Cracker Barrel beats by $0.10, misses on revs; guides Q4 EPS in-line; raises quarterly dividend 4.3%; announces $3.50/share special dividend (161.41)
- Reports Q3 (Apr) earnings of $1.95 per share, $0.10 better than the Capital IQ Consensus of $1.85; revenues were unchanged from the year-ago period at $700.4 mln vs. $713 mln consensus.
- Comparable store restaurant sales decreased 0.4% (Feb -1.7%, March -1.3%, April +1.2%), as a 2.1% decline in comparable store restaurant traffic was partially offset by a 1.7% increase in average check. The average menu price increase for the quarter was ~1.6%. Comparable store retail sales decreased 4.7% from the prior year quarter. Reductions in cost of goods sold and general and administrative expenses were partially offset by increases in labor and related expenses and other store operating expenses.
- Co issues in-line guidance for Q4, sees EPS of $2.10-2.20 vs. $2.19 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY17, sees EPS of $8.25-8.35 vs. $8.23 Capital IQ Consensus Estimate; sees FY17 revs of $2.95 bln vs. $2.96 bln Capital IQ Consensus Estimate.
- Board of Directors increased the quarterly dividend to $1.20 per share on the Company's common stock, which represents a 4.3% increase over the Company's previous quarterly dividend of $1.15. The quarterly dividend is payable on August 4, 2017 to shareholders of record on July 14, 2017.
- The Board of Directors also declared a special dividend of $3.50 per share on the Company's common stock. This is the Company's third special dividend declaration. The special dividend is payable on July 28, 2017 to shareholders of record on July 14, 2017.