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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): June 20, 2002
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CBRL GROUP, INC.
Tennessee 0-25225 62-1749513
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
305 Hartmann Drive, Lebanon, Tennessee 37087
(615) 444-5533
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements. None.
(b) Pro Forma Financial Information. None.
(c) Exhibits. See Exhibit Index immediately following the signature
page hereto.
ITEM 9. REGULATION FD DISCLOSURE.
On June 20, 2002, CBRL Group, Inc. issued the press release that is
attached as Exhibit 99 to this Current Report on Form 8-K, which by this
reference is incorporated herein as if copied verbatim, with respect to
certain quarter-to-date information on current sales trends and which
reaffirmed earnings guidance for the fiscal fourth quarter and full year.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: June 20, 2002 CBRL GROUP, INC.
By: /s/ James F. Blackstock
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Name: James F. Blackstock
Title: Senior Vice President, Secretary
and General Counsel
EXHIBIT INDEX
Exhibit No. Description Page No.
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99 Press Release issued by CBRL Group, Inc. 5
on June 20, 2002.
Exhibit 99
[Letterhead of CBRL Group, Inc.]
Contact: Lawrence E. White
Senior Vice President/
Finance and Chief
Financial Officer
CBRL GROUP, INC. REPORTS CURRENT SALES TRENDS AND REAFFIRMS
EARNINGS GUIDANCE
LEBANON, Tenn. (June 20, 2002) - CBRL Group, Inc. (Nasdaq: CBRL) today
reported fiscal 2002 fourth quarter-to-date sales trends and reaffirmed its
earnings guidance for the fourth quarter.
The Company reported that quarter-to-date comparable store restaurant
sales in its Cracker Barrel Old Country Store(R) units are up approximately
4.5% compared with the same period a year ago, including approximately 2%
higher guest traffic. Quarter-to-date retail sales in the comparable units
increased approximately 2.5%. Quarter-to-date comparable restaurant sales in
the Company's Logan's Roadhouse(R) units are up approximately 1% from last
year, including an increase in guest traffic of approximately 1.5-2%.
Restaurant sales at both concepts have rebounded to levels in line with
previously disclosed expectations following a short-lived and unexpected
slowdown in trends that began over the Memorial Day weekend.
The Company reaffirmed guidance for diluted earnings per share for the
fourth quarter of fiscal 2002, which ends on August 2, 2002, in the low-to-
mid $0.50's, compared with $0.48 after excluding the impact of charges taken
in the year-ago quarter. The prior year $0.48 was benefited by approximately
$0.09 as a result of a non-recurring fourteenth week (the present fiscal
quarter has thirteen weeks). THE COMPANY URGES CAUTION IN CONSIDERING ITS
CURRENT TRENDS AND THE EARNINGS TARGETS DISCLOSED IN THIS PRESS RELEASE. THE
RESTAURANT INDUSTRY IS HIGHLY COMPETITIVE, AND TRENDS AND TARGETS 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 ASSUMES NO
OBLIGATION TO UPDATE DISCLOSED INFORMATION ON TRENDS OR TARGETS OTHER THAN IN
ITS PERIODIC FILINGS UNDER FORMS 10-K, 10-Q, AND 8-K WITH THE SECURITIES AND
EXCHANGE COMMISSION.
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates
455 Cracker Barrel Old Country Store restaurants and gift shops located in 41
states and 84 company-operated and 12 franchised Logan's Roadhouse
restaurants in 17 states.
EXCEPT FOR SPECIFIC HISTORICAL INFORMATION, THE MATTERS DISCUSSED IN
THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS,
UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE
CBRL Updates Sales Trends and Earnings Guidance
Page 2
June 20, 2002
ACTUAL RESULTS AND PERFORMANCE OF CBRL GROUP, INC. 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 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", "PLANS", "MAY",
"WILL", "WOULD", "EXPECT", "INTEND", "ESTIMATE", "ANTICIPATE", "BELIEVE",
"POTENTIAL" OR "CONTINUE" (OR THE NEGATIVE OF EACH OF THESE TERMS) OR SIMILAR
TERMINOLOGY. FACTORS WHICH WILL AFFECT ACTUAL RESULTS INCLUDE, BUT ARE NOT
LIMITED TO: ADVERSE GENERAL ECONOMIC CONDITIONS INCLUDING UNCERTAIN CONSUMER
CONFIDENCE EFFECTS ON SALES; THE ACTUAL RESULTS OF PENDING OR THREATENED
LITIGATION; THE EFFECTS OF NEGATIVE PUBLICITY; LEGAL RULINGS OR CHANGES IN
LEGAL INTERPRETATIONS OR IMPLEMENTATION OF ADDITIONAL GOVERNMENTAL RULES AND
REGULATIONS AFFECTING TAXES, ACCOUNTING, WAGE AND HOUR MATTERS, HEALTH AND
SAFETY, PENSIONS AND INSURANCE; WEATHER CONDITIONS AND CUSTOMER TRAVEL
ACTIVITY; THE EFFECTS OF PLANS INTENDED TO IMPROVE OPERATIONAL EXECUTION AND
PERFORMANCE; THE EFFECTS OF INCREASED COMPETITION AT COMPANY LOCATIONS ON
SALES AND ON LABOR RECRUITING, COST AND RETENTION; THE ABILITY OF AND COST TO
THE COMPANY TO RECRUIT, TRAIN AND RETAIN QUALIFIED RESTAURANT HOURLY AND
MANAGEMENT EMPLOYEES; THE ABILITY OF THE COMPANY TO IDENTIFY SUCCESSFUL NEW
LINES OF RETAIL MERCHANDISE; THE AVAILABILITY AND COST OF ACCEPTABLE SITES
FOR DEVELOPMENT; THE ACCEPTANCE OF THE COMPANY'S CONCEPTS AS THE COMPANY
CONTINUES TO EXPAND INTO NEW MARKETS AND GEOGRAPHIC REGIONS; CHANGES IN
INTEREST RATES AFFECTING THE COMPANY'S FINANCING COSTS; COMMODITY, WORKERS'
COMPENSATION, GROUP HEALTH AND UTILITY PRICE INCREASES; PRACTICAL OR
PSYCHOLOGICAL EFFECTS OF TERRORIST ACTS, OR MILITARY OR GOVERNMENT RESPONSES;
OTHER UNDETERMINABLE AREAS OF GOVERNMENT OR REGULATORY ACTIONS OR
REGULATIONS; AND OTHER FACTORS DESCRIBED FROM TIME TO TIME IN THE COMPANY'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, PRESS RELEASES AND OTHER
COMMUNICATIONS.
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