Cracker Barrel (CBRL) stocks are up after the company reported earnings on Tuesday that beat analyst estimates. The old country store and restaurant saw increased sales for the quarter and has implemented a three year cost cutting plan. The company posted earnings of $1.49 per share, beating analyst estimates by $0.12. Revenue came in at $683.71 million, up from last year’s $643.30 million. The Tennessee-based store has raised its profit outlook for the year. The company now expects to earn between $6.60 and $6.70 a share, up from its earlier forecast of $6.40 to $6.50. Sales for the quarter were up 5.2 percent and traffic increased by 1.8 percent. As well as cutting costs, Cracker Barrel has also increased prices. The average menu price is around 2.5 percent higher than last year, pushing the average check cost up around 3.4%. Cracker Barrel announced that it intends to pay shareholders a special dividend of $3 as well as raising its quarterly dividend 10 percent to $1.10.
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