The restaurant chain Cracker Barrel Old Country Store Inc. (CBRL) saw shares pop on Monday on a strong earnings report that showed the company topping both earnings and revenue expectations, as well as raising guidance for the remainder of 2013.
For the its fiscal 3rd quarter of 2013, Cracker Barrel netted $26.4 million, or $1.02 per share on revenue of $640.4 million, compared to the prior year period during with the company reaped $19 million in profits, or $0.81 per share on revenue of $608.5 million. Analysts had been expecting $0.94 per share on revenue of $630 million.
Furthermore, the company raised its guidance for the year on earnings from $4.60 to $4.80 per share to $4.75 to $4.85 per share.
Cracker Barrel cited higher item-prices on its menu for the earnings beat, as well as a 3.1 percent increase in same-store sales, the sixth consecutive quarter that the crucial retail metric has exceeded 3 percent growth.
Sales at established retail outlets connected to its dining locations were up 5.5 percent, while Operating margin increased from 6.4 percent to 6.9 percent.
The $2.13 billion market-cap company runs over 600 restaurants in 42 American states, and has watched its shares do very well in 2013, up over 40 percent year-to-date despite signs of weakening consumer confidence in the U.S. economy.
The company also announced that it would be doubling its dividend payout on April 5th to $0.75. In afternoon trading, shares popped over 5 percent to a 52-week high of $97.13, after closing Friday’s trading at $89.46.
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