Cracker Barrel 2011 Annual Report Download - page 15

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COMPABLE STORE SALES(i):
Period to period increase
(decrease) in comparable store sales:
Restaurant 0.2% 0.8% (1.7)% 0.5% 0.7%
Retail0.7 (0.9) (5.9) (0.3) 3.2
Memo: Number of stores in
comparable base583 569 550 531 507
(a) Includes impairment charges of $3,219 before taxes and pre-tax gains on store dispositions of $4,109. Our debt refinancing in the fourth quarter of fiscal
2011 resulted in additional interest expense of $5,136 related to transaction fees and the write-offof deferred financing costs. During the fourth quarter of
fiscal 2011, as part of our cost reduction and organization streamlining initiative, we incurred severance charges of $1,768, which are included in general and
administrative expenses.
(b) Includes impairment charges of $2,672 before taxes.
(c) Includes impairment charges of $2,088 before taxes. We completed sale-leaseback transactions involving 15 of our stores and our retail distribution center
in the fourth quarter of fiscal 2009 (see Note 10 to the Consolidated Financial Statements). Net proceeds om the sale-leaseback transactions together with
excess cash flow om operations were used to pay down $142,759 of long-term debt.
(d) Logan’s Roadhouse, Inc. was divested infiscal 2007 and is presented as a discontinued operation.
(e) Fiscal 2007 consisted of 53 weeks while all other periods presented consisted of 52 weeks. e estimated impact of the additional week was to increase
consolidated fiscal 2007 results as follows: total revenue, $46,283; store operating income, 0.1% of total revenue; operating income, 0.2% of total revenue;
income om continuing operations, 0.1% of total revenue; and diluted income om continuing operations per share, $0.14.
(f) On September 12, 2011, our Board of Directors declared a dividend of $0.25 per share payable on November 7, 2011 to shareholders of record on
October 21, 2011.
(g) e increase in other long-term obligations infiscal 2008 as compared tofiscal 2007 is primarily because of the adoption of accounting guidance for
uncertain tax positions. e liability for uncertain tax positions is included in other long-term obligations beginning infiscal 2008; in prior years, the liability
was included in income taxes payable as a current liability.
(h) Average unit volumes include sales of all stores. Fiscal 2007 includes a 53rd week while all other periods presented consist of 52 weeks.
(i) Comparable store sales consist of sales of stores open at least six full quarters at the beginning of the year; and are measured on comparable calendar weeks.
MARKET PRICE AND DIVIDEND INFORMATION
e following table indicates the high and low sales prices of our common stock, as reported bye Nasdaq Global Select Market,
and dividends paid for the quarters indicated.
Fiscal Year 2011 Fiscal Year 2010
Prices Dividends Prices Dividends
High Low Paid High Low Paid
First $54.58 $43.65 $0.20 $36.90 $25.67 $0.20
Second 57.79 50.27 0.22 41.57 32.07 0.20
ird53.54 47.01 0.22 53.43 36.18 0.20
Fourth 53.86 42.79 0.22 52.60 45.26 0.20
13
Significant change om prior year is Mexican Restaurants, Inc., California Pizza Kitchen, Inc.,
Grill Concepts, Inc., Rubio’s Restaurant, Inc., Speedus Corp and Star Buffet, Inc., are now excluded in the
Peer Composite. Bravo Brio Restaurant Group, Inc., Dunkin’ Brands Group, Inc., Jack in the Box, Inc.
and J. Alexander’s Corp. are now included in the Peer Composite.
e graph, le, shows the changes over the
pastfive-year period, in the value of $100
invested in Cracker Barrel Old Country Store,
Inc. Common Stock, the Standard & Poor’s
Small Cap Index, and the Peer Composite
composed of all companies listed with Nasdaq
with the same two-digit SIC (Standard
Industrial Classification) code (58-Eating
and Drinking Places) as Cracker Barrel
Old Country Store, Inc. e ploed points
represent the closing price on the last day of
the fiscal year indicated and the reinvestment
of dividends. e data set forth in the chart
below has been provided by FactSet Research
Systems, Inc.
2007
2006 2008 2009 2011
$200
$150
$50
$0
2010
Cracker Barrel Old Country Store, Inc. Peer Composite S&P Small Cap
In Dollars
Shareholder Return Performance Graph
$100
CR A CKER BAR REL OLD COUNTRY STORE, INC.
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