1,245,181 | ||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Accounts
payable
|
$ | 78,238 | $ | 92,168 | ||||
|
Current
liabilities
|
179,342 | 172,794 | ||||||
|
Long-term
debt
|
593,414 | 638,040 | ||||||
|
Other
long-term obligations
|
216,228 | 206,557 | ||||||
|
Shareholders’
equity
|
223,476 | 135,622 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 1,290,698 | $ | 1,245,181 | ||||
|
Common
shares outstanding
|
23,826,755 | 22,722,685 | ||||||
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 8
May 25, 2010
CRACKER
BARREL OLD COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
Nine
Months Ended
|
||||||||
|
4/30/10
|
5/1/09
|
|||||||
|
Cash
flows from continuing operations:
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ | 57,845 | $ | 43,146 | ||||
|
Income
from discontinued operations, net of tax
|
-- | (4 | ) | |||||
|
Depreciation
and amortization
|
45,629 | 44,060 | ||||||
|
Loss
on disposition of property and equipment
|
2,943 | 2,285 | ||||||
|
Impairment
|
2,263 | -- | ||||||
|
Share-based
compensation, net of excess tax benefit
|
5,247 | 5,500 | ||||||
|
Decrease
in inventories
|
16,969 | 22,608 | ||||||
|
Decrease
in accounts payable
|
(13,930 | ) | (31,146 | ) | ||||
|
Net
changes in other assets and liabilities
|
19,789 | 3,648 | ||||||
|
Net
cash provided by operating activities
|
136,755 | 90,097 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Purchase
of property and equipment, net of insurance
recoveries
|
(39,994 | ) | (49,740 | ) | ||||
|
Proceeds
from sale of property and equipment
|
229 | 1,590 | ||||||
|
Net
cash used in investing activities
|
(39,765 | ) | (48,150 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
| Net payments for credit facilities and other long-term obligations | (45,087 | ) | (9,267 | ) | ||||
|
Proceeds
from exercise of share-based
compensation awards
|
35,565 | 3,806 | ||||||
|
Excess
tax benefit from share-based compensation
|
4,841 | 830 | ||||||
|
Purchase
and retirement of common stock
|
(7,799 | ) | -- | |||||
|
Deferred
financing costs
|
(2,908 | ) | (274 | ) | ||||
|
Dividends
on common stock
|
(13,820 | ) | (13,094 | ) | ||||
|
Net
cash used in financing activities
|
(29,208 | ) | (17,999 | ) | ||||
|
Cash
flows from discontinued operations:
|
||||||||
|
Net
cash provided by operating activities of discontinued
operations
|
-- | 6 | ||||||
|
Net
cash provided by discontinued operations
|
-- | 6 | ||||||
|
Net
increase in cash and cash equivalents
|
67,782 | 23,954 | ||||||
|
Cash
and cash equivalents, beginning of period
|
11,609 | 11,978 | ||||||
|
Cash
and cash equivalents, end of period
|
$ | 79,391 | $ | 35,932 | ||||
-MORE-
Cracker
Barrel Old Country Store, Inc. Reports 17% Increase in Third-Quarter
EPS
Page 9
May 25, 2010
CRACKER
BARREL OLD COUNTRY STORE, INC.
Supplemental
Information
(Unaudited)
|
Third Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
|
4/30/10
|
5/1/09
|
4/30/10
|
5/1/09
|
|||||||||||||
|
Units
in operation:
|
||||||||||||||||
|
Open
at beginning of period
|
593 | 585 | 588 | 577 | ||||||||||||
|
Opened
during period
|
1 | 3 | 6 | 11 | ||||||||||||
|
Closed
during period
|
-- | -- | -- | -- | ||||||||||||
|
Open
at end of period
|
594 | 588 | 594 | 588 | ||||||||||||
|
Total
revenue: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 473,293 | $ | 466,562 | $ | 1,414,078 | $ | 1,391,448 | ||||||||
|
Retail
|
104,940 | 101,006 | 377,954 | 380,234 | ||||||||||||
|
Total
|
$ | 578,233 | $ | 567,568 | $ | 1,792,032 | $ | 1,771,682 | ||||||||
|
Operating
weeks:
|
7,719 | 7,640 | 23,092 | 22,749 | ||||||||||||
|
Average
unit volume: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 797.1 | $ | 793.9 | $ | 2,388.3 | $ | 2,385.4 | ||||||||
|
Retail
|
176.7 | 171.9 | 638.3 | 651.9 | ||||||||||||
|
Total
|
$ | 973.8 | $ | 965.8 | $ | 3,026.6 | $ | 3,037.3 | ||||||||
|
Q3 2010 vs. Q3 2009
|
9 mo. 2010 vs. 9 mo.
2009
|
|||||||
|
Comparable
store sales increase (decrease):
|
||||||||
|
Restaurant
|
0.6% | 0.3% | ||||||
|
Retail
|
3.2% | (2.0)% | ||||||
|
Number
of locations in comparable store base
|
577 | 570 | ||||||
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