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): June 30,
2008
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
Check the
appropriate box if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
7.01. Regulation FD Disclosure.
On June
30, 2008, CBRL Group, Inc. (the “Company”) issued the press release, which is
furnished as Exhibit 99.1 to this Current Report on Form 8-K and that is
incorporated by reference into this Item, announcing that the Company will
present at the Oppenheimer 8th Annual
Consumer Growth Conference to be held on July 8, 2008.
On July
1, 2008, the Company issued the press release, which is furnished as Exhibit
99.2 to this Current Report on Form 8-K and that is incorporated by reference
into this Item, announcing the comparable store sales for its Cracker Barrel Old
Country Store®
restaurants and gift shops for the four-week period ending Friday, June 27, 2008
and an update to its outlook for fiscal 2008.
Item
9.01. Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
| See Exhibit Index immediately following signature page. |
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 30, 2008 | CBRL GROUP, INC. | ||
|
|
By:
|
/s/ N.B. Forrest Shoaf | |
| Name: | N.B. Forrest Shoaf | ||
| Title: | Senior Vice President, Secretary and General Counsel |
| EXHIBIT INDEX | |||
| Exhibit No. | Description | ||
| 99.1 | Press Release issued by CBRL Group, Inc. dated June 30, 2008 (furnished only) | ||
| 99.2 | Press Release issued by CBRL Group, Inc. dated July 1, 2008 (furnished only) | ||
Exhibit
99.1
 |
POST OFFICE BOX
787
LEBANON, TENNESSEE
37088-0787
|
C B R L G R O U
P, I N C.
| Investor Contact: | Diana S. Wynne |
| Senior Vice President, Corporate Affairs | |
| (615) 443-9837 | |
| Media Contact: | Julie K. Davis |
| Director, Corporate Communications | |
| (615) 443-9266 |
CBRL
GROUP PRESENTS AT OPPENHEIMER CONSUMER GROWTH CONFERENCE
LEBANON, Tenn. – June 30, 2008
– CBRL Group, Inc. (the
“Company”) (Nasdaq: CBRL) will be participating in the Oppenheimer 8th Annual
Consumer Growth Conference to be held in Boston at the Four Seasons
Hotel. The Company’s presentation will begin at 10:15 a.m. Eastern
Time on Tuesday, July 8, 2008. Chairman, President and Chief
Executive Officer Michael A. Woodhouse will be speaking at the
conference.
The live
broadcast of the presentation at the Oppenheimer Conference will be available
on-line in the Events area of the Company’s website at investor.cbrlgroup.com. An
on-line replay of the webcast will be available for two weeks
afterward.
Headquartered
in Lebanon, Tennessee, CBRL Group, Inc. presently operates 577 Cracker Barrel
Old Country Store®
restaurants and gift shops located in 41 states.
###
Exhibit
99.2
 |
POST OFFICE BOX
787
LEBANON,
TENNESSEE
37088-0787
|
C B R L G R O U
P, I N C.
| Investor Contact: | Diana S. Wynne |
| Senior Vice President, Corporate Affairs | |
| (615) 443-9837 | |
| Media Contact: | Julie K. Davis |
| Director, Corporate Communications | |
| (615) 443-9266 |
CBRL
GROUP REPORTS JUNE COMPARABLE SALES
Updates Guidance for Fiscal 2008
Updates Guidance for Fiscal 2008
LEBANON, Tenn. – July 1, 2008
– CBRL Group, Inc. (“CBRL”) (Nasdaq: CBRL) today reported comparable store sales
for its Cracker Barrel Old Country Store®
restaurants and gift shops for the four-week period ending Friday, June 27,
2008. The sales are compared with the four-week period ending
June 29,
2007, not the prior-year fiscal period.
|
·
|
Comparable
store restaurant sales were down 1.2%, including the effects of an
approximately 3.8% higher average check that resulted primarily from an
average menu price increase of approximately
3.7%.
|
|
·
|
Comparable
store retail sales were up 0.2%.
|
|
·
|
Quarter-to-date
fourth quarter comparable store restaurant sales were down 0.6%, which
included the effects of approximately 3.6% higher average
check. Comparable store retail sales increased
1.3%.
|
|
·
|
Year-to-date
fiscal 2008 comparable store restaurant sales increased 0.7%, which
included the effects of an approximately 3.3% higher average
check. Comparable store retail sales were down
0.4%.
|
Update
to Fiscal 2008 Outlook
The
Company urges caution in considering its current trends and the outlook
disclosed in this press release. The restaurant industry is highly
competitive, and trends and guidance are subject to numerous factors, risks and
influences, some of which are discussed in the cautionary language set forth
below in this press release and others that are described in the Company’s
Annual Report on Form 10-K for the fiscal year ended August 3, 2007 and
subsequent Quarterly Reports on Form 10-Q, which can be found on the Securities
and Exchange Commission’s website, sec.gov, and the Company’s website,
cbrlgroup.com. The Company disclaims any obligations to update
disclosed information on trends or targets.
The
Company commented that its outlook for fiscal 2008 reflects many assumptions,
the accuracy of which is not yet known. Based on current trends and
estimates, the Company now expects fiscal 2008 income from continuing operations
per diluted share to be in the range of $2.77 to $2.87 per
share.
-MORE-
CBRL
Reports June Comparable Store Sales and Updates Guidance
July 1, 2008
Page 2
Total
revenue now is expected to increase approximately 1.5% over revenues from
continuing operations in fiscal 2007 (which included a 53rd week that generated
$46.3 million of sales). On a 52-week basis, total revenue is
expected to increase 3.4%, which includes full-year comparable store restaurant
sales up approximately 0.5%, including approximately 3.6% of menu price
increases, and full-year comparable store retail sales to be down slightly
compared to fiscal 2007. As a result of this lower projected revenue,
the Company also now expects fiscal 2008 operating income margin as a percent of
revenues from continuing operations to be approximately 6.4% compared with 7.0%
(excluding the effect of a 53rd week)
in fiscal 2007.
Commenting
on the outlook, Chairman, President and Chief Executive Officer Michael A.
Woodhouse said, “While our comparable store restaurant sales were below our
expectations, we believe that we performed slightly better than the
industry. We were also encouraged that, despite softer restaurant
results and general consumer pessimism, our retail strategies are generating
positive sales. Although our range of guidance represents an increase
in diluted earnings per share from continuing operations of between 10% and 14%
over fiscal 2007, which included a 53rd week,
we will not reach the earnings level that we previously forecast for fiscal 2008
given the continuing negative pressures on consumers.”
Headquartered
in Lebanon, Tennessee, CBRL Group, Inc. presently operates 577 Cracker Barrel
Old Country Store restaurants and gift shops located in 41 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 “trends,” “assumptions,”
“target,” “guidance,” “outlook,” “opportunity,” “future,” “plans,” “goals,”
“objectives,” “expectations,” “near-term,” “long-term,”
“projection,” “may,” “will,” “would,” “could,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “potential,” “regular,” ”should,” “projects,”
“forecasts,” 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 actual or perceived
negative economic conditions including uncertain consumer confidence, higher
costs for energy, consumer debt payments, or weather on sales and customer
travel, discretionary income or personal expenditure activity of our customers;
the ability of the Company to identify, acquire and sell successful new lines of
retail merchandise and new menu items at our restaurants; commodity price
increases including weather effects on supply and the effects of demand for corn
for ethanol production on the costs of animal feed and resulting protein prices;
the ability of the Company to sustain or the
-MORE-
CBRL
Reports June Comparable Store Sales and Updates Guidance
July 1, 2008
Page 3
effects
of plans intended to improve operational or marketing execution and
performance; workers compensation, group health and utility price changes;
changes in or implementation of additional governmental or regulatory rules,
regulations and interpretations affecting tax, wage and hour matters, health and
safety, pensions, insurance or other undeterminable areas; the effects of plans
intended to promote or protect the Company’s brands and products; the ability of
and cost to the Company to recruit, train, and retain qualified hourly and
management employees in an escalating wage environment; the effects of increased
competition at Company locations on sales and on labor recruiting, cost, and
retention; the availability and cost of suitable sites for restaurant
development and our ability to identify those sites; consumer
behavior based on negative publicity or concerns over nutritional or safety
aspects of the Company’s products or restaurant food in general, including
concerns about E. coli bacteria, “mad cow” disease, and bird flu, as
well as the possible effects of such events on the price or availability of
ingredients used in our restaurants; the effects of incurring substantial
indebtedness and associated restrictions on the Company’s financial and
operating flexibility and ability to execute or pursue its operating plans and
objectives; changes in interest rates or capital market conditions affecting the
Company’s financing costs or ability to obtain financing; the effects of
business trends on the outlook for individual restaurant locations and the
effect on the carrying value of those locations; the ability of the Company to
retain key personnel; changes in land, building materials and construction
costs; the actual results of pending, future or threatened litigation or
governmental investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological effects of natural
disasters or terrorist acts or war and military or government responses;
disruptions to the Company’s restaurant or retail supply chain; changes in
foreign exchange rates affecting the Company’s future retail inventory
purchases; implementation of new or changes in interpretation of existing
accounting principles generally accepted in the United States of America
(“GAAP”); effectiveness of internal controls over financial reporting and
disclosure; and other factors described from time to time in the Company’s
filings with the Securities and Exchange Commission, press releases, and other
communications.
-END-