LEBANON, Tenn., Sept. 18, 2018 /PRNewswire/ -- Cracker
Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company")
(Nasdaq: CBRL) today reported its financial results for the
fourth quarter and for the full fiscal year ended August 3, 2018.
Fourth Quarter Fiscal 2018 Highlights
- Compared to the prior year fourth quarter, comparable
restaurant sales declined 0.4% and comparable store retail sales
increased 1.3%
- On a GAAP basis, earnings per diluted share were
$2.55 compared to $2.23 in the prior year quarter. Adjusted for the
impact of the extra week in the current fiscal year, adjusted
earnings per share were $2.19 (see
non-GAAP reconciliation below).
- The Company announced that its Board of Directors declared a
regular quarterly dividend of $1.25
per share to common shareholders.
Full Year Fiscal 2018 Highlights
- For the full fiscal year, comparable store restaurant sales
growth of 0.6% and traffic of -1.9% outperformed the casual dining
industry.
- Fiscal 2018 GAAP earnings per diluted share were
$10.29; adjusting for the
$1.06 impact of the one-time non-cash
revaluation of our net deferred tax liability that occurred in the
second quarter, EPS was $9.23;
further adjusting for the estimated $0.36 impact of the 53rd week, EPS was
$8.87 (For a reconciliation of GAAP
to non-GAAP financial measures, please see the tables accompanying
this release.)
- During fiscal 2018, the Company declared regular quarterly
dividends totaling $4.85 per share.
Additionally, the Company declared a special dividend of
$3.75 per share, bringing the total
declared dividends in fiscal 2018 to $8.60 per share.
Commenting on the fourth quarter and full fiscal year results,
Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "The softer sales trend
we saw in May persisted throughout the quarter, leading to fourth
quarter results that fell below expectations. Our traffic was
challenged, particularly with lighter users and during the dinner
daypart, some of which was attributable to our menu and marketing
promotion not delivering the anticipated topline traffic and sales.
While our results did not meet our expectations, I am confident
that our initiatives and plans for fiscal 2019 will drive improved
performance."
Fourth Quarter Fiscal 2018 Results
Revenue
The Company reported total revenue of $810.9
million for the fourth quarter of fiscal 2018, representing
an increase of 9.1% over the fourth quarter of the prior year.
Adjusted for the 53rd week, total revenue increased 1.3%
compared to the prior fiscal year. Cracker Barrel comparable store
restaurant sales decreased 0.4%, as a 3.1% increase in average
check partially offset a 3.5% decrease in comparable store
restaurant traffic. The average menu price increase for the quarter
was approximately 2.7%. Comparable store retail sales increased
1.3% from the prior year quarter.
Cracker Barrel comparable store restaurant traffic, average
check, and comparable store restaurant sales and retail sales for
the fiscal months of May, June, and July and the fourth quarter
were as follows:
|
May
|
June
|
July
|
Fourth
Quarter
|
Comparable restaurant
traffic
|
-3.8%
|
-2.7%
|
-3.8%
|
-3.5%
|
Average
check
|
3.0%
|
3.0%
|
3.1%
|
3.1%
|
Comparable restaurant
sales
|
-0.8%
|
0.3%
|
-0.7%
|
-0.4%
|
Comparable retail
sales
|
1.6%
|
1.5%
|
0.8%
|
1.3%
|
Operating Income
Operating income in the
fourth quarter was $82.8 million, or
10.2% of total revenue, a decrease from the prior year quarter of
$83.2 million, or 11.2% of total
revenue. As a percentage of total revenue, increases in cost of
goods sold and labor and related expenses were partially offset by
reductions in other operating expenses and general and
administrative expenses. Adjusted for the impact of the
53rd week, operating income was $71.5 million, or 9.5% of sales.
Diluted Earnings per Share
Diluted
earnings per share were $2.55, a
$0.32 increase over the prior year
fourth quarter. Adjusted for the impact of the 53rd
week, diluted earnings per share were $2.19, a decrease of $0.04.
Quarterly Dividend Declared
The Company's Board
of Directors declared a quarterly dividend to common shareholders
of $1.25 per share, payable on
November 5th, 2018 to
shareholders of record on October
19th, 2018.
Fiscal 2018 Results
The Company reported total
revenue of $3.0 billion for the
fiscal year, representing an increase of 3.6% over the prior year.
Adjusted for the 53rd week, total revenue increased by
1.6%. Comparable store restaurant sales increased 0.6%, including a
2.5% increase in average check partially offset by a 1.9% decrease
in store traffic. Comparable store retail sales were down 0.1% for
the fiscal year.
Operating income for fiscal 2018 was $293.6 million, or 9.7% of total revenue,
compared to $313.2 million, or 10.7%
of total revenue, in the prior year. Adjusted for the
53rd week, operating income was $282.4 million, or 9.5% of total revenue.
Fiscal 2018 GAAP earnings per diluted share were $10.29, including the estimated $0.36 benefit of the extra week in the fiscal
year, a 22.9% increase over EPS of $8.37 in the prior year. Reflecting our one-time
non-cash revaluation of our net deferred tax liability associated
with the Tax Cuts and Jobs Act of 2017 that occurred in the second
quarter, adjusted EPS was $9.23,
including the benefit of the extra week in the fiscal
year.
Adjusting for the impact of both the 53rd week and
the one-time non-cash tax revaluation of our net deferred tax
liability, earnings per diluted share were $8.87. (For a reconciliation of GAAP to non-GAAP
financial measures, please see the tables accompanying this
release.)
Fiscal 2019 Outlook
For fiscal 2019, the
Company expects total revenue of approximately $3.04 billion reflecting the expected opening of
8 new Cracker Barrel stores, as well as projected increases in
comparable store restaurant sales growth in the range of flat to
1%, and comparable store retail sales growth in the range of flat
to 1%. The Company projects food commodity inflation of
approximately 2% for the year. The Company projects operating
income margin to be approximately 9.3% as a percent of total
revenue. The Company expects depreciation expense of between
$110 million and $115 million; net interest expense of
approximately $17 million; and
capital expenditures of approximately $160
million to $170 million. The
Company anticipates an effective tax rate for fiscal 2019 of
between 17% and 18%. The Company projects earnings per diluted
share for fiscal 2019 of between $8.95 and $9.10
compared to adjusted earnings per diluted share of $8.87 in fiscal 2018.
The Company reminds investors that its outlook for fiscal 2019
reflects a number of assumptions, many of which are outside the
Company's control.
Fiscal 2019 Fourth Quarter Conference Call
As
previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public on-line
at investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The on-line replay will be
available at 2:00 p.m. (ET) and
continue through October 4, 2018.
About Cracker Barrel Old Country
Store®
Cracker Barrel Old Country
Store, Inc. (Nasdaq: CBRL) shares warm welcomes and friendly
service while offering guests high-quality homestyle food and
unique shopping – all at a fair price. By creating a world filled
with hospitality and charm through an experience that combines
dining and shopping, guests are cared for like family. Established
in 1969 in Lebanon, Tenn., Cracker
Barrel and its affiliates operate 655 company-owned Cracker Barrel
Old Country Store® locations in 45 states and own the fast-casual
Holler and Dash® restaurants. For more information about the
company, visit crackerbarrel.com.
CBRL-F
Except for specific historical information, certain of the
matters discussed in this press release may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. These, and similar statements are forward-looking
statements concerning matters that involve risks, uncertainties and
other factors which may cause the actual performance of Cracker
Barrel Old Country Store, Inc. and its subsidiaries to differ
materially from those expressed or implied by this discussion. All
forward-looking information is subject to completion of our
financial procedures for Q4 FY 2018 and is provided pursuant to the
safe harbor established under the Private Securities Litigation
Reform Act of 1995 and should be evaluated in the context of these
factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends,"
"assumptions," "target," "guidance," "outlook," "opportunity,"
"future," "plans," "goals," "objectives," "expectations,"
"near-term," "long-term," "projection," "may," "will," "would,"
"could," "expect," "intend," "estimate," "anticipate," "believe,"
"potential," "regular," "should," "projects," "forecasts," or
"continue" (or the negative or other derivatives of each of these
terms) or similar terminology and include the expected effects of
operational improvement initiatives, such as new menu items and
retail offerings. Factors which could materially affect actual
results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional
economic weakness, weather on sales and customer travel,
discretionary income or personal expenditure activity of our
customers; information technology-related incidents, including data
privacy and information security breaches, whether as a result of
infrastructure failures, employee or vendor errors, or actions of
third parties; our ability to identify, acquire and sell successful
new lines of retail merchandise and new menu items at our
restaurants; our ability to sustain or the effects of plans
intended to improve operational or marketing execution and
performance; changes in or implementation of additional
governmental or regulatory rules, regulations and interpretations
affecting tax, wage and hour matters, health and safety, pensions,
insurance or other undeterminable areas; the effects of plans
intended to promote or protect our brands and products; commodity
price increases; the ability of and cost to us to recruit, train,
and retain qualified hourly and management employees in an
escalating wage environment; the effects of increased competition
at our locations on sales and on labor recruiting, cost, and
retention; workers' compensation, group health and utility price
changes; consumer behavior based on negative publicity or concerns
over nutritional or safety aspects of our food or products or those
of the restaurant industry in general, including concerns about
pandemics, as well as the possible effects of such events on the
price or availability of ingredients used in our restaurants; the
effects of our indebtedness and associated restrictions on our
financial and operating flexibility and ability to execute or
pursue our operating plans and objectives; changes in interest
rates or capital market conditions affecting our financing costs
and ability to refinance all or portions of our indebtedness; the
effects of business trends on the outlook for individual restaurant
locations and the effect on the carrying value of those locations;
our ability to retain key personnel; the availability and cost of
suitable sites for restaurant development and our ability to
identify those sites; our ability to enter successfully into new
geographic markets that may be less familiar to us; changes in
land, building materials and construction costs; the actual results
of pending, future or threatened litigation or governmental
investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological
effects of natural disasters or terrorist acts or war and military
or government responses; disruptions to our restaurant or retail
supply chain; changes in foreign exchange rates affecting our
future retail inventory purchases; implementation of new or changes
in interpretation of existing accounting principles generally
accepted in the United States of
America ("GAAP"); and other factors described from time to
time in our filings with the Securities and Exchange Commission,
press releases, and other communications. Any forward-looking
statement made by us herein, or elsewhere, speaks only as of the
date on which made. We expressly disclaim any intent, obligation or
undertaking to update or revise any forward-looking statements made
herein to reflect any change in our expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statements are based.
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In thousands,
except share and per share amounts, percentages and
ratios)
|
|
|
Fourth Quarter Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
Percentage
|
|
8/3/18
|
|
7/28/17
|
|
Change
|
|
8/3/18
|
|
7/28/17
|
|
Change
|
|
Total
revenue
|
$810,893
|
|
$743,226
|
|
9%
|
|
$3,030,445
|
|
$2,926,289
|
|
4%
|
|
Cost of goods sold,
exclusive of depreciation and rent
|
245,977
|
|
217,382
|
|
13
|
|
935,397
|
|
891,293
|
|
5
|
|
Labor and other
related expenses
|
286,657
|
|
257,931
|
|
11
|
|
1,055,811
|
|
1,017,124
|
|
4
|
|
Other store operating
expenses
|
160,046
|
|
148,164
|
|
8
|
|
601,889
|
|
563,300
|
|
7
|
|
Store operating
income
|
118,213
|
|
119,749
|
|
(1)
|
|
437,348
|
|
454,572
|
|
(4)
|
|
General and
administrative expenses
|
35,442
|
|
36,509
|
|
(3)
|
|
143,756
|
|
141,414
|
|
2
|
|
Operating
income
|
82,771
|
|
83,240
|
|
(1)
|
|
293,592
|
|
313,158
|
|
(6)
|
|
Interest
expense
|
4,277
|
|
3,568
|
|
20
|
|
15,169
|
|
14,271
|
|
6
|
|
Pretax
income
|
78,494
|
|
79,672
|
|
(1)
|
|
278,423
|
|
298,887
|
|
(7)
|
|
Provision for income
taxes
|
17,140
|
|
25,779
|
|
(34)
|
|
30,803
|
|
96,988
|
|
(68)
|
|
Net income
|
$61,354
|
|
$53,893
|
|
14
|
|
$247,620
|
|
$201,899
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share –
Basic:
|
$2.56
|
|
$2.24
|
|
14
|
|
$10.31
|
|
$8.40
|
|
23
|
|
Earnings per share –
Diluted:
|
$2.55
|
|
$2.23
|
|
14
|
|
$10.29
|
|
$8.37
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
24,004,826
|
|
24,042,717
|
|
(0)
|
|
24,011,161
|
|
24,031,810
|
|
(0)
|
|
Diluted
|
24,074,999
|
|
24,137,895
|
|
(0)
|
|
24,075,614
|
|
24,118,288
|
|
(0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
Analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
82.0%
|
|
82.3%
|
|
|
|
80.5%
|
|
80.3%
|
|
|
|
Retail
|
18.0
|
|
17.7
|
|
|
|
19.5
|
|
19.7
|
|
|
|
Total revenue
|
100.0
|
|
100.0
|
|
|
|
100.0
|
|
100.0
|
|
|
|
Cost of goods sold,
exclusive of depreciation and rent
|
30.3
|
|
29.2
|
|
|
|
30.9
|
|
30.5
|
|
|
|
Labor and other
related expenses
|
35.4
|
|
34.7
|
|
|
|
34.8
|
|
34.8
|
|
|
|
Other store operating
expenses
|
19.7
|
|
20.0
|
|
|
|
19.9
|
|
19.2
|
|
|
|
Store operating
income
|
14.6
|
|
16.1
|
|
|
|
14.4
|
|
15.5
|
|
|
|
General and
administrative expenses
|
4.4
|
|
4.9
|
|
|
|
4.7
|
|
4.8
|
|
|
|
Operating
income
|
10.2
|
|
11.2
|
|
|
|
9.7
|
|
10.7
|
|
|
|
Interest
expense
|
0.5
|
|
0.5
|
|
|
|
0.5
|
|
0.5
|
|
|
|
Pretax
income
|
9.7
|
|
10.7
|
|
|
|
9.2
|
|
10.2
|
|
|
|
Provision for income
taxes
|
2.1
|
|
3.4
|
|
|
|
1.0
|
|
3.3
|
|
|
|
Net income
|
7.6%
|
|
7.3%
|
|
|
|
8.2%
|
|
6.9%
|
|
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited and in
thousands, except share amounts)
|
|
|
8/3/18
|
|
7/28/17
|
|
Assets
|
|
|
|
|
Cash and
cash equivalents
|
$114,656
|
|
$161,001
|
|
Accounts
receivable
|
19,496
|
|
18,116
|
|
Inventory
|
156,253
|
|
156,367
|
|
Prepaid
expenses and other current assets
|
16,347
|
|
20,312
|
|
Deferred
income taxes
|
0
|
|
3,061
|
|
Property
and equipment, net
|
1,149,135
|
|
1,098,097
|
|
Other
long-term assets
|
71,468
|
|
64,988
|
|
Total
assets
|
$1,527,355
|
|
$1,521,942
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Accounts
payable
|
$122,332
|
|
$118,395
|
|
Other
current liabilities
|
242,287
|
|
257,433
|
|
Long-term debt
|
400,000
|
|
400,000
|
|
Other
long-term obligations
|
128,794
|
|
136,186
|
|
Deferred
income taxes
|
52,161
|
|
65,421
|
|
Shareholders' equity, net
|
581,781
|
|
544,507
|
|
Total liabilities and
shareholders' equity
|
$1,527,355
|
|
$1,521,942
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued
and outstanding
|
24,011,550
|
|
24,055,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited and in
thousands)
|
|
|
Twelve Months
Ended
|
|
8/3/18
|
|
7/28/17
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$247,620
|
|
$201,899
|
Depreciation and amortization
|
93,692
|
|
86,319
|
Loss on disposition of property and equipment
|
7,119
|
|
5,585
|
Share-based compensation, net of excess tax benefit
|
6,977
|
|
5,822
|
Decrease (increase) in inventories
|
114
|
|
(4,059)
|
Increase (decrease) in accounts payable
|
3,937
|
|
(14,098)
|
Net changes in other assets and liabilities
|
(28,839)
|
|
39,299
|
Net cash provided by operating activities
|
330,620
|
|
320,767
|
Cash flows from
investing activities:
|
|
|
|
Purchase of property and equipment, net of insurance
recoveries
|
(151,633)
|
|
(110,108)
|
Proceeds from sale of property and equipment
|
411
|
|
503
|
Net cash used in investing activities
|
(151,222)
|
|
(109,605)
|
Cash flows from
financing activities:
|
|
|
|
Taxes withheld and
proceeds from issuance of share-based
|
(3,816)
|
|
(6,896)
|
Excess tax benefit from share-based compensation
|
0
|
|
2,636
|
Purchases and
retirement of common stock
|
(14,772)
|
|
0
|
Dividends on common stock
|
(207,155)
|
|
(196,867)
|
Net cash used in financing activities
|
(225,743)
|
|
(201,127)
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(46,345)
|
|
10,035
|
Cash and cash
equivalents, beginning of period
|
161,001
|
|
150,966
|
Cash and cash
equivalents, end of period
|
$114,656
|
|
$161,001
|
|
|
|
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
Supplemental
Information
(Unaudited)
|
|
Fourth Quarter
Ended
|
|
Twelve Months
Ended
|
|
8/3/18
|
|
7/28/17
|
|
8/3/18
|
|
7/28/17
|
|
|
|
|
|
|
|
|
Units in
operation:
|
|
|
|
|
|
|
|
Open at beginning of
period
|
659
|
|
647
|
|
649
|
|
641
|
Opened during
period
|
1
|
|
2
|
|
11
|
|
8
|
Open at end of
period
|
660
|
|
649
|
|
660
|
|
649
|
|
|
|
|
|
|
|
|
Total revenue: (In
thousands, on comparable 13 and 52 week periods)
|
Restaurant
|
$616,925
|
|
$611,324
|
|
$2,391,037
|
|
$2,351,212
|
Retail
|
135,615
|
|
131,902
|
|
581,055
|
|
575,077
|
Total
revenue
|
$752,540
|
|
$743,226
|
|
$2,972,092
|
|
$2,926,289
|
|
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of depreciation and rent): (In thousands, on comparable
13 and 52 week periods)
|
Restaurant
|
$160,484
|
|
$153,848
|
|
$613,500
|
|
$595,186
|
Retail
|
68,067
|
|
63,534
|
|
304,471
|
|
296,107
|
Total cost of goods
sold
|
$228,551
|
|
$217,382
|
|
$917,971
|
|
$891,293
|
|
|
|
|
|
|
|
|
Average unit
volume: (In thousands, on comparable 13 and 52 week
periods)
|
Restaurant
|
$925.2
|
|
$943.5
|
|
$3,641.1
|
|
$3,645.7
|
Retail
|
203.4
|
|
203.6
|
|
884.8
|
|
891.7
|
Total
|
$1,128.6
|
|
$1,147.1
|
|
$4,525.9
|
|
$4,537.4
|
|
|
|
|
|
|
|
|
Operating weeks: (on
comparable 13 and 52 week periods)
|
|
8,668
|
|
8,423
|
|
34,148
|
|
33,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2018 vs. Q4
2017
|
|
12 mo. 2018 vs. 12
mo. 2017
|
|
|
|
|
|
Comparable store
sales period to period increase (decrease):
|
Restaurant
|
|
(0.4%)
|
|
0.6%
|
Retail
|
|
1.3%
|
|
(0.1%)
|
|
|
|
|
|
Number of locations
in comparable store base:
|
|
|
641
|
|
635
|
|
|
|
|
|
|
|
|
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
Reconciliation of
GAAP basis operating results to adjusted non-GAAP operating
results
(Unaudited)
|
|
In the accompanying
press release the Company makes reference to adjusted earnings per
share when excluding the impact
of the 53rd week of the current fiscal year and a
one-time non-cash revaluation of a net deferred tax
liability. The Tax Cuts
and Jobs Act of 2017, which became effective on January 1, 2018 and
prior to the end of our second quarter, lowered the
federal corporate income tax rate to 21%. During the second
quarter of 2018, the Company recorded a provisional tax
benefit for re-measurement of deferred tax liabilities due to this
rate change, of approximately $25 million. The
Company
believes that excluding this item and its related tax effects from
its financial results reflects the current cash impact of tax
reform for FY2018, and as such may provide investors with an
enhanced understanding of the Company's financial results.
This information is not intended to be considered in isolation or
as a substitute for income or earnings per share information
prepared in accordance with GAAP.
|
|
|
Fourth Quarter ended
August 3, 2018
|
|
As
Reported
|
Adjust
|
53rd week
|
As
Adjusted
|
|
|
|
|
|
Total
Revenue
|
$
810,893
|
$
-
|
(58,353)
|
$
752,540
|
|
|
|
|
|
Store operating
income
|
118,213
|
-
|
(13,309)
|
104,904
|
General and
administrative expenses
|
35,442
|
-
|
(2,071)
|
33,371
|
Operating
income
|
82,771
|
-
|
(11,238)
|
71,533
|
Interest
Expense
|
4,277
|
-
|
(323)
|
3,954
|
Pretax
income
|
78,494
|
-
|
(10,915)
|
67,579
|
Provision for income
taxes
|
17,140
|
-
|
(2,383)
|
14,757
|
Net income
|
$
61,354
|
$
-
|
$
(8,532)
|
$
52,822
|
|
|
|
|
|
Earnings per share -
Basic
|
$2.56
|
-
|
(0.36)
|
$2.20
|
Earnings per share -
Diluted
|
$2.55
|
-
|
(0.36)
|
$2.19
|
|
|
|
|
|
|
Twelve months ended
August 3, 2018
|
|
As
Reported
|
Adjust
|
53rd week
|
As
Adjusted
|
|
|
(1)
|
|
|
Total
Revenue
|
$
3,030,445
|
$
-
|
(58,353)
|
$
2,972,092
|
|
|
|
|
|
Store operating
income
|
437,348
|
-
|
(13,309)
|
424,039
|
General and
administrative expenses
|
143,756
|
-
|
(2,071)
|
141,685
|
Operating
income
|
293,592
|
-
|
(11,238)
|
282,354
|
Interest
Expense
|
15,169
|
-
|
(323)
|
14,846
|
Pretax
income
|
278,423
|
-
|
(10,915)
|
267,508
|
Provision for income
taxes
|
30,803
|
25,596
|
(2,383)
|
54,016
|
Net income
|
$
247,620
|
$
(25,596)
|
$
(8,532)
|
$
213,492
|
|
|
|
|
|
Earnings per share -
Basic
|
$10.31
|
(1.06)
|
(0.36)
|
$8.89
|
Earnings per share -
Diluted
|
$10.29
|
(1.06)
|
(0.36)
|
$8.87
|
|
|
|
|
|
|
|
|
|
|
(1) One-time Non-Cash
Revaluation of Net Deferred Tax Liability
|
|
|
Investor
Contact:
|
Adam Hanan
|
|
(615)
443-9887
|
|
|
Media
Contact:
|
Janella
Escobar
|
|
(615)
235-4618
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cracker-barrel-reports-fourth-quarter-and-full-year-fiscal-2018-results-and-provides-guidance-for-fiscal-2019-300714257.html
SOURCE Cracker Barrel Old Country Store, Inc.