Cracker Barrel (CBRL) Misses Q4 EPS by 1c; Issues Light EPS Guidance

Cracker Barrel (NASDAQ: CBRL) reported Q4 EPS of $2.12, $0.01 worse than the analyst estimate of $2.13. Revenue for the quarter came in at $745.6 million versus the consensus estimate of $742.34 million.

Compared to the prior year fourth quarter, comparable store restaurant sales increased 3.2%, marking the Company's largest quarterly outperformance relative to the casual dining industry in fiscal 2016; comparable store retail sales increased 3.5%.

Guidance:

For fiscal 2017, the Company expects total revenue of between $2.95 billion and $3.00 billion, and earnings per diluted share of between $7.95 and $8.10. The increased revenue projection for fiscal 2017 reflects the expected opening of seven or eight new Cracker Barrel stores, and projected increases in comparable store restaurant sales and retail sales in a range of 1.0% to 2.0%. The Company projects food commodity deflation in the range of 2.0% to 3.0% for the year. The Company projects an operating income margin of between 9.5% and 10.0% of total revenue for fiscal 2017. The Company expects depreciation expense between $85 million and $87 million; net interest expense of approximately $15 million; and capital expenditures of approximately $125 million. The Company anticipates an effective tax rate for fiscal 2017 of between 31% and 33%.

The Company expects to report earnings per diluted share for the first quarter of 2017 of between $1.75 and $1.85. The Company reminds investors that its outlook for fiscal 2017 reflects a number of assumptions, many of which are outside the Company's control.

*** The Street sees FY17 EPS of $8.32 and Q1 EPS of $1.93.

For earnings history and earnings-related data on Cracker Barrel (CBRL) click here.

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