Cracker Barrel Old Country Store Inc. said its fiscal first-quarter profit soared 40 percent as food costs fell and customers spent more when they dined, according to Associated Press.
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Its shares rose to a 17-month high after the results trumped Wall Street forecasts.
The restaurant chain, known for its down-home cooking style, said it earned $18 million, or 78 cents per share during the three month period that ended Oct. 30.
That compares to a profit of $12.8 million, or 57 cents per share, during the same period last year.
Revenue climbed 1 percent to $581.2 million.
Analysts surveyed by Thomson Reuters expected the restaurant to earn 62 cents per share on revenue of $576.1 million.
Executives said the results were driven by lower food costs and lower store operating expenses. The average amount diner's spent on a meal rose 2 percent. And an important performance measure of sales in locations open at least a year was positive for the first time in 18 months.
Meanwhile, Cracker Barrel executives boosted the company's full-year operating income guidance. Now, the restaurant chain based in Lebanon, Tenn. expects to earn $3.05 to $3.30 per share from continuing operations. It previously expected an operating profit between $2.85 and $3.10 per share.
Cracker Barrel said full-year revenue will likely be flat to up as much as 2 percent. Last year. Cracker Barrel's revenue was $2.37 billion.
Cracker Barrel shares climbed to $38.70 in Tuesday's trading -- to a high not seen since May 2008. In afternoon trading, the company's stock was up $2.80, or 8 percent, to $38.17.
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