The strong fiscal Q2 reported Tuesday by Cracker Barrel Old Country Store was built on best-in-class sales improvements, says Miller + Tabak analyst Stephen Anderson. In a note to clients, Anderson said investors might be a bit disappointed in the guidance for the current quarter, but added that we shouldn't be surprised if the company tops its own guidance thanks to lower input costs.

[W]e still think there could be upside to today’s increased full-year FY13 EPS guidance, particularly as many publicly-traded restaurant companies recently have moderated their outlook for food costs in the next 12 months.

For the record, Cracker Barrel's cost of goods sold during the three months ended Feb. 1 was 34.75 percent of revenues versus 34.96 percent in the year-ago quarter.