[Exhibit 99.1]
[Logo of CBRL Group, Inc.]
Contact: Lawrence E. White
Senior Vice President/
Finance and Chief
Financial Officer
(615) 443-9869
CBRL GROUP, INC. REPORTS SALES TRENDS AND REAFFIRMS
EARNINGS GUIDANCE FOR FISCAL 2004 FOURTH QUARTER
LEBANON, Tenn. (July 15, 2004) -- CBRL Group, Inc. (the "Company") (NASDAQ:
CBRL) today reported quarter-to-date sales and reaffirmed earnings guidance for
the fourth fiscal quarter of 2004.
The Company reported that quarter-to-date comparable store restaurant sales
in its Cracker Barrel Old Country Store(R) ("Cracker Barrel") units are down
approximately 0.5-1% from last year, with an approximately 1.5-2% higher average
check, including approximately 1.7% higher menu pricing. Cracker Barrel
quarter-to-date comparable store retail sales are down approximately 3.5-4%.
Quarter-to-date comparable restaurant sales in the Company's Logan's
Roadhouse(R) restaurants are up approximately 5.5%, including approximately
4-4.5% higher average check, including approximately 3% higher menu pricing.
The Company urges caution in considering its current trends and the
earnings guidance disclosed in this press release. The restaurant industry is
highly competitive, and trends and guidance are subject to numerous factors and
influences, some of which are discussed in the cautionary language at the end of
this press release. The Company disclaims any obligation to update disclosed
information on trends or targets other than in its periodic filings on Forms
10-K, 10-Q, and 8-K with the Securities and Exchange Commission.
The Company reaffirmed its guidance for the fourth fiscal quarter of 2004,
which ends on July 30, 2004. The Company presently expects diluted net income
per share of $0.65-$0.68 for the fourth quarter compared with $0.70 in the
year-ago quarter.
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates
502 Cracker Barrel Old Country Store restaurants and gift shops located in 41
states and 107 company-operated and 20 franchised Logan's Roadhouse restaurants
in 17 states.
Except for specific historical information, many 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 CBRL Group, Inc. and
its subsidiaries to differ materially from those expressed or implied by this
discussion. All forward-looking information is provided by the Company 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 "assumptions", "target", "guidance",
"outlook", "plans", "projection", "may", "will", "would", "expect", "intend",
"estimate", "anticipate", "believe", "potential" or "continue" (or the negative
or other derivatives of each of these terms) or similar terminology. Factors
which could materially affect actual results include, but are not limited to:
the effects of uncertain consumer confidence or general or regional economic
weakness on sales and customer travel activity; the actual results of pending or
threatened litigation or governmental investigations and the costs and effects
of negative publicity associated with these activities; the ability of the
Company to identify, acquire and sell successful lines of retail merchandise;
commodity, workers' compensation, group health and utility price changes;
consumer behavior based on concerns over nutritional or safety aspects of the
Company's products or restaurant food in general; competitive marketing and
operational initiatives; the effects of plans intended to improve operational
execution and performance; changes in or implementation of additional
governmental or regulatory rules, regulations and interpretations affecting
accounting, tax, wage and hour matters, health and safety, pensions, insurance
or other undeterminable areas; practical or psychological effects of terrorist
acts or war and military or government responses; the effects of increased
competition at Company locations on sales and on labor recruiting, cost, and
retention; the ability of and cost to the Company to recruit, train, and retain
qualified restaurant hourly and management employees; disruptions to the
Company's restaurant or retail supply chain; changes in foreign exchange rates
affecting the Company's future retail inventory purchases; the availability and
cost of acceptable sites for development and the Company's ability to identify
such sites; changes in accounting principles generally accepted in the United
States of America or changes in capital market conditions that could affect
valuations of restaurant companies in general or the Company's goodwill in
particular; increases in construction costs; changes in interest rates affecting
the Company's financing costs; and other factors described from time to time in
the Company's filings with the SEC, press releases, and other communications.
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