Third quarter fiscal 2016 highlights include:
• Compared to the prior year third quarter, comparable store restaurant sales increased 2.3 percent and comparable store retail sales increased 2.2 percent.
• Operating income was 9.6 percent of total revenue, compared to operating income of 8.1 percent in the prior year quarter, or 8.2 percent in the prior year quarter when adjusted to exclude the impact of a prior year litigation accrual.
• Earnings per diluted share were $2.04. Excluding the impact of a reduction of the provisions for uncertain tax positions, adjusted earnings per diluted share were $1.82, a 22 percent increase over adjusted earnings per diluted share of $1.49 in the prior year.
“During the third quarter, we had positive comparable store restaurant and retail sales growth, and continued to outperform the casual dining industry. With the reduction in commodity costs, and our management team’s focus on cost savings initiatives, we increased our operating income by nearly twenty percent. We are encouraged by our May sales results, which we believe have been driven in part by customer enthusiasm around our summer menu offerings,” said Sandra B. Cochran, Cracker Barrel president and CEO.