View:
===========================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
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): July 18, 2002
-------------
CBRL GROUP, INC.
Tennessee 0-25225 62-1749513
--------- ------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
305 Hartmann Drive, Lebanon, Tennessee 37087
(615) 444-5533
=============================================================================
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 July 18, 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 fiscal 2002 fourth quarter-to-date sales trends and which reaffirmed
earnings guidance for the fourth quarter.
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: July 18, 2002 CBRL GROUP, INC.
By: /s/ James F. Blackstock
---------------------------------
Name: James F. Blackstock
Title: Senior Vice President, General
Counsel and Secretary
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99 Press Release issued by CBRL Group, Inc. on July
18, 2002.
EXHIBIT 99
POST OFFICE BOX 787
LEBANON, TENNESSEE
37088-0787
PHONE 615.444.5533
============================================================================
CBRL GROUP, INC.
============================================================================
[CBRL GROUP, INC. LOGO]
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. (July 18, 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 same-store restaurant sales in
its Cracker Barrel Old Country Store(R) units are up 4-4.5% compared with the
same period a year ago, including 1.5-2% higher guest traffic. Quarter-to-
date retail sales in the same units increased approximately 2-2.5%. Quarter-
to-date same-store restaurant sales in the Company's Logan's Roadhouse(R)
units are up 1-1.5% from last year, including an increase in guest traffic of
approximately 2%.
Commenting on sales trends, CBRL Group, Inc. President and Chief
Executive Officer Michael A. Woodhouse said, "We are pleased to report that
our solid sales momentum continues, with Cracker Barrel's 4-4.5% same-store
restaurant sales increase coming on top of a strong year-ago fourth quarter
when comparable store sales were up 4.0%, which itself was an improvement
over a strong prior year fourth quarter in which we reported 3.8% positive
comparable store restaurant sales. This continuing strength and sales
momentum puts us in our tenth consecutive quarter of positive comparable
store restaurant sales at Cracker Barrel Old Country Store, an achievement
last recorded in 1994."
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.
CBRL Updates Sales Trends and Earnings Guidance
Page 2
July 18, 2002
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates
456 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 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.
###