Cracker Barrel 2004 Annual Report Download - page 35

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Comparable Store Sales(b):
Average Unit Annual Sales:
Cracker Barrel restaurant $ 3,217 $ 3,157 $ 3,150 $ 3,082 $ 2,922
Cracker Barrel retail 988 939 945 946 930
Memo: Cracker Barrel number of
stores in comparable base 445 430 414 376 326
Logan's company-operated $3,040 $2,915 $2,959 $3,041 $3,157
Memo: Logan’s number of
restaurants in comparable base 83 71 59 40 25
Period to period increase (decrease)
in comparable store sales:
Cracker Barrel restaurant 2.0% 0.5 % 5.3% 4.6% 0.6 %
Cracker Barrel retail 5.3 (0.4) 2.3 1.1 (2.3)
Logan's company-operated 4.8 0.0 2.4 (1.1) 3.2
(a) On September 25, 2003, the Company’s Board of Directors (the “Board”) adopted a new policy to consider and
pay dividends, if declared, on a quarterly basis, initially declared at $0.11 per share per quarter (an annual
equivalent of $0.44 per share). During 2004, the Company paid such dividends of $0.11 per share during the
second, third and fourth quarters of 2004. On July 29, 2004, the Board declared another dividend of $0.11 per
share payable on September 1, 2004 to shareholders of record on August 9, 2004. Additionally, on September
23, 2004, the Board declared a dividend of $0.12 per share payable on November 1, 2004 to shareholders of
record on October 8, 2004. This dividend reflects a 9.1% increase from the previous quarterly dividend.
(b) Comparable store sales consist of sales of units open six full quarters at the beginning of the year; and are
measured on calendar weeks. Average unit volumes are normalized to 52 weeks for fiscal 2001.
(c) Includes charges of $5,210 before taxes, as a result of settlement of certain lawsuits against the Company’s
Cracker Barrel Old Country Store, Inc. (“Cracker Barrel”) subsidiary (see Note 10 to the Company’s
Consolidated Financial Statements).
(d) Includes charges of $33,063 before taxes, principally as a result of exiting the Carmine Giardini’s Gourmet
Market™ business and closing four Cracker Barrel units and three Logan’s Roadhouse restaurants, as well as
an accrual for a settlement proposal for a collective action under the Fair Labor Standards Act, which was later
settled as noted in (b) above.
(e) The Company’s fiscal year ended August 3, 2001 consisted of 53 weeks. As a result, comparisons to fiscal
2002 and fiscal 2000 also reflect the impact of having one more week in fiscal 2001 than in fiscal 2002 and
fiscal 2000.
(f) Includes a sale-leaseback transaction under which $138,300 of long-term debt was paid down.
(g) Includes charges of $8,592 before taxes, principally as a result of management changes and the resulting
refocused operating priorities.
MARKET PRICE AND DIVIDEND INFORMATION
The following table indicates the high and low sales prices of the Company’s common stock, as reported by The
Nasdaq Stock Market (National Market), and dividends paid.
Fiscal Year 2004 Fiscal Year 2003
Prices Prices
High Low
Dividends
Paid High Low
Dividends
Paid
First $39.02 $32.25 −$27.95 $19.54 −
Second 42.07 36.61 $.11 32.85 22.35 $.02
Third 41.24 37.09 .11 32.99 24.86 −
Fourth 38.11 30.55 .11 39.95 31.31 −