Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) reached for the sky early Tuesday on newly-minted quarterly earnings.
The company, based in Lebanon, Tenn., reported total revenue of $787.1 million for the fourth quarter of fiscal 2019, representing a decrease of 2.9% over the fourth quarter of the prior year. Adjusting for the impact of the extra week in fiscal 2018, revenue increased 4.6%.
Cracker Barrel comparable store restaurant sales increased 3.8%, representing a 3.6% increase in average check and a 0.2% increase in comparable store restaurant traffic.
Earnings per diluted share were $2.70 compared to prior-year fourth-quarter GAAP earnings per diluted share of $2.55, or $2.19 per share when adjusting for the impact of the prior year 53rd week.
The Company entered into a strategic relationship with Punch Bowl Social ("PBS") last July by acquiring a non-controlling ownership stake in PBS.
CEO Sandra Cochran said, "In fiscal 2019, our teams drove performance through an increased focus on our menu, the guest experience, and the continued expansion of our off-premise business.
“We ended the fiscal year with a strong quarter, delivering comparable store restaurant sales and traffic growth in the fourth quarter that outperformed the casual dining industry, and I was especially pleased with the results of our Signature Fried Chicken initiative.
Shares popped $8.15, or 5%, to $172.99
