CRACKER BARREL OLD COUNTRY STORE, INC. (CBRL, Financial) filed Quarterly Report for the period ended 2010-04-30.
Cracker Barrel Old Country Store, Inc. has a market cap of $1.07 billion; its shares were traded at around $46.79 with a P/E ratio of 13 and P/S ratio of 0.5. The dividend yield of Cracker Barrel Old Country Store, Inc. stocks is 1.7%. Cracker Barrel Old Country Store, Inc. had an annual average earning growth of 16% over the past 10 years. GuruFocus rated Cracker Barrel Old Country Store, Inc. the business predictability rank of 5-star.CBRL is in the portfolios of Richard Aster Jr of Meridian Fund, Robert Olstein of Olstein Financial Alert Fund, Jim Simons of Renaissance Technologies LLC, Pioneer Investments, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Total revenue for the nine-month period ended April 30, 2010 increased 1.1% compared to the nine-month period ended May 1, 2009. For the nine-month period ended April 30, 2010, comparable store restaurant sales increased 0.3% and comparable store retail sales decreased 2.0% resulting in a combined comparable store sales (total revenue) decrease of 0.2%. The comparable store restaurant sales increase consisted of a 2.1% average check increase for the nine months (including a 2.4% average menu price increase) and a 1.8% guest traffic decrease. The comparable store retail sales decrease was due to the decline in guest traffic. We continue to experience the effects of pressures on consumer discretionary income in our guest traffic and sales. Sales from newly opened stores accounted for the total revenue increase in the nine-month period ended April 30, 2010.
Gross profit as a percentage of total revenue for the nine-month period ended April 30, 2010 increased to 68.6% compared to 67.3% in the nine-month period ended May 1, 2009. The increase was due to commodity deflation of 2.4% and our menu price increase referenced above.
Labor and other related expenses include all direct and indirect labor and related costs incurred in store operations. Labor and other related expenses as a percentage of total revenue were 39.1% and 37.9%, respectively, in the quarter and nine-month periods ended April 30, 2010 as compared to 40.5% and 38.8%, respectively, in the quarter and nine-month periods ended May 1, 2009. Both decreases were primarily due to lower healthcare costs as a result of lower medical claims and the benefit of calendar 2010 group health plan design changes.
General and administrative expenses as a percentage of total revenue were 6.6% and 6.0%, respectively, in the quarter and nine-month periods ended April 30, 2010 as compared to 4.9% and 5.0%, respectively, in the quarter and nine-month periods ended May 1, 2009. Both increases were due to higher incentive compensation accruals, including share-based compensation, which reflected better performance against financial objectives in 2010 as compared to the same periods in the prior year.
Interest expense as a percentage of total revenue was relatively constant during the quarter and nine-month periods ended April 30, 2010 as compared to the same periods in the prior year. Interest expense as a percentage of total revenue was 2.1% and 2.2%, respectively, in the third quarters of 2010 and 2009 and was 2.1% and 2.3%, respectively, in the first nine months of 2010 and 2009.
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Cracker Barrel Old Country Store, Inc. has a market cap of $1.07 billion; its shares were traded at around $46.79 with a P/E ratio of 13 and P/S ratio of 0.5. The dividend yield of Cracker Barrel Old Country Store, Inc. stocks is 1.7%. Cracker Barrel Old Country Store, Inc. had an annual average earning growth of 16% over the past 10 years. GuruFocus rated Cracker Barrel Old Country Store, Inc. the business predictability rank of 5-star.CBRL is in the portfolios of Richard Aster Jr of Meridian Fund, Robert Olstein of Olstein Financial Alert Fund, Jim Simons of Renaissance Technologies LLC, Pioneer Investments, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Total revenue for the third quarter of 2010 increased 1.9% compared to the prior year third quarter. For the quarter, comparable store restaurant sales increased 0.6% and comparable store retail sales increased 3.2% resulting in a combined comparable store sales (total revenue) increase of 1.1%. The comparable store restaurant sales increase consisted of a 2.2% average check increase for the quarter (including a 2.1% average menu price increase) and a 1.6% guest traffic decrease. The comparable store retail sales increase was due to an increase in guest spending from last year and more appealing retail merchandise selection than in the prior year. We continue to experience the effects of pressures on consumer discretionary income in our guest traffic. Sales from newly opened stores accounted for the balance of the total revenue increase in the third quarter.Total revenue for the nine-month period ended April 30, 2010 increased 1.1% compared to the nine-month period ended May 1, 2009. For the nine-month period ended April 30, 2010, comparable store restaurant sales increased 0.3% and comparable store retail sales decreased 2.0% resulting in a combined comparable store sales (total revenue) decrease of 0.2%. The comparable store restaurant sales increase consisted of a 2.1% average check increase for the nine months (including a 2.4% average menu price increase) and a 1.8% guest traffic decrease. The comparable store retail sales decrease was due to the decline in guest traffic. We continue to experience the effects of pressures on consumer discretionary income in our guest traffic and sales. Sales from newly opened stores accounted for the total revenue increase in the nine-month period ended April 30, 2010.
Gross profit as a percentage of total revenue for the nine-month period ended April 30, 2010 increased to 68.6% compared to 67.3% in the nine-month period ended May 1, 2009. The increase was due to commodity deflation of 2.4% and our menu price increase referenced above.
Labor and other related expenses include all direct and indirect labor and related costs incurred in store operations. Labor and other related expenses as a percentage of total revenue were 39.1% and 37.9%, respectively, in the quarter and nine-month periods ended April 30, 2010 as compared to 40.5% and 38.8%, respectively, in the quarter and nine-month periods ended May 1, 2009. Both decreases were primarily due to lower healthcare costs as a result of lower medical claims and the benefit of calendar 2010 group health plan design changes.
General and administrative expenses as a percentage of total revenue were 6.6% and 6.0%, respectively, in the quarter and nine-month periods ended April 30, 2010 as compared to 4.9% and 5.0%, respectively, in the quarter and nine-month periods ended May 1, 2009. Both increases were due to higher incentive compensation accruals, including share-based compensation, which reflected better performance against financial objectives in 2010 as compared to the same periods in the prior year.
Interest expense as a percentage of total revenue was relatively constant during the quarter and nine-month periods ended April 30, 2010 as compared to the same periods in the prior year. Interest expense as a percentage of total revenue was 2.1% and 2.2%, respectively, in the third quarters of 2010 and 2009 and was 2.1% and 2.3%, respectively, in the first nine months of 2010 and 2009.
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