Originally published at www.seclive.com
Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) announced its financial results for the first fiscal quarter of 2014, reporting an earnings increase of 17%. The restaurant and retail-store chain saw increases in comparable store restaurant sales and comparable store retail sales of 2.8% and 2.5% respectively. The 2.8% increase in restaurant sales reflects a 0.1% decrease in traffic but a 2.9% increase in average check. Revenue improved 3.5% to $649.1M, beating analyst expectations of $647M. Company earnings were up from $23.2M and $0.97 a year ago to $27.2M and $1.14 per share. Cracker Barrel activist shareholder Sardar Biglari has made repeated attempts to gain more control of the company, attempting to gain seats on the board. His latest efforts to increase his power in the company were voted down by shareholders.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.