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): November 28,
2007
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
November 28, 2007, 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 first 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: | November 28, 2007 | CBRL GROUP, INC. | |
| By: | /s/ N.B. Forrest Shoaf | ||
| Name: | N.B. Forrest Shoaf | ||
| Title: | Senior Vice President, Secretary | ||
| and General Counsel | |||
EXHIBIT
INDEX
Exhibit
No. Description
99.1 Press
Release issued by CBRL Group, Inc. dated November 28, 2007 (furnished
only)
Exhibit
99.1
| [CBRL GROUP, INC. LOGO] |
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 27% INCREASE IN INCOME PER DILUTED SHARE
FROM
CONTINUING
OPERATIONS FOR FISCAL 2008 FIRST QUARTER
Updates
EPS Guidance for Fiscal 2008
|
·
|
Comparable
store restaurant sales for the first quarter of fiscal 2008 increased
1.8%
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.
|
|
·
|
Revenue
for the first quarter grew 4.1% to $581 million compared with the
prior-year quarter.
|
|
·
|
Operating
income margin from continuing operations in the first quarter was
6.2% of
total revenue compared with 6.9% in the year-ago
quarter.
|
|
·
|
After-tax
income and income per diluted share, both from continuing operations,
were
$14.0 million and $0.57, respectively, for the first quarter of fiscal
2008 compared with $15.2 million and $0.45, respectively, in the
prior-year comparable period, a 27% increase on a per-share diluted
basis.
|
LEBANON,
Tenn. -- November 28, 2007 -- CBRL Group, Inc. (“CBRL”
or the “Company”) (Nasdaq: CBRL) today reported income per diluted share
from continuing operations of $0.57 for the first quarter of fiscal 2008,
compared with $0.45 from continuing operations in the first quarter of fiscal
2007, an increase of 27%. After-tax income from continuing operations
was $14.0 million, compared with $15.2 million in the first quarter of fiscal
2007, with the reduction primarily reflecting higher labor and other operating
costs in the fiscal 2008 quarter. On a per share basis, the reduction
in shares outstanding associated with the Company’s restructuring and related
stock repurchase programs that it began in 2006 contributed to the 27% increase
in diluted income from continuing operations.
First-Quarter
Fiscal 2008 Results
Revenue
from continuing operations
Total
revenue from continuing operations for the first quarter of $581.2 million
represented an increase of 4.1% from the first quarter of fiscal
2007. Comparable store restaurant sales on a comparable weeks basis
increased 1.8% including a 2.9% higher average check, while guest traffic
declined 1.1%. Average menu prices for the quarter were approximately
3.5% higher than a year ago. Comparable store retail sales were
-MORE-
CBRL
Announces First Quarter Results
Page
2
November
28, 2007
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 and closed two
units.
Income
from continuing operations
Operating
income from continuing operations of $36.0 million was 6.2% of total revenue
during the first quarter of fiscal 2008 compared with $38.3 million, or 6.9%
of
total revenue, in the first quarter of fiscal 2007. Operating income
from continuing operations for the first quarter of fiscal 2008 compared with
the first quarter of fiscal 2007 was negatively affected by higher labor and
related expenses, including the effect of minimum wage increases for tipped
employees in several states, and higher group health expenses. Higher
food costs were offset in cost of goods sold by lower retail
markdowns. Other store operating expenses also were pressured by
higher advertising expenses, including production costs, due to a TV advertising
test. General and administrative expenses declined because of lower
incentive compensation accruals in the first quarter of fiscal
2008.
After-tax
income from continuing operations was $14.0 million, or $0.57 per diluted share,
for the first quarter of fiscal 2008, compared with $15.2 million, or $0.45
per
diluted share, for the comparable period of fiscal 2007. Diluted
income per share from continuing operations reflected fewer shares outstanding
compared with the comparable prior-year period as a result of share repurchases
and the conversion and redemption of the Company’s senior convertible
notes.
Commenting
on the first-quarter results, CBRL Group, Inc. Chairman, President and Chief
Executive Officer Michael A. Woodhouse said, “Although the restaurant and retail
industries continue to face soft consumer demand, we are pleased that our
comparable store restaurant traffic continues to outperform the full-service
industry according to Knapp-Track™. Our comparable store retail
sales, excluding the impact of reduced Porch Sale clearance events in the first
quarter of fiscal 2008, were flat with last year’s first quarter. Our
new sales development programs are in the early stages and, as such, are not
expected to make a meaningful contribution before the second half of this fiscal
year. While we’re encouraged that our television and radio
advertising appear to be driving guest traffic and retail sales relative to
a
control group, it is too early to predict its potential for broader application
at this time. To combat higher industry-wide labor costs, we have
initiatives underway in the areas of staff deployment, new employee training
and
menu changes geared to streamlining food ordering and
preparation. The goal is to enhance our profit potential on higher
sales.”
On
August
4, 2007, the first day of fiscal 2008, the Company adopted the Financial
Accounting Standards Board’s (“FASB”) Interpretation No. 48 (“FIN 48”),
“Accounting for Uncertainty in Income Taxes - an interpretation of FASB
Statement No. 109” (“SFAS No. 109”), which clarifies the accounting for
uncertainty in income taxes recognized in financial statements in accordance
with SFAS No. 109. As a result of the implementation of FIN 48, the
Company recorded certain balance sheet adjustments to reflect adoption of the
new standard. The adoption and implementation of FIN 48 in the first
quarter did not have a material effect on the Company’s first quarter tax
rate.
-MORE-
CBRL
Announces First Quarter Results
Page
3
November
28, 2007
On
December 6, 2006, the Company announced that it had closed the sale of its
subsidiary, Logan’s Roadhouse® Inc.
(“Logan’s”). Logan’s results and the related gain and expenses are
classified in the Company’s financial statements as discontinued
operations. Including the results of discontinued operations, the
Company’s first quarter net income and diluted net income per share were $13.9
million and $0.57, respectively, compared with $19.4 million and $0.57,
respectively, in the first quarter of fiscal 2007.
Fiscal
2008 Outlook Updated
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 3, 2007, 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 other than in its periodic
filings with the Securities and Exchange Commission.
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 presently expects fiscal 2008 total revenue to increase
approximately 3% to 4% over revenues from continuing operations in fiscal 2007
(which included a 53rd week equaling $46.3 million of sales). The
revenue increase reflects the opening of 17 new Cracker Barrel units during
the
year, comparable store restaurant sales projected to be up 2% to 3% on a
comparable weeks basis, including approximately 3.5% of menu pricing, and
comparable store retail sales expected to be flat to up 2% compared to fiscal
2007 on a comparable weeks basis. The Company also presently expects
fiscal 2008 operating income margin as a percent of revenues from continuing
operations to be approximately 6.7% to 6.9% compared with 7.0%, excluding the
effect of a 53rd week, in
fiscal
2007. Commodity cost inflation for the year, with an estimated 70% of
product needs for the balance of the year currently under contract, is expected
to be 4% to 4.5%. Depreciation for the year is expected to be
approximately $60 million. Net interest expense is estimated at
approximately $60 million and diluted shares outstanding are expected to average
23.5 to 24 million. The Company presently expects its full year 2008
effective tax rate to be between 31.5% and 32.0%, with its second quarter
effective tax rate to be comparable to the first quarter rate and its third
and
fourth quarter effective tax rates to be lower than the full year effective
tax
rate. Diluted income from continuing operations per share is
currently projected to be in the range of $3.00 to $3.15 per
share. The Company presently expects full year fiscal 2008 capital
expenditures to be approximately $95 million.
Commenting
on the outlook, Mr. Woodhouse said, “Owing to the expectation of continued
pressure on consumer discretionary income, we have lowered our projected
comparable stores sales growth for the remainder of fiscal
2008. However, we are encouraged by a strong beginning to the
holiday retail shopping season, an improvement in restaurant sales and traffic
in November versus the first quarter and continued favorable restaurant traffic
trends versus Knapp-Track™. We are making changes in operations to
improve
-MORE-
CBRL
Announces First Quarter Results
Page
4
November
28, 2007
efficiencies
and reduce wait times for our dining customers, which are geared to drive
traffic but also to offset the upward pressure on labor costs. At the
same time, however, we are continuing our initiatives in new products, a
simplified menu, advertising and in-store operational tests, all of which will
affect our operating margins over the near term but are critical elements of
our
long-term sales and operating margin growth strategies. We enjoy
strong brand recognition and loyalty with our core customers. Our new
marketing programs are geared to make Cracker Barrel top of mind with local
diners, offering a home-away-from-home experience for the entire
family.”
Fiscal
2008 First-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 earnings.com or
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 December 12,
2007.
Headquartered
in Lebanon, Tennessee, CBRL Group, Inc. presently operates 568 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 uncertain consumer confidence, higher costs for energy, consumer
debt
payments, 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 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 and cost to the Company to recruit, train,
-MORE-
CBRL
Announces First Quarter Results
Page
5
November
28, 2007
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; 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 products or restaurant food
in general, including concerns about E. coli bacteria, hepatitis A, “mad cow”
disease, “foot-and-mouth” 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
Announces First Quarter Results
Page
6
November
28, 2007
CBRL
GROUP, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except share amounts)
|
First
Quarter Ended
|
||||||||||||
|
11/2/07
|
10/27/06
|
Percentage
Change
|
||||||||||
|
Total
revenue
|
$ |
581,165
|
$ |
558,263
|
4 | % | ||||||
|
Cost
of goods sold
|
180,228
|
172,856
|
4
|
|||||||||
|
Gross
profit
|
400,937
|
385,407
|
4
|
|||||||||
|
Labor
& other related expenses
|
225,668
|
212,174
|
6
|
|||||||||
|
Impairment
charges and store closing costs
|
809
|
--
|
--
|
|||||||||
|
Other
store operating expenses
|
105,220
|
97,722
|
8
|
|||||||||
|
Store
operating income
|
69,240
|
75,511
|
(8 | ) | ||||||||
|
General
and administrative expenses
|
33,218
|
37,260
|
(11 | ) | ||||||||
|
Operating
income
|
36,022
|
38,251
|
(6 | ) | ||||||||
|
Interest
expense
|
14,909
|
15,177
|
(2 | ) | ||||||||
|
Interest
income
|
57
|
598
|
(90 | ) | ||||||||
|
Pretax
income
|
21,170
|
23,672
|
(11 | ) | ||||||||
|
Provision
for income taxes
|
7,187
|
8,510
|
(16 | ) | ||||||||
|
Income
from continuing operations
|
13,983
|
15,162
|
(8 | ) | ||||||||
|
(Loss)
income from discontinued operations
|
(94 | ) |
4,265
|
(102 | ) | |||||||
|
Net
income
|
$ |
13,889
|
$ |
19,427
|
(29 | ) | ||||||
|
Earnings
per share – Basic:
|
||||||||||||
|
Income
from continuing
operations
|
$ |
0.59
|
$ |
0.49
|
20
|
|||||||
|
(Loss)
income from discontinued
operations
|
$ |
--
|
$ |
0.14
|
(100 | ) | ||||||
|
Net
income per
share
|
$ |
0.59
|
$ |
0.63
|
(6 | ) | ||||||
|
Earnings
per share – Diluted:
|
||||||||||||
|
Income
from continuing
operations
|
$ |
0.57
|
$ |
0.45
|
27
|
|||||||
|
(Loss)
income from discontinued
operations
|
$ |
--
|
$ |
0.12
|
(100 | ) | ||||||
|
Net
income per
share
|
$ |
0.57
|
$ |
0.57
|
--
|
|||||||
|
Weighted
average shares:
|
||||||||||||
|
Basic
|
23,705,600
|
30,996,700
|
(24 | ) | ||||||||
|
Diluted
|
24,444,932
|
36,011,802
|
(32 | ) | ||||||||
|
RATIO
ANALYSIS
|
||||||||||||
|
Net
sales:
|
||||||||||||
|
Restaurant
|
79.6 | % | 79.2 | % | ||||||||
|
Retail
|
20.4
|
20.8
|
||||||||||
|
Total
revenue
|
100.0
|
100.0
|
||||||||||
|
Cost
of goods sold
|
31.0
|
31.0
|
||||||||||
|
Gross
profit
|
69.0
|
69.0
|
||||||||||
|
Labor
& other related expenses
|
38.8
|
38.0
|
||||||||||
|
Impairment
charges and store closing costs
|
0.2
|
--
|
||||||||||
|
Other
store operating expenses
|
18.1
|
17.5
|
||||||||||
|
Store
operating income
|
11.9
|
13.5
|
||||||||||
|
General
and administrative expenses
|
5.7
|
6.6
|
||||||||||
|
Operating
income
|
6.2
|
6.9
|
||||||||||
|
Interest
expense
|
2.6
|
2.8
|
||||||||||
|
Interest
income
|
--
|
0.1
|
||||||||||
|
Pretax
income
|
3.6
|
4.2
|
||||||||||
|
Provision
for income taxes
|
1.2
|
1.5
|
||||||||||
|
Income
from continuing operations
|
2.4
|
2.7
|
||||||||||
|
(Loss)
income from discontinued operations
|
--
|
0.8
|
||||||||||
|
Net
income
|
2.4 | % | 3.5 | % | ||||||||
-MORE-
CBRL
Announces First Quarter Results
Page
7
November
28, 2007
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except share amounts)
|
11/2/07
|
8/3/07
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash
equivalents
|
$ |
12,147
|
$ |
14,248
|
||||
|
Assets
held for
sale
|
5,383
|
4,676
|
||||||
|
Other
current
assets
|
207,137
|
181,357
|
||||||
|
Property
and equipment,
net
|
1,028,193
|
1,018,982
|
||||||
|
Long-lived
assets
|
48,066
|
45,767
|
||||||
|
Total
assets
|
$ |
1,300,926
|
$ |
1,265,030
|
||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Current
liabilities
|
$ |
242,013
|
$ |
274,669
|
||||
|
Long-term
debt
|
782,384
|
756,306
|
||||||
|
Other
long-term
obligations
|
166,074
|
129,932
|
||||||
|
Shareholders’
equity
|
110,455
|
104,123
|
||||||
|
Total
liabilities and
shareholders’ equity
|
$ |
1,300,926
|
$ |
1,265,030
|
||||
|
Common
shares outstanding
|
23,739,425
|
23,674,175
|
||||||
-MORE-
CBRL
Announces First Quarter Results
Page
8
November
28, 2007
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
First
Quarter Ended
|
||||||||
|
11/2/07
|
10/27/06
|
|||||||
|
Cash
flows from continuing operations:
|
||||||||
|
Cash
flows from operating activities
|
||||||||
|
Net
income
|
$ |
13,889
|
$ |
19,427
|
||||
|
Loss
(income) from discontinued
operations, net of tax
|
94
|
(4,265 | ) | |||||
|
Depreciation
and
amortization
|
13,660
|
13,723
|
||||||
|
Loss
on disposition of property
and equipment
|
535
|
292
|
||||||
|
Impairment
|
532
|
--
|
||||||
|
Accretion
on zero-coupon
notes
|
--
|
1,467
|
||||||
|
Share-based
compensation, net of
excess tax benefit
|
2,223
|
1,768
|
||||||
|
Net
changes in other assets and
liabilities
|
(33,927 | ) | (28,164 | ) | ||||
|
Net
cash (used in) provided by
operating activities
|
(2,994 | ) |
4,248
|
|||||
|
Cash
flows from investing activities:
|
||||||||
|
Purchase
of property and
equipment, net of insurance recoveries
|
(24,325 | ) | (23,616 | ) | ||||
|
Proceeds
from sale of property
and equipment
|
65
|
79
|
||||||
|
Net
cash used in investing
activities
|
(24,260 | ) | (23,537 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Net
proceeds (payments) for
credit facilities and
|
||||||||
|
other
long-term
obligations
|
26,591
|
(2,035 | ) | |||||
|
Proceeds
from exercise of stock
options
|
1,926
|
7,686
|
||||||
|
Excess
tax benefit from
share-based compensation
|
91
|
877
|
||||||
|
Dividends
on common
stock
|
(3,310 | ) | (4,020 | ) | ||||
|
Net
cash provided by financing
activities
|
25,298
|
2,508
|
||||||
|
Cash
flows from discontinued operations:
|
||||||||
|
Net
cash (used in) provided by
operating activities of
|
||||||||
|
discontinued
operations
|
(145 | ) |
12,871
|
|||||
|
Net
cash used in investing
activities of discontinued operations
|
--
|
(10,817 | ) | |||||
|
Net
cash (used in) provided by discontinued operations
|
(145 | ) |
2,054
|
|||||
|
Net
decrease in cash and cash equivalents
|
(2,101 | ) | (14,727 | ) | ||||
|
Cash
and cash equivalents, beginning of period
|
14,248
|
87,830
|
||||||
|
Cash
and cash equivalents, end of period
|
$ |
12,147
|
$ |
73,103
|
||||
-MORE-
CBRL
Announces First Quarter Results
Page
9
November
28, 2007
CBRL
GROUP, INC.
Supplemental
Information
(Unaudited)
|
First
Quarter Ended
|
||||||||
|
Units
in operation:
|
11/2/07
|
10/27/06
|
||||||
|
Open
at beginning of
period
|
562
|
543
|
||||||
|
Opened
during
period
|
6
|
5
|
||||||
|
Closed
during
period
|
(2 | ) |
-
|
|||||
|
Open
at end of
period
|
566
|
548
|
||||||
|
Total
revenue: (In thousands)
|
||||||||
|
Restaurant
|
$ |
462,753
|
$ |
442,327
|
||||
|
Retail
|
118,412
|
115,936
|
||||||
|
Total
revenue
|
$ |
581,165
|
$ |
558,263
|
||||
|
Operating
weeks:
|
7,322
|
7,076
|
||||||
|
Average
unit volume: (In thousands)
|
||||||||
|
Restaurant
|
$ |
821.6
|
$ |
812.6
|
||||
|
Retail
|
210.2
|
213.0
|
||||||
|
Total
|
$ |
1,031.8
|
$ |
1,025.6
|
||||
|
Q1
2008 vs. Q1 2007
|
||
|
Comparable
store sales period to period increase (decrease):
|
||
|
Restaurant
|
1.8%
|
|
|
Retail
|
(2.1)%
|
|
|
Number
of locations in comparable store base
|
531
|
|
-END-