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Cracker Barrel slides, Q1 outlook weak

  • Another quarter, another positive comps trifecta for Cracker Barrel (CBRL) as comparable store traffic, restaurant sales, and retail sales grow 0.6%, 2.6%, and 1.1% respectively.
  • Revenue for FQ4 rose 3.9% Y/Y.
  • Average menu price rose 1.9%.
  • Gains in comparable restaurant traffic, average check total, and comparable restaurant sales were to some degree concentrated in May.
  • FY14 outlook: $5.60-5.80/share on revenue of $2.7-2.75B.
  • FQ1 outlook: $1.05-1.15/share. That's well below consensus of $1.32. Management cites "higher commodity costs, projected training and other expenses, and the cost of the bi-annual general managers meeting." (PR)
  • Shares -2.8% premarket
  • More: Earnings
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