[Logo of CBRL Group, Inc.]
Post Office Box 787
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 JUNE SALES AND COMMENTS ON EARNINGS
GUIDANCE FOR THE FOURTH QUARTER OF FISCAL 2005
LEBANON, Tenn. (June 28, 2005) -- CBRL Group, Inc. (the "Company") (NASDAQ:
CBRL) today reported comparable store sales for the four-week period ending June
24, 2005. It also commented on its earnings guidance for its fourth fiscal
quarter of 2005.
The Company reported that comparable store restaurant sales for the
four weeks ending Friday, June 24, 2005 in its Cracker Barrel Old Country
Store(R) ("Cracker Barrel") units were up 3.3% from the comparable period last
year, with an approximately 4.0% higher average check, including approximately
4.1% higher menu pricing. Cracker Barrel comparable store retail sales in June
were down 3.1%. Comparable restaurant sales in the Company's Logan's
Roadhouse(R) ("Logan's") restaurants in June were up 1.9%, with an approximately
2.2% higher average check, including approximately 2.5% 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 also commented on its guidance for the fourth fiscal
quarter of 2005, which ends on July 29, 2005. The Company's current expectations
for total revenue and diluted net income per share for the fourth quarter are at
the low end of the range provided in the Company's previously-disclosed guidance
(previous guidance issued on May 19, 2005, was for revenue growth of 9-11% from
the fourth fiscal quarter of 2004 and diluted net income per share of
$0.73-$0.76).
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. operates 529
Cracker Barrel Old Country Store restaurants and gift shops located in 41 states
and 124 company-operated and 23 franchised Logan's Roadhouse restaurants in 18
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
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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 and to
successfully introduce new restaurant offerings and menu changes; the effects of
plans intended to improve operational execution and performance; competitive
marketing and operational initiatives; the effects of increased competition at
Company locations on sales and on labor recruiting, cost, and retention; the
availability and cost of acceptable sites for development and the Company's
ability to identify such sites; workers' compensation, group health, facilities,
utility and commodity price changes; changes in foreign exchange rates affecting
the Company's future retail inventory purchases; increases in construction
costs; consumer behavior based on concerns over nutritional or safety aspects of
the Company's products or restaurant food in general; 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 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 chains; the actual results of pending or
threatened litigation or governmental investigations and the costs and effects
of negative publicity associated with these 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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