Cracker Barrel 2012 Annual Report Download - page 18

system which helps store managers beer direct weekly
training, productivity, and execution. Additionally, we
completed the rollout of our transportation management
system, which we believe will improve eciency in the
distribution of our retail merchandise. As a result of these
initiatives and others, operating income increased as a
percentage of revenues from 6.9% in 2011 to 7.4% in 2012.
• Enhanceshareholdervalueusingabalancedapproach
tocapitalallocation.
We repaid $25,100 in long term debt. Direct shareholder
return was enhanced by the repurchase of 265,538 shares of
our common stock and an 80% increase in our quarterly
dividend to $0.40 per quarter. During 2012, we opened 13
new Cracker Barrel locations and reinvested approximately
$80,200 in the Company through capital expenditures.
RESULTS OF OPETIONS
e following table highlights operating results over the past
three years:
Period to Period
Increase (Decrease)
Relationship to Total Revenue 2012 2011
2012* 2011 2010 vs 2011 vs 2010
Total revenue 100.0% 100.0% 100.0% 6% 1%
Cost of goods sold 32.1 31.7 31.0 7 4
Gross prot 67.9 68.3 69.0 5 —
Labor and other
related expenses 36.8 37.1 37.8 5 —
Other store operating
expenses 18.0 18.6 18.2 3 3
Store operating income 13.1 12.6 13.0 10 (2)
General and administrative 5.7 5.7 6.1 5 (5)
Impairment and store
dispositions, net — — 0.1 (100) (122)
Operating income 7.4 6.9 6.8 14 2
Interest expense 1.7 2.1 2.0 (13) 5
Income before income taxes 5.7 4.8 4.8 26 —
Provision for income taxes 1.7 1.3 1.3 42 —
Net income 4.0 3.5 3.5 21 —
* 2012 consists of 53 weeks while the other periods presented consist of
52 weeks.
Total Revenue
e following table highlights the key components of revenue
for the past three years:
2012 2011 2010
Revenue in dollars: (1)
Restaurant $ 2,054,127 $ 1,934,049 $ 1,911,664
Retail 526,068 500,386 492,851
Total revenue $ 2,580,195 $ 2,434,435 $ 2,404,515
Total revenue percentage
increase (1) 6.0% 1.2% 1.6%
Total revenue by percentage
relationships:
Restaurant 79.6% 79.4% 79.5%
Retail 20.4% 20.6% 20.5%
Comparable number of stores 591 583 569
Comparable store averages
per store: (2)
Restaurant $ 3,375 $ 3,238 $ 3,238
Retail 861 833 829
Total $ 4,236 $ 4,071 $ 4,067
Restaurant average
weekly sales (3) $ 63.6 $ 62.2 $ 62.0
Retail average weekly
sales (3) 16.3 16.1 16.0
(1) 2012 consists of 53 weeks while the other periods presented consist of
52 weeks.
(2) 2012 is calculated on a 53-week basis while the other periods are
calculated on a 52-week basis.
(3) Average weekly sales are calculated by dividing net sales by operating
weeks and include all stores.
Total revenue beneted from the opening of 13, 11 and
6 stores in 2012, 2011 and 2010, respectively, partially oset
by the closing of one store in both 2011 and 2010. Total
revenue in 2012 also beneted from the additional week in
2012, which resulted in an increase in revenues of $51,059.
e following table highlights comparable store sales*
results over the past two years:
Period to Period Increase
2012 vs 2011 2011 vs 2010
(591 Stores) (583 Stores)
Restaurant 2.2% 0.2%
Retail 1.6 0.7
Restaurant & Retail 2.1 0.3
* 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.
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