Cracker Barrel Old Country Store, Inc. (CBRL) has reported a 9.30 percent rise in profit for the quarter ended Jan. 27, 2017. The company has earned $52.73 million, or $2.19 a share in the quarter, compared with $48.24 million, or $2.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $52.73 million, or $2.19 a share compared with $45.95 million or $1.91 a share, a year ago.

Revenue during the quarter went up marginally by 1.14 percent to $772.68 million from $764 million in the previous year period. Gross margin for the quarter expanded 169 basis points over the previous year period to 67.01 percent. Total expenses were 89.30 percent of quarterly revenues, down from 90.77 percent for the same period last year. This has led to an improvement of 147 basis points in operating margin to 10.70 percent.

Operating income for the quarter was $82.70 million, compared with $70.52 million in the previous year period.

However, the adjusted operating income for the quarter stood at $82.70 million compared to $70.52 million in the prior year period. At the same time, adjusted operating margin improved 147 basis points in the quarter to 10.70 percent from 9.23 percent in the last year period.

Commenting on the second quarter, Cracker Barrel president and chief executive officer Sandra B. Cochran said, "I am pleased to report another significant increase in earnings per diluted share. We delivered second quarter operating margin growth largely driven by continued commodity favorability and the success of our cost reduction initiatives. As we look to the second half of this fiscal year, our teams remain focused on executing at the store level, providing the great food, friendly service, welcoming atmosphere and retail shopping experience that differentiates our brand from our competitors."

For fiscal year 2017, Cracker Barrel Old Country Store, Inc. expects revenue to be $2,950 million. The company projects operating income to grow in the range of 10 percent to 10.50 percent. It forecasts diluted earnings per share to be in the range of $8.10 to $8.25.

For the third-quarter 2017, Cracker Barrel Old Country Store, Inc. forecasts diluted earnings per share to be in the range of $1.75 to $1.85.

The company has spent $52.52 million cash to meet investing activities during the first six months as against cash outgo of $36.32 million in the last year period. It has incurred net capital expenditure of $52.52 million on net basis during the first six months, up 44.59 percent or $16.20 million from year ago period.

The company has spent $62.25 million cash to carry out financing activities during the first six months as against cash outgo of $143.10 million in the last year period.

Cash and cash equivalents stood at $185.70 million as on Jan. 27, 2017, up 8.19 percent or $14.06 million from $171.64 million on Jan. 29, 2016.