>>> Cracker Barrel beats by $0.07, misses on revs; guides Q2 EPS below consensus

Cracker Barrel beats by $0.07, misses on revs; guides Q2 EPS below consensus; lowers FY18 EPS, in-line, reaffirms rev Reports Q1 (Oct) earnings of $1.92 per share, $0.07 better than the Capital IQ Consensus of $1.85; revenues rose 0.1% year/year to $710.4 mln vs the $718.85 mln Capital IQ Consensus. The co estimates that hurricanes Harvey and Irma reduced first quarter diluted EPS by ~$0.07. Comparable store restaurant sales increased 0.2%, including a 2.0% increase in average check partially offset by a 1.8% decrease in store traffic. The average menu price increase for the quarter was ~2.2%. Comparable store retail sales decreased 3.6% from the prior year quarter. The Company opened two new Holler & Dash Biscuit House locations during the quarter, bringing the store count to 651 combined Cracker Barrel Old Country Store and Holler & Dash Biscuit House locations at quarter-end. Aug comp restaurant sales +0.6%, Sept -0.3% Oct +0.2% Co issues downside guidance for Q2, sees EPS of $2.15-2.25 vs. $2.30 Capital IQ Consensus Estimate; Harvey and Irma impacting by $0.03 Co issues in-line guidance for FY18, sees EPS of $8.75-8.90 (from $8.85-9.00) vs. $8.83 Capital IQ Consensus; reaffirms FY18 revs of $3.1 bln vs. $3.06 bln Capital IQ Consensus Estimate, reflecting the expected opening of eight or nine new Cracker Barrel stores and three new Holler & Dash stores, as well as projected increases in comparable store restaurant sales in the range of 2.0% to 3.0% and comparable store retail sales to be ~flat. The Company now projects food commodity inflation in the range of 2.0% to 2.5% for the year. Co now projects operating income margin to be ~10.5% of total revenue.

Cracker Barrel beats by $0.07, misses on revs; guides Q2 EPS below consensus; lowers FY18 EPS, in-line, reaffirms rev

Reports Q1 (Oct) earnings of $1.92 per share, $0.07 better than the Capital IQ Consensus of $1.85; revenues rose 0.1% year/year to $710.4 mln vs the $718.85 mln Capital IQ Consensus. The co estimates that hurricanes Harvey and Irma reduced first quarter diluted EPS by ~$0.07.
Comparable store restaurant sales increased 0.2%, including a 2.0% increase in average check partially offset by a 1.8% decrease in store traffic. The average menu price increase for the quarter was ~2.2%. Comparable store retail sales decreased 3.6% from the prior year quarter. The Company opened two new Holler & Dash Biscuit House locations during the quarter, bringing the store count to 651 combined Cracker Barrel Old Country Store and Holler & Dash Biscuit House locations at quarter-end.
- Aug comp restaurant sales +0.6%, Sept -0.3% Oct +0.2%
Co issues downside guidance for Q2, sees EPS of $2.15-2.25 vs. $2.30 Capital IQ Consensus Estimate; Harvey and Irma impacting by $0.03
Co issues in-line guidance for FY18, sees EPS of $8.75-8.90 (from $8.85-9.00) vs. $8.83 Capital IQ Consensus; reaffirms FY18 revs of $3.1 bln vs. $3.06 bln Capital IQ Consensus Estimate, reflecting the expected opening of eight or nine new Cracker Barrel stores and three new Holler & Dash stores, as well as projected increases in comparable store restaurant sales in the range of 2.0% to 3.0% and comparable store retail sales to be ~flat. The Company now projects food commodity inflation in the range of 2.0% to 2.5% for the year. Co now projects operating income margin to be ~10.5% of total revenue.