Cracker Barrel 2011 Annual Report Download - page 17

Average check per person is an indicator which management
uses to analyze the dollars spent in our stores per guest on
restaurant purchases. is measure aids management in
identifying trends in guest preferences as well as the effective-
ness of menu price increases and other menu changes.
Store operating margins are defined as total revenue less
cost of goods sold, labor and other related expenses and other
store operating expenses, all as a percent of total revenue.
Management uses this indicator as a primary measure of
operating profitability.
RESULTS OF OPETIONS
e following table highlights operating results over the past
three years:
Period to Period
Increase (Decrease)
Relationship to Total Revenue 2011 2010
2011 2010 2009 vs 2010 vs 2009
Total revenue 100.0% 100.0% 100.0% 1% 2%
Cost of goods sold 31.7 31.0 32.3 4(2)
Gross profit 68.3 69.0 67.7 — 4
Labor and other
related expenses 37.1 37.8 38.7 —(1)
Other store operating
expenses 18.6 18.2 17.8 3 4
Store operating income 12.6 13.0 11.2 (2) 18
General and administrative5.7 6.1 5.1 (5) 21
Impairment and store
dispositions, net — 0.1 0.1 (122) 34
Operating income 6.9 6.8 6.0 216
Interest expense 2.1 2.0 2.2 5(6)
Income before income taxes4.8 4.8 3.8 —28
Provision for income taxes1.3 1.3 1.0 —26
Income from continuing
operations3.5 3.5 2.8 —29
Net income 3.5 3.5 2.8 —29
Total Revenue
e following tables highlight the components of total
revenue in dollars and by percentage relationships to total
revenue for the past three years:
2011 2010 2009
Revenue in dollars
Total Revenue:
Restaurant $1,934,049 $1,911,664 $1,875,688
Retail500,386 492,851 491,597
Total revenue $2,434,435 $2,404,515 $2,367,285
2011 2010 2009
Revenue by percentage relationships
Total Revenue:
Restaurant 79.4% 79.5% 79.2%
Retail20.6 20.5 20.8
Total revenue 100.0% 100.0% 100.0%
e following table highlights average weekly sales* over
the past three years:
2011 2010 2009
Restaurant $62.2 $62.0 $61.7
Retail16.1 16.0 16.2
* Average weekly sales are calculated by dividing net sales by operating weeks
and include all stores.
Total revenue, which increased 1.2% and 1.6%, respectively,
in 2011 and 2010 and decreased 0.7% in 2009, benefited from
the opening of 11, 6 and 11 stores in 2011, 2010 and 2009,
respectively, partially offset by the closing of one store in both
2011 and 2010.
e following table highlights comparable store sales*
results over the past two years:
Period to Period
Increase (Decrease)
2011 vs 2010 2010 vs 2009
(583 Stores) (569 Stores)
Restaurant 0.2% 0.8%
Retail0.7 (0.9)
Restaurant & Retail0.3 0.4
* 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.
e following table highlights comparable sales averages
per store over the past three years:
2011 2010 2009
(583 Stores) (569 Stores) (550 Stores)
Restaurant $3,238 $3,238 $3,228
Retail833 829 838
Total $4,071 $4,067 $4,066
Our comparable store restaurant sales increased from 2010
to 2011 resulting from an increase in average check of 2.2%,
including a 2.0% average menu price increase, partially offset
by a decrease in guest traffic of 2.0%. Our comparable store
restaurant sales increased from 2009 to 2010 resulting from
an increase in average check of 2.0%, including a 2.4% average
menu price increase, partially offset by a decrease in guest
traffic of 1.2%.
15
B)LQDQFLDOLQGG 30