UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): September 13, 2011
CRACKER BARREL OLD COUNTRY STORE, INC.
(Exact Name of Registrant as Specified in its Charter)
| Tennessee | 0-25225 | 62-1749513 | ||
| (State or Other Jurisdiction of | (Commission File Number) | (IRS Employer | ||
| Incorporation) | Identification No.) |
305 Hartmann Drive, Lebanon, Tennessee 37087
(Address of Principal Executive Offices) (Zip code)
(Address of Principal Executive Offices) (Zip code)
(615) 444-5533
(Registrant’s Telephone Number, Including Area Code)
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| o | 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 September 13, 2011, Cracker Barrel Old Country Store, Inc. (the “Company”) issued a press
release (the “Press Release”) announcing the Company’s fiscal 2011 and fiscal 2011 fourth quarter
results of operations and initial outlook for fiscal 2012. A copy of the Press Release is
furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
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.
The Press Release also announced that the Company’s Board of Directors had declared a
quarterly dividend of $0.25 per share payable on November 7, 2011 to shareholders of record on
October 21, 2011 and had approved a new share repurchase program for shares of the Company’s common
stock having an aggregate value of up to $65.0 million. A copy of the Press Release is furnished
herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release issued by Cracker Barrel Old Country Store, Inc. dated September 13, 2011 |
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.
| Date: September 13, 2011 | CRACKER BARREL OLD COUNTRY STORE, INC. |
|||
| By: | /s/ Lawrence E. Hyatt | |||
| Name: | Lawrence E. Hyatt | |||
| Title: | Senior Vice President and Chief Financial Officer | |||
EXHIBIT INDEX
| Exhibit No. | Description | |||
| 99.1 | Press Release issued by Cracker Barrel Old Country Store, Inc. dated
September 13, 2011 |
|||
Exhibit 99.1
Post Office Box 787
Lebanon, Tennessee
37088-0787
Lebanon, Tennessee
37088-0787
Investor Contact:
|
Lawrence E. Hyatt | |
| (615) 235-4432 | ||
Media Contact:
|
Julie K. Davis | |
| (615) 443-9266 |
CRACKER BARREL REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2011 RESULTS
AND PROVIDES GUIDANCE FOR FISCAL 2012
AND PROVIDES GUIDANCE FOR FISCAL 2012
Board Approves Dividend Increase of 13.6% and Authorizes Share Repurchase
LEBANON, Tenn. — September 13, 2011 — Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or
the “Company”) (Nasdaq: CBRL) today reported its financial results for the fourth quarter and for
the fiscal year ending July 29, 2011. The Company also provided guidance for its 2012 fiscal year.
Fourth Quarter Fiscal 2011 Highlights
| • | Revenue increased 0.1% to $612.9 million, on a decline in comparable store restaurant and retail sales of 1.4% and 0.7%, respectively. |
| • | Earnings per diluted share of $0.75 compared with $1.14 in the prior-year quarter. Charges for organizational changes and new bank facility reduced earnings per diluted share by $0.25 in the quarter. |
| • | Operating income margin of 6.2% of total revenue compared with 7.4% in the prior-year quarter. The charges reduced operating income margin by 0.5% in the quarter. |
Full Year Fiscal 2011 Highlights
| • | Revenue increased 1.2% to $2.43 billion reflecting comparable store increases in restaurant and retail sales of 0.2% and 0.7%, respectively. |
| • | Fully diluted earnings per share of $3.61, compared with $3.62 in the prior year. |
| • | Operating income margin of 6.9% of total revenue compared with 6.8% in fiscal 2010. |
| • | Fourth quarter charges reduced full year operating income margin by 0.1%, and full year EPS by $0.25. |
| • | Capital expenditures were $78 million. The Company reduced debt by $30.3 million, repurchased $33.6 million of common stock, paid $19.8 million in dividends, and increased its cash balance by $4.6 million. |
Fourth-Quarter Fiscal 2011 Results
Revenue
Comparable store restaurant traffic, average check and comparable store restaurant and retail
sales for the fiscal months of May, June and July and the fourth quarter were as follows:
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| Fourth | ||||||||||||||||
| May | June | July | Quarter | |||||||||||||
Comparable restaurant traffic |
-3.4 | % | -5.0 | % | -4.2 | % | -4.2 | % | ||||||||
Average check |
2.9 | % | 2.8 | % | 2.8 | % | 2.8 | % | ||||||||
Comparable restaurant sales |
-0.5 | % | -2.2 | % | -1.4 | % | -1.4 | % | ||||||||
Comparable retail sales |
-1.4 | % | -0.7 | % | 0.1 | % | -0.7 | % | ||||||||
Operating Income
Operating income in the fourth quarter was $38.1 million, or 6.2% of total revenue, compared
with $45.5 million, or 7.4% of total revenue in the prior year fourth quarter. An increase in
cost of goods sold as a percentage of revenue, primarily as a result of increases in food
commodity prices, was partially offset by lower store operating expenses and general and
administrative expenses. Severance and other charges associated with the previously announced
organizational changes increased general and administrative expenses by $1.8 million or 0.3%
of revenue and increased impairment charges by $1.0 million or 0.2% of revenue in the fourth
quarter.
Commenting on the fourth-quarter results, Cracker Barrel President and Chief Executive Officer
Sandra B. Cochran said, “We are not satisfied with our sales and traffic results for the
quarter. The economic environment continues to be challenging, and we believe it contributed
to weak summer travel and declines in customer traffic. To continue to compete successfully
in this environment, we plan to introduce more accessible entry price points on our menu and
reinforce our affordability with more price-oriented marketing messages. We also are
improving the guest experience through changes to the operating platform that address the
order accuracy and server friendliness issues that emerged in our guest research this year. We
remain committed to providing a genuine Cracker Barrel experience to each guest at every
visit.”
Fiscal 2011 Results
Total revenue for fiscal 2011 was $2.43 billion, an increase of 1.2% over the prior fiscal
year. Full year comparable store restaurant sales increased 0.2%, as a 2.2% increase in
average check was partially offset by a 2.0% decline in traffic. Comparable store retail
sales increased 0.7%, and total retail sales increased from 20.5% to 20.6% of total revenue.
Operating income for the year was $167.2 million, or 6.9% of sales, compared to $164.7
million, or 6.8% of sales in the prior year, while pretax income was $115.7 million in both
years. Charges relating to the Company’s organizational changes and new financing facility
reduced pretax income in the current fiscal year by $2.8 million, and $5.1 million,
respectively, and reduced earnings per diluted share by a total of $0.25. Net income in fiscal
2011 was $85.2 million, or $3.61 per diluted share, compared with net income of $85.3 million,
or $3.62 per diluted share, in the prior fiscal year.
Net cash flow provided by operating activities was $138.2 million, compared with $212.1 million in
fiscal 2010, reflecting higher bonus payments in the current year for the prior year’s performance
and timing differences in
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September 13, 2011
accounts payable and income taxes. During fiscal 2011, the Company
repurchased 676,600 shares of stock for a total of $33.6 million and paid down $30.3 million of
long-term debt.
Fiscal 2012 Outlook
The Company reminds investors that its outlook for fiscal 2012 reflects many assumptions, the
accuracy of which is not yet known. The Company expects total revenue for fiscal 2012 of
between $2.55 billion and $2.6 billion, and earnings per diluted share of between $4.05 and
$4.20. The Company’s 2012 fiscal year is a 53-week year. The Company estimates the impact of
the 53rd week, which is included in its guidance, to be additional revenue of approximately
$50 million, and additional earnings per diluted share of approximately $0.25. The revenue
projection for fiscal 2012 reflects the expected opening of 15 new Cracker Barrel stores, and
projected comparable store restaurant and retail sales in a range of flat to up 1.5%. The
Company expects increases in food commodity costs of between 5.5% and 6.5% for the year.
The Company projects an operating income margin of between 6.9% and 7.1% of revenues;
depreciation expense between $66 million and $68 million; net interest expense of
approximately $45 million; and an effective tax rate of between 28% and 29%. The Company
expects capital expenditures during fiscal 2012 to be between $90 million and $100 million.
Given its stronger financial results in the first half of 2011 compared to the second half of
the year, the Company expects its year-over-year financial performance to improve as the 2012
fiscal year progresses. Although the Company does not offer specific quarterly guidance, it
stated that it expects earnings per diluted share in the first quarter of 2012 to be below the
prior year quarter. The Company also noted that its guidance does not reflect any provision
for expenses related to a potential proxy contest.
Commenting on the Company’s plans for 2012, Ms. Cochran said, “As we look forward to the 2012
fiscal year, we believe that we are well positioned with a strong brand, a talented management
team, and engaged employees committed to providing great guest service. However, we face
several challenges, including a difficult economic environment for our guests, high commodity
prices, and a competitive environment with heavy discounting and promotional activity. Our
major priorities for 2012 are focused on increasing customer traffic, growing retail sales as
a percent of total sales, and controlling costs. We believe our traffic will build throughout
the year as we continue to improve our menu and make it more accessible to price-sensitive
customers and we improve the guest experience through changes to our operating platform.”
Dividend Increase and Share Repurchase Authorization
The Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s
common stock payable on November 7, 2011 to shareholders of record as of October 21, 2011.
This represents a 13.6 percent increase in the Company’s quarterly dividend. In addition, the
Board approved a new share repurchase program for up to $65 million of the company’s
outstanding common stock. The share repurchase authorization, which is effective immediately,
permits the Company to effect repurchases from time to time through a combination of
open market repurchases, privately negotiated transactions, accelerated share repurchase
transactions, and/or other derivative transactions.
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September 13, 2011
Fiscal 2011 Fourth-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
September 28, 2011.
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.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in 1969 in Lebanon, Tenn. and
operates 604 company-owned locations in 42 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.
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 subject to completion of our financial
procedures for FY 2011 and 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 the expected effects of operational improvement initiatives, such as
new menu items and retail offerings. Factors which could materially affect actual results
include, but are not limited to: the effects of uncertain consumer confidence, higher costs
for energy, general or regional economic weakness, 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
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September 13, 2011
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 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.
Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on
which made. We expressly disclaim any intent, obligation or undertaking to update or revise
any forward-looking statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on which any such
statements are based.
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September 13, 2011
CRACKER BARREL OLD COUNTRY STORE, INC.
CONDENSED CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In thousands, except share and per share amounts, percentages and ratios)
CONDENSED CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In thousands, except share and per share amounts, percentages and ratios)
| Fourth Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||
| Percentage | Percentage | |||||||||||||||||||||||
| 7/29/11 | 7/30/10 | Change | 7/29/11 | 7/30/10 | Change | |||||||||||||||||||
Total revenue |
$ | 612,942 | $ | 612,483 | — | % | $ | 2,434,435 | $ | 2,404,515 | 1 | % | ||||||||||||
Cost of goods sold |
193,554 | 183,408 | 6 | 772,471 | 745,818 | 4 | ||||||||||||||||||
Gross profit |
419,388 | 429,075 | (2 | ) | 1,661,964 | 1,658,697 | — | |||||||||||||||||
Labor and other related expenses |
229,006 | 228,810 | — | 904,229 | 908,211 | — | ||||||||||||||||||
Other store operating expenses |
115,722 | 116,867 | (1 | ) | 451,957 | 437,136 | 3 | |||||||||||||||||
Store operating income |
74,660 | 83,398 | (10 | ) | 305,778 | 313,350 | (2 | ) | ||||||||||||||||
General and administrative expenses |
35,323 | 37,394 | (6 | ) | 139,222 | 145,882 | (5 | ) | ||||||||||||||||
Impairment and store dispositions, net |
1,249 | 537 | 133 | (625 | ) | 2,800 | (122 | ) | ||||||||||||||||
Operating income |
38,088 | 45,467 | (16 | ) | 167,181 | 164,668 | 2 | |||||||||||||||||
Interest expense |
16,327 | 11,710 | 39 | 51,490 | 48,959 | 5 | ||||||||||||||||||
Pretax income |
21,761 | 33,757 | (36 | ) | 115,691 | 115,709 | — | |||||||||||||||||
Provision for income taxes |
4,218 | 6,344 | (34 | ) | 30,483 | 30,451 | — | |||||||||||||||||
Net income |
$ | 17,543 | $ | 27,413 | (36 | ) | $ | 85,208 | $ | 85,258 | — | |||||||||||||
Earnings per share — Basic: |
$ | 0.77 | $ | 1.18 | (35 | ) | $ | 3.70 | $ | 3.71 | — | |||||||||||||
Earnings per share — Diluted: |
$ | 0.75 | $ | 1.14 | (34 | ) | $ | 3.61 | $ | 3.62 | — | |||||||||||||
Weighted average shares: |
||||||||||||||||||||||||
Basic |
22,874,635 | 23,227,228 | (2 | ) | 22,998,200 | 23,007,856 | — | |||||||||||||||||
Diluted |
23,423,234 | 23,982,346 | (2 | ) | 23,634,675 | 23,579,752 | — | |||||||||||||||||
Ratio Analysis |
||||||||||||||||||||||||
Total revenue: |
||||||||||||||||||||||||
Restaurant |
81.1 | % | 81.2 | % | 79.4 | % | 79.5 | % | ||||||||||||||||
Retail |
18.9 | 18.8 | 20.6 | 20.5 | ||||||||||||||||||||
Total revenue |
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||
Cost of goods sold |
31.6 | 29.9 | 31.7 | 31.0 | ||||||||||||||||||||
Gross profit |
68.4 | 70.1 | 68.3 | 69.0 | ||||||||||||||||||||
Labor and other related expenses |
37.3 | 37.4 | 37.1 | 37.8 | ||||||||||||||||||||
Other store operating expenses |
18.9 | 19.1 | 18.6 | 18.2 | ||||||||||||||||||||
Store operating income |
12.2 | 13.6 | 12.6 | 13.0 | ||||||||||||||||||||
General and administrative expenses |
5.8 | 6.1 | 5.7 | 6.1 | ||||||||||||||||||||
Impairment and store dispositions, net |
0.2 | 0.1 | 0.0 | 0.1 | ||||||||||||||||||||
Operating income |
6.2 | 7.4 | 6.9 | 6.8 | ||||||||||||||||||||
Interest expense |
2.6 | 1.9 | 2.1 | 2.0 | ||||||||||||||||||||
Pretax income |
3.6 | 5.5 | 4.8 | 4.8 | ||||||||||||||||||||
Provision for income taxes |
0.7 | 1.0 | 1.3 | 1.3 | ||||||||||||||||||||
Net income |
2.9 | % | 4.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||
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CRACKER BARREL OLD COUNTRY STORE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited and in thousands, except share amounts)
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited and in thousands, except share amounts)
| 7/29/11 | 7/30/10 | |||||||
Assets |
||||||||
Cash and cash equivalents |
$ | 52,274 | $ | 47,700 | ||||
Inventory |
141,547 | 144,079 | ||||||
Other current assets |
52,094 | 44,480 | ||||||
Property and equipment, net |
1,009,164 | 1,004,103 | ||||||
Other long-lived assets |
55,805 | 51,705 | ||||||
Total assets |
$ | 1,310,884 | $ | 1,292,067 | ||||
Liabilities and Shareholders’ Equity |
||||||||
Accounts payable |
$ | 99,680 | $ | 116,218 | ||||
Current maturities |
123 | 6,765 | ||||||
Other current liabilities |
167,301 | 186,565 | ||||||
Long-term debt |
550,142 | 573,744 | ||||||
Other long-term obligations |
225,604 | 217,158 | ||||||
Shareholders’ equity |
268,034 | 191,617 | ||||||
Total liabilities and shareholders’ equity |
$ | 1,310,884 | $ | 1,292,067 | ||||
Common shares outstanding |
22,840,974 | 22,732,781 | ||||||
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CRACKER BARREL OLD COUNTRY STORE, INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Unaudited and in thousands)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Unaudited and in thousands)
| Twelve Months Ended | ||||||||
| 7/29/11 | 7/30/10 | |||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 85,208 | $ | 85,258 | ||||
Depreciation and amortization |
62,788 | 61,024 | ||||||
(Gain) loss on disposition of property and equipment |
(1,418 | ) | 4,697 | |||||
Impairment |
3,219 | 2,672 | ||||||
Share-based compensation, net of excess tax benefit |
5,688 | 8,130 | ||||||
Decrease (increase) in inventories |
2,532 | (6,655 | ) | |||||
(Decrease) increase in accounts payable |
(16,538 | ) | 24,050 | |||||
Net changes in other assets and liabilities |
(3,266 | ) | 32,930 | |||||
Net cash provided by operating activities |
138,213 | 212,106 | ||||||
Cash flows from investing activities: |
||||||||
Purchase of property and equipment, net of insurance recoveries |
(77,686 | ) | (69,891 | ) | ||||
Proceeds from sale of property and equipment |
8,197 | 265 | ||||||
Net cash used in investing activities |
(69,489 | ) | (69,626 | ) | ||||
Cash flows from financing activities: |
||||||||
Net payments for credit facilities and other long-term obligations |
(30,264 | ) | (64,972 | ) | ||||
Proceeds from exercise of share-based compensation awards |
20,540 | 37,460 | ||||||
Excess tax benefit from share-based compensation |
4,108 | 5,063 | ||||||
Purchase and retirement of common stock |
(33,563 | ) | (62,487 | ) | ||||
Deferred financing costs |
(5,125 | ) | (2,908 | ) | ||||
Dividends on common stock |
(19,846 | ) | (18,545 | ) | ||||
Net cash used in financing activities |
(64,150 | ) | (106,389 | ) | ||||
Net increase in cash and cash equivalents |
4,574 | 36,091 | ||||||
Cash and cash equivalents, beginning of period |
47,700 | 11,609 | ||||||
Cash and cash equivalents, end of period |
$ | 52,274 | $ | 47,700 | ||||
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CRACKER BARREL OLD COUNTRY STORE, INC.
Supplemental Information
(Unaudited)
Supplemental Information
(Unaudited)
| Fourth Quarter Ended | Twelve Months Ended | |||||||||||||||
| 7/29/11 | 7/30/10 | 7/29/11 | 7/30/10 | |||||||||||||
Units in operation: |
||||||||||||||||
Open at beginning of
period |
601 | 594 | 593 | 588 | ||||||||||||
Opened during period |
3 | — | 11 | 6 | ||||||||||||
Closed during period |
1 | 1 | 1 | 1 | ||||||||||||
Open at end of period |
603 | 593 | 603 | 593 | ||||||||||||
Total revenue: (In thousands) |
||||||||||||||||
Restaurant |
$ | 497,259 | $ | 497,586 | $ | 1,934,049 | $ | 1,911,664 | ||||||||
Retail |
115,683 | 114,897 | 500,386 | 492,851 | ||||||||||||
Total revenue |
$ | 612,942 | $ | 612,483 | $ | 2,434,435 | $ | 2,404,515 | ||||||||
Cost of goods sold: (In thousands) |
||||||||||||||||
Restaurant |
$ | 134,171 | $ | 126,581 | $ | 511,728 | $ | 489,781 | ||||||||
Retail |
59,383 | 56,827 | 260,743 | 256,037 | ||||||||||||
Total cost of goods sold |
$ | 193,554 | $ | 183,408 | $ | 772,471 | $ | 745,818 | ||||||||
Average unit volume: (In thousands) |
||||||||||||||||
Restaurant |
$ | 826.9 | $ | 837.8 | $ | 3,234.2 | $ | 3,226.1 | ||||||||
Retail |
192.4 | 193.4 | 836.8 | 831.8 | ||||||||||||
Total |
$ | 1,019.3 | $ | 1,031.2 | $ | 4,071.0 | $ | 4,057.9 | ||||||||
Operating weeks: |
7,817 | 7,721 | 31,096 | 30,813 | ||||||||||||
| Q4 2011 vs. Q4 2010 | 12 mo. 2011 vs. 12 mo. 2010 | |||||||
| Comparable store sales period to period increase (decrease): | ||||||||
Restaurant |
(1.4 | %) | 0.2 | % | ||||
Retail |
(0.7 | %) | 0.7 | % | ||||
Number of locations
in comparable store
base |
589 | 583 | ||||||
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