Stock Monitor: Chanticleer Holdings Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 3, 2018 / Active-Investors.com has just released a free earnings report on Cracker Barrel Old Country Store, Inc. ("Cracker Barrel") (NASDAQ: CBRL). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CBRL. The Company reported its second quarter fiscal 2018 operating and financial results on February 20, 2018. The restaurant operator outperformed top- and bottom-line expectations, and also provided guidance for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Chanticleer Holdings, Inc. (NASDAQ: BURG), which also belongs to the Services sector as the Company Cracker Barrel Old Country Store. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cracker Barrel Old Country Store most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=CBRL
Earnings Highlights and Summary
For the second quarter of the fiscal year 2018, ended January 26, 2018, Cracker Barrel reported total revenues of $787.8 million, representing an increase of 2.0% versus $772.7 million in Q2 FY17. The Company's revenue growth was driven by a positive comparable restaurant and retail sales, and the opening of 7 new Cracker Barrel locations and 2 new Holler & Dash locations since Q2 FY17. Cracker Barrel's revenue numbers topped analysts' estimates of $787.0 million.
During Q2 FY18, Cracker Barrel's operating income totaled $76.7 million, or 9.7% of total revenues, compared to $82.7 million, or 10.7% of total revenues, in Q2 FY17. As a percentage of total revenues, increases in other store operating expenses, cost of goods sold, and general and administrative expenses were partially offset by reductions in labor and related expenses.
For Q2 FY18, Cracker Barrel reported GAAP earnings of $91.1 million, or $3.79 per diluted share, compared to $52.8 million, or $2.19 per diluted share, in Q2 FY17. The Company's reported quarter results included a $1.63 per share benefit from the Tax Act, which became effective on January 01, 2018, and which lowered the federal statutory corporate income tax rate from 35% to 21%. This rate change yielded a blended federal statutory tax rate of 26.9% for the Company in Q2 FY18.
For Q2 FY18, Cracker Barrel's adjusted diluted earnings per share (EPS) soared to $2.73 from $2.19 in Q2 FY17. The Company's earnings numbers beat Wall Street's estimates of $2.42 per share.
Operating Results
For Q2 FY18, Cracker Barrel's comparable store restaurant sales increased 1.1%, including a 2.0% increase in average check, partially offset by a 0.9% decrease in comparable store restaurant traffic. The average menu price increase was approximately 2.3% for the reported quarter.
Cracker Barrel's restaurant revenues increased 2% to $603.2 million on a y-o-y basis in Q2 FY18, while its retail revenues increased 1.7% to $184.6 million.
For Q2 FY18, Cracker Barrel's restaurant cost of goods sold was 26.1% of restaurant sales, reflecting a 10-basis point increase compared to the prior year's same quarter, driven primarily by the impact of commodity inflation. The Company's food commodity costs were approximately 2.7% higher on a y-o-y basis, driven by increases in fruits and vegetables, beef, pork, and eggs.
Cracker Barrel's retail cost of goods sold was 56.2% of retail sales in Q2 FY18 compared to 56% in Q2 FY17. This 20-basis point increase was primarily due to increased promotional activities. The Company's retail inventories were $120.9 million at the end of the reported quarter versus $118.3 million at the end of the prior year's comparable quarter.
Labor and related expenses were $263.7 million, or 33.5% of revenues, in the reported quarter compared to $259.3 million, or 33.6% of revenues, in the prior year's corresponding quarter. This 10-basis point decrease was primarily due to a lower bonus expense.
Cracker Barrel's store operating income was $112.7 million, or 14.3% of revenues, in Q2 FY18 compared to $117.5 million, or 15.2% of revenues, in Q2 FY17.
Cash Matters
Cracker Barrel ended Q2 FY18 with $168.8 million of cash and equivalents compared to $185.7 million at the end of Q2 FY17. The Company's total debt was $400 million at the end of the reported quarter.
Outlook
For the full fiscal year 2018, Cracker Barrel is forecasting GAAP diluted EPS to be in the range of $10.35 and $10.55, and adjusted diluted EPS to be in the band of $9.30 and $9.50. Cracker Barrel is estimating total revenues of approximately $3.1 billion, reflecting the expected opening of eight or nine new Cracker Barrel stores and three new Holler & Dash Biscuit House restaurants. The Company is expecting comparable store restaurant sales of between 1.0% and 2.0%, and continues to anticipate approximately flat comparable store retail sales.
For the third quarter of the fiscal year 2018, Cracker Barrel is projecting diluted EPS to be in the range of $1.85 and $1.95.
Stock Performance Snapshot
April 02, 2018 - At Monday's closing bell, Cracker Barrel Old Country Store's stock slightly fell 0.97%, ending the trading session at $157.66.
Volume traded for the day: 304.74 thousand shares.
Stock performance in the last month - up 0.84%; previous six-month period - up 4.83%; and past twelve-month period - up 0.93%
After yesterday's close, Cracker Barrel Old Country Store's market cap was at $3.78 billion.
Price to Earnings (P/E) ratio was at 14.18.
The stock has a dividend yield of 3.04%.
The stock is part of the Services sector, categorized under the Restaurants industry.
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