Just in time for the summer road-trip season, shares of Cracker Barrel jumped Wednesday after the company reported earnings and announced a special dividend of $3.25 a share, payable on July 29. Adjusted earnings of $1.82 a share beat analyst estimates of $1.80 a share. The company was helped in its fiscal third quarter by in increases in same store restaurant and retail sales which were up 2.3 percent and 2.2 percent respectively. The company also increased its full-year earnings guidance, which has not been something commonly heard this earnings season. Cracker Barrel now projects full-year earnings to be between $7.75 and 7.85 a share. Same store sale increases are expected in the range of 2 to 2.5 percent, coming in line with the most recent quarter’s result. Cracker Barrel CEO Sandra Cochran also hinted that diners will be excited by the chain’s summer menu offerings. Something to think about when planning your next weekend road-trip!
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