Cracker Barrel Old Country Store Inc (CBRL) has reported an 18.33 percent rise in profit for the quarter ended Oct. 28, 2016. The company has earned $48.36 million, or $2.01 a share in the quarter, compared with $40.86 million, or $1.70 a share for the same period last year.
Revenue during the quarter went up marginally by 1.04 percent to $709.97 million from $702.63 million in the previous year period. Gross margin for the quarter expanded 172 basis points over the previous year period to 69.98 percent. Total expenses were 89.33 percent of quarterly revenues, down from 90.71 percent for the same period last year. This has led to an improvement of 137 basis points in operating margin to 10.67 percent.
Operating income for the quarter was $75.74 million, compared with $65.31 million in the previous year period.
Commenting on the first quarter and fiscal year outlook, Cracker Barrel president and chief executive officer Sandra B. Cochran said, “This quarter’s financial results exceeded our expectations, reflecting the strength and differentiation of our brand, as well our ability to leverage our cost saving initiatives and the favorable commodity environment. I believe that our strategic focus to Enhance the Core, Expand the Footprint, and Extend the Brand will further move the brand forward and deliver solid returns for our shareholders.”
Cracker Barrel Old Country Store Inc expects revenue to be in the range of $2,950 million to $3,000 million for financial year 2017. The company projects diluted earnings per share to be in the range of $2.05 to $2.15 for the second-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $8.10 to $8.25.
Operating cash flow turns positive
Cracker Barrel Old Country Store Inc has generated cash of $34.94 million from operating activities during the quarter as against cash outgo of $4.36 million in the last year period.
The company has spent $26.07 million cash to meet investing activities during the quarter as against cash outgo of $16.97 million in the last year period. It has incurred capital expenditure of $26.07 million on net basis during the quarter, up 53.62 percent or $9.10 million from year ago period.
The company has spent $34.72 million cash to carry out financing activities during the quarter as against cash outgo of $116.59 million in the last year period.
Cash and cash equivalents stood at $125.11 million as on Oct. 28, 2016, down 1.91 percent or $2.43 million from $127.54 million on Oct. 30, 2015.
Debt remains stable
Total debt remained stable at $400 million as on Oct. 28, 2016, when compared with the last year. Long-term debt remained stable at $400 million as on Oct. 28, 2016, when compared with the last year. Interest coverage ratio improved to 20.61 for the quarter from 18.43 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
