[Logo of CBRL Group, Inc.] POST OFFICE BOX
LEBANON, TENNESSEE
37088-0787
PHONE 615.443.9869
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CBRL GROUP, INC.
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Contact: Lawrence E. White
Senior Vice President/
Finance and Chief
Financial Officer
(615) 443-9869
CBRL GROUP, INC. REPORTS MARCH SALES AND UPDATES EARNINGS
GUIDANCE FOR THE THIRD QUARTER OF FISCAL 2005
LEBANON, Tenn. (March 29, 2005) -- CBRL Group, Inc. (the "Company") (NASDAQ:
CBRL) today reported comparable store sales for the four-week period ending
March 25, 2005. It also updated its earnings guidance for its third fiscal
quarter of 2005 and reaffirmed its guidance for the full fiscal year of 2005.
The Company reported that comparable store restaurant sales for the four
weeks ending Friday, March 25, 2005 in its Cracker Barrel Old Country Store(R)
("Cracker Barrel") units were up 3.5% from the comparable period last year, with
an approximately 3.6% higher average check, including approximately 2.0% higher
menu pricing. Cracker Barrel comparable store retail sales in March were up
1.8%. The Easter holiday is two weeks earlier this year than last year, and the
pre-Easter period fell in late fiscal March this year, benefiting Cracker
Barrel's comparable store restaurant sales by approximately 1-1.5% and retail
sales by approximately 2.5-3%. Comparable restaurant sales in the Company's
Logan's Roadhouse(R) restaurants in March were up 3.2%, with an approximately
3.7% higher average check, including approximately 3.3% higher menu pricing.
Logan's comparable store sales benefited by approximately 0.5% from the
pre-Easter period falling in fiscal March this year.
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 updated its guidance for the third fiscal quarter of 2005. The
Company's present guidance is for diluted net income per share for the third
quarter of fiscal 2005, which ends April 29, 2005, of $0.54-0.56 compared to the
restated $0.49 per share in the third quarter of last year on a total revenue
increase of approximately 8-9%.
The Company reaffirmed its guidance for the full fiscal year of 2005,
reflecting its present expectation of a percentage increase in diluted net
income per share in the mid-to-high teens above the restated $2.18 in fiscal
2004 (excluding a settlement charge taken in the fourth quarter of last year).
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates
519 Cracker Barrel Old Country Store restaurants and gift shops located in 41
states and 123 company-operated and 22 franchised Logan's Roadhouse restaurants
in 18 states.
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CBRL Reports March Sales and Updates Earnings Guidance
Page 2
March 29, 2005
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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 ability of the Company to
identify, acquire and sell successful new lines of retail merchandise; the
availability and cost of acceptable sites for development and the Company's
ability to identify such sites; 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; increases in construction costs; 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 actual results of pending or threatened litigation or
governmental investigations; the costs and effects of negative publicity
associated with Company operations or political or charitable activities;
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; 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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