CBRL Group Inc. (CBRL) said earnings in its third quarter ended May 2 increased to $23.4 million, or 46 cents a share, from $20.6 million, or 36 cents a share, in the year-ago period. Total revenue rose 4% to $527.2 million.
Same-store sales slipped 1.7% in the Cracker Barrel restaurants, 2.3% in Cracker Barrel retail stores and 1.1% at Logan's Roadhouse restaurants.
Lower cost of goods sold and labor and related expenses as a percent of total revenue contributed to the profit increase.
In the first few weeks of the fourth quarter, same-store sales are off 1% at Cracker Barrel, off 4-4.5% at the retail stores, and up 0.5% at Logan's. The company expects that in the fourth quarter ending August 1, Cracker Barrel and Logan's will have slightly positive same-store results, with flat to slightly negative results in its retail unit.
The Lebanon company repurchased 1.4 million shares in the quarter at an average price of $29 and now has just under 600,000 shares left to buy in its repurchase program.
CBRL has 476 Cracker Barrel restaurants, owns 96 Logan's and franchises another 13 Logan's.
CBRL shares last traded Wednesday at $33.40. Their 52-week range is $19.54-$34.10.