Cracker Barrel Old Country Store, Inc. (CBRL) has reported a 4.57 percent fall in profit for the quarter ended Apr. 28, 2017. The company has earned $46.92 million, or $1.95 a share in the quarter, compared with $49.17 million, or $2.04 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $46.92 million, or $1.95 a share compared with $43.86 million or $1.82 a share, a year ago.
Revenue during the quarter went up marginally by 0.04 percent to $700.41 million from $700.14 million in the previous year period. Gross margin for the quarter expanded 94 basis points over the previous year period to 70.61 percent. Total expenses were 89.79 percent of quarterly revenues, down from 90.43 percent for the same period last year. This has led to an improvement of 63 basis points in operating margin to 10.21 percent.
Operating income for the quarter was $71.48 million, compared with $67.03 million in the previous year period.
However, the adjusted operating income for the quarter stood at $71.48 million compared to $67.03 million in the prior year period. At the same time, adjusted operating margin improved 63 basis points in the quarter to 10.21 percent from 9.57 percent in the last year period.
Commenting on the third quarter, Cracker Barrel president and chief executive officer Sandra B. Cochran said, "We are pleased to report that third quarter earnings per diluted share exceeded our expectations. Our operating income margin continues to grow as a result of commodity market favorability and our ongoing cost reduction initiatives. Our confidence in the strength of the Cracker Barrel brand is reflected in our raised full-year earnings guidance, our increased quarterly dividend, and our declared special dividend."
For financial year 2017, Cracker Barrel Old Country Store, Inc. expects revenue to be $2,950 million for fiscal year 2017. The company forecasts diluted earnings per share to be in the range of $8.25 to $8.35.
For the fourth-quarter 2017, Cracker Barrel Old Country Store, Inc. forecasts diluted earnings per share to be in the range of $2.10 to $2.20.
Operating cash flow improves significantly
Cracker Barrel Old Country Store, Inc. has generated cash of $203.07 million from operating activities during the nine month period, up 35.96 percent or $53.71 million, when compared with the last year period.
The company has spent $80.45 million cash to meet investing activities during the nine month period as against cash outgo of $68.86 million in the last year period. It has incurred net capital expenditure of $80.45 million on net basis during the nine month period, up 16.82 percent or $11.58 million from year ago period.
The company has spent $89.90 million cash to carry out financing activities during the nine month period as against cash outgo of $169.26 million in the last year period.
Cash and cash equivalents stood at $183.69 million as on Apr. 28, 2017, up 3.96 percent or $7 million from $176.69 million on Apr. 29, 2016.
Debt remains stable
Total debt remained stable at $400 million as on Apr. 28, 2017, when compared with the last year. Long-term debt remained stable at $400 million as on Apr. 28, 2017, when compared with the last year. Interest coverage ratio improved to 21.09 for the quarter from 19.51 for the same period last year.
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