Cracker Barrel Old Country Store on Tuesday reported fiscal first-quarter profit of $40.9 million, but visits fell during the quarter.
On a per-share basis, the Lebanon, Tennessee-based company said it had net income of $1.70.
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The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
Its comparable store restaurant sales, a key industry metric, increased 2.5 percent, as a 3.2 percent increase in its average check was partially offset by a 0.7 percent decline in traffic. October was the only negative month in the period with traffic dropping 2.1 percent.
The restaurant operator posted revenue of $702.6 million in the period.
Cracker Barrel expects full-year earnings to be $7.15 to $7.30 per share.
Cracker Barrel shares have dropped slightly more than 1 percent since the beginning of the year. The stock has climbed 17 percent in the last 12 months.
—CNBC contributed to this post
Patrick Abboud
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