Originally published at www.seclive.com
Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) announced its third quarter financial results for the 2014 fiscal year, reporting a 0.5% increase in sales from a year ago. The casual dining and retail store chain posted $643.3M in sales while comparable store restaurant sales fell 0.6%. This decrease was composed of a 2.3% increase in average check and a 2.9% decline in customer traffic. Earnings improved from $24.6M and $1.02 per share in the year-ago quarter to $28.7M and $1.20 per share, helped in part with a 10% decrease in general and administrative expenses and a 58% decrease in interest expense. President and CEO Sandra Cochran commented that increased competition, severe winter weather, and a constrained consumer spending environment all contributed to the headwinds the company faced. Despite the headwinds, Cracker Barrel is pleased that it continues to outperform its peers in the Knapp-Track casual dining index.
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