Cracker Barrel 2Q profit jumps nearly 40 percent, shares hit 52-week high on easy analyst beat

Cracker Barrel 2Q profit jumps nearly 40 percent

LEBANON, Tenn. — Cracker Barrel Old Country Store Inc. said its fiscal second-quarter profit rose nearly 40 percent on higher prices and customers spending more when they ate out.

Shares on Tuesday rose to a new 52-week high on the results, which handily beat expectations.

The restaurant chain, known for its down-home cooking style, earned $25.4 million, or $1.09 per share, during the three-month period that ended Jan. 29.

That compares to a profit of $18.4 million, or 81 cents per share, during the same period the prior year.

Revenue edged up less than 1 percent to $632.6 million.

Analysts surveyed by Thomson Reuters expected the restaurant to earn 90 cents per share on revenue of $634.8 million.

During afternoon trading, shares rose $3.16, or 8 percent, to $43.02, off from a new 52-week high of $43.15.

Sales at restaurants open at least a year fell 0.2 percent, but the average check rose 2.1 percent during the quarter. The average menu price rose 2.4 percent. Restaurant traffic at stores open at least a year fell 2.3 percent during the quarter, though the decline lessened in January.

Within the company’s stores, which sell candies, gifts and other items, sales at stores open at least a year fell 3 percent in the quarter.

The company expects earnings per share for fiscal 2010 between $3.35 and $3.50. Analysts expect earnings per share of $3.27, according to Thomson Reuters.