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Retail trade

Cracker Barrel Old Country Store Reports Strong First Quarter Results

Strategic Insights

— 2 min read

Cracker Barrel Old Country Store, Inc. announced a strong first quarter for fiscal year 1995, driven by a 2.6% increase in same-store restaurant sales and a 5.1% increase in same-store gift shop sales. The company also reported a 25% increase in pretax income and a 10% increase in net income compared to the same period in the previous year. With the goal of expanding its operations, Cracker Barrel plans to open 25 new stores in the remainder of the fiscal year, bringing the total number of stores to 36 by the end of 1995.

Key Takeaways:

  • Net sales for the first quarter of 1995 reached $184.9 million, a 21.5% increase from $152.5 million in the same period the previous year.
  • Pretax income for the first quarter of 1995 was $24.8 million, a 14.9% increase from $21.5 million in the same period the previous year.
  • Net income for the first quarter of 1995 was $15.6 million, or $0.26 per share, compared to $13.4 million, or $0.22 per share, in the same period the previous year.
  • Same-store restaurant sales for the first quarter of 1995 increased by 2.6%, including a 3.3% menu price increase.
  • Same-store gift shop sales for the first quarter of 1995 increased by 5.1%.
  • Cracker Barrel opened 11 new stores during the first quarter of 1995, compared to 10 new stores in the same period the previous year.
  • The company plans to open 25 new stores in the remainder of the fiscal year, bringing the total number of stores to 36 by the end of 1995.
  • Chairman and President Dan W. Evins stated that the goal is to maintain a strong financial position while expanding operations.

Statistics:

  • Net sales for the first quarter of 1995: $184.9 million
  • Pretax income for the first quarter of 1995: $24.8 million
  • Net income for the first quarter of 1995: $15.6 million
  • Net earnings per share for the first quarter of 1995: $0.26
  • Income before the cumulative effect of adopting FASB Statement No. 109, "Accounting for Income Taxes": $13.4 million
  • Reduction in income taxes due to FASB Statement No. 109 adoption: $988,000
  • Total number of Cracker Barrel stores at the end of 1994: 197
  • Number of new stores opened during the first quarter of 1995: 11
  • Number of new stores planned to be opened during the remainder of the fiscal year: 25

Sources:

  • Business Wire, "Cracker Barrel Old Country Store Announces First Quarter Results," November 16, 1994
  • Cracker Barrel Old Country Store, Inc., Lebanon, Tennessee, press release

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