Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) saw its stock skyrocket on the release of third-quarter financial numbers.
The company, based in Lebanon, Tenn., reported that comparable store restaurant sales growth of 1.3% and traffic of -1.8% outperformed the casual dining industry.
Earnings per diluted share were $2.09, a 3.0% increase compared to $2.03 in the prior year third quarter.
The Company reported total revenue of $739.6 million for the third quarter of fiscal 2019, representing an increase of 2.5% over the third quarter of the prior year.
Cracker Barrel comparable store restaurant sales increased 1.3%, representing a 3.1% increase in average check and a 1.8% decrease in comparable store restaurant traffic. The average menu price increase for the quarter was approximately 1.8%. Comparable store retail sales decreased 2.6% from the prior year quarter.
The Company announced its Board of Directors increased the quarterly dividend to $1.30 per share on the Company's common stock, which represents a 4.0% increase over the Company's previous quarterly dividend of $1.25 per share.
The Board of Directors also declared a special dividend of $3.00 per share on the Company's common stock and authorized new share repurchases for up to $50 million of the Company's outstanding common stock.
Cracker Barrel CEO Sandra Cochran commented, "Our teams continued to make progress on key initiatives, and I am encouraged by our performance, in particular with the early results of our new Signature Fried Chicken initiative."
CBRL shares jumped $4.35, or 2.7%, to $165.40
