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 17, 2004
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CBRL GROUP, INC.
Tennessee 0-25225 62-1749513
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(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
305 Hartmann Drive, Lebanon, Tennessee 37087
(615) 444-5533
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press Release dated June 17, 2004.
Item 9. Regulation FD Disclosure
CBRL Group, Inc. issued a press release that is furnished as Exhibit 99.1
to this Current Report on Form 8-K, which by this reference is incorporated
herein as if copied verbatim. In the press release, CBRL Group, Inc. reports
sales trends and provides earnings guidance for its fiscal 2004 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: June 17, 2004 CBRL GROUP, INC.
By: /s/ James F. Blackstock
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Name: James F. Blackstock
Title: Senior Vice President, General
Counsel and Secretary
[Exhibit 99.1]
[Logo of CBRL Group, Inc.]
Contact: Lawrence E. White
Senior Vice President/
Finance and Chief Financial Officer
(615) 443-9869
CBRL GROUP, INC. REPORTS SALES TRENDS AND PROVIDES EARNINGS
GUIDANCE FOR FISCAL 2004 FOURTH QUARTER
LEBANON, Tenn. (June 17, 2004) -- CBRL Group, Inc. (the "Company") (NASDAQ:
CBRL) today reported quarter-to-date sales and provided earnings guidance for
the fourth fiscal quarter of 2004.
The Company reported that quarter-to-date comparable store restaurant sales
in its Cracker Barrel Old Country Store(R) ("Cracker Barrel") units are down
approximately 1.5-2% from last year, with an approximately 1.5-2% higher average
check, including approximately 1.7% higher menu pricing. Cracker Barrel
quarter-to-date comparable store retail sales are down approximately 5%.
Quarter-to-date comparable restaurant sales in the Company's Logan's
Roadhouse(R) restaurants are up approximately 2.5-3%, including approximately
3.5-4% higher average check, including approximately 3% higher menu pricing.
Father's Day occurred earlier in the fiscal 2003 fourth quarter and was included
in last year's comparable store sales for the period. The Company estimates that
this timing difference reduced fourth quarter-to-date comparable store
restaurant sales relative to the year-ago quarter-to-date period by almost 0.5%
for Cracker Barrel and approximately 1.5% for Logan's.
The Company urges caution in considering its current trends and the
earnings guidance disclosed in this press release. The restaurant industry is
highly competitive, and trends and guidance 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 disclaims any obligation to update disclosed
information on trends or targets other than in its periodic filings on Forms
10-K, 10-Q, and 8-K with the Securities and Exchange Commission.
Commenting on current trends, CBRL Group, Inc. President and Chief
Executive Officer Michael A. Woodhouse said, "Quarter-to-date sales trends
reflect a variety of factors, including general softness in sales similar to
that reported by a number of other restaurant companies, lack of availability of
certain retail product, slower than expected sales of a certain new retail
product, the timing of holidays, and other factors. Encouragingly, both Cracker
Barrel and Logan's comparable restaurant sales trends, adjusted for the one-week
shift in both Memorial Day and Father's Day, have been both positive and
stronger than the reported quarter-to-date trends since just before the Memorial
Day weekend. Based on these trends, improved availability of retail product and
the timing of holidays, we expect a relative improvement in sales trends in all
our businesses for the remainder of the quarter."
The Company provided guidance for the fourth fiscal quarter of 2004, which
ends on July 30, 2004. The Company expects a mid-single digit increase in total
revenue over last year and diluted net income per share of $0.65-$0.68 for the
fourth quarter compared with $0.70 in the year-ago quarter. This guidance
reflects expectations for comparable store restaurant sales for the full quarter
versus last year of between a 1% decrease and a 1% increase for Cracker Barrel
and a percentage increase in the mid-single digits for Logan's. The Company
presently expects comparable store retail sales during the fourth quarter to be
down 1-3% from the year-ago quarter. Guidance also reflects expected
continuation of commodity cost pressures in most major food cost categories. The
principal food categories in which the Company does not have contracts for all
its needs through the fiscal fourth quarter or beyond are dairy, smoked sausage
and produce. Guidance reflects the Company's expected cost increases for these
categories.
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates
500 Cracker Barrel Old Country Store restaurants and gift shops located in 41
states and 107 company-operated and 19 franchised Logan's Roadhouse restaurants
in 17 states.
Except for specific historical information, many of the matters discussed
in this press release may express or imply projections of revenues or
expenditures, statements of plans and objectives or future operations or
statements of future economic performance. These, and similar statements are
forward-looking statements concerning matters that involve risks, uncertainties
and other factors which may cause the actual performance of CBRL Group, Inc. and
its subsidiaries 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",
"outlook", "plans", "projection", "may", "will", "would", "expect", "intend",
"estimate", "anticipate", "believe", "potential" or "continue" (or the negative
or other derivatives of each of these terms) or similar terminology. Factors
which could materially affect actual results include, but are not limited to:
the effects of uncertain consumer confidence or general or regional economic
weakness on sales and customer travel activity; the actual results of pending or
threatened litigation or governmental investigations and the costs and effects
of negative publicity associated with these activities; the ability of the
Company to identify, acquire and sell successful lines of retail merchandise;
commodity, workers' compensation, group health and utility price changes;
consumer behavior based on concerns over nutritional or safety aspects of the
Company's products or restaurant food in general; competitive marketing and
operational initiatives; the effects of plans intended to improve operational
execution and performance; changes in or implementation of additional
governmental or regulatory rules, regulations and interpretations affecting
accounting, tax, wage and hour matters, health and safety, pensions, insurance
or other undeterminable areas; practical or psychological effects of terrorist
acts or war and military or government responses; 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; disruptions to the
Company's restaurant or retail supply chain; changes in foreign exchange rates
affecting the Company's future retail inventory purchases; the availability and
cost of acceptable sites for development and the Company's ability to identify
such sites; changes in accounting principles generally accepted in the United
States of America or changes in capital market conditions that could affect
valuations of restaurant companies in general or the Company's goodwill in
particular; increases in construction costs; changes in interest rates affecting
the Company's financing costs; and other factors described from time to time in
the Company's filings with the SEC, press releases, and other communications.
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