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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): March 21, 2002
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CBRL GROUP, INC.
Tennessee 0-25225 62-1749513
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
305 Hartmann Drive, Lebanon, Tennessee 37087
(615) 444-5533
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements. None.
(b) Pro Forma Financial Information. None.
(c) Exhibits. See Exhibit Index immediately following the signature
page hereto.
ITEM 9. REGULATION FD DISCLOSURE.
On March 21, 2002, CBRL Group, Inc. issued the press release that is
attached as Exhibit 99 to this Current Report on Form 8-K, which by this
reference is incorporated herein as if copied verbatim, with respect to
certain quarter-to-date information on current trends and reaffirmed earnings
guidance for the fiscal third quarter and full year.
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: March 25, 2002 CBRL GROUP, INC.
By: /s/ James F. Blackstock
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Name: James F. Blackstock
Title: Senior Vice President, Secretary
and General Counsel
EXHIBIT INDEX
Exhibit No. Description Page No.
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99 Press Release issued by CBRL Group, Inc. on 5
March 21, 2002.
Exhibit 99
CBRL GROUP, INC. REPORTS POSITIVE CURRENT
SALES TRENDS AND REAFFIRMS EARNINGS GUIDANCE
LEBANON, Tenn. (March 21, 2002) - CBRL Group, Inc. (Nasdaq: CBRL) today
reported positive fiscal 2002 third quarter sales trends and reaffirmed its
earnings guidance for the quarter and full fiscal year.
The Company reported that quarter-to-date comparable store restaurant sales
in its Cracker Barrel Old Country Storer units are up approximately 4%
compared to the same period a year ago, including approximately 1.5% higher
guest traffic. Quarter-to-date retail sales in the comparable units
increased 2.5-3%. Quarter-to-date comparable store sales in the Company's
Logan's Roadhouser units are up 2-2.5% from last year, including a 1.5-2%
increase in guest traffic.
The Company reaffirmed its guidance for diluted earnings per share for the
third quarter of fiscal 2002, which ends on May 3, 2002, in the low-to-mid
$0.30's, compared with $0.26 in the year ago quarter. For the full fiscal
year, the Company reaffirmed its guidance for diluted earnings per share in
the mid-$1.50's, compared to fiscal 2001 earnings of $1.30 per diluted share
before the effect of charges taken in fiscal 2001. The Company urges caution
in considering its current trends and the earnings targets disclosed in this
press release. The restaurant industry is highly competitive, and trends and
targets are subject to numerous factors and influences, some of which are
discussed in the cautionary language at the end of this press release. The
Company assumes no obligation to update disclosed information on trends or
targets other than in its periodic filings under Forms 10-K, 10-Q, and 8-K
with the Securities and Exchange Commission.
Thus far this fiscal year, the Company has repurchased 1.8 million shares of
its common stock for total consideration of $47.5 million, or approximately
$26.61 per share. These purchases were made under the Company's currently
authorized three million-share repurchase program.
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates 449
Cracker Barrel Old Country Store restaurants and gift shops located in 41
states and 84 company operated and 11 franchised Logan's Roadhouse
restaurants in 17 states.
Except for specific historical information, the matters discussed in this
press release are forward-looking statements that involve risks,
uncertainties and other factors that may cause actual results and performance
of CBRL Group, Inc. 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 "assumptions", "target", "guidance",
"plans", "may", "will", "would", "expect", "intend", "estimate",
"anticipate", "believe", "potential" or "continue" (or the negative of each
of these terms) or similar terminology. Factors which will affect actual
results include, but are not limited to: adverse general economic conditions
including uncertain consumer confidence effects on sales; the actual results
of pending or threatened litigation; the effects of negative publicity;
adverse weather conditions; commodity, workers' compensation, group health
and utility price increases; the effects of plans intended to improve
operational execution and performance; the effects of increased competition
at Company locations on sales and on labor recruiting, cost and retention;
the ability of and cost to the Company to recruit, train and retain qualified
restaurant hourly and management employees; the ability of the Company to
identify successful new lines of retail merchandise; the availability and
cost of acceptable sites for development; the acceptance of the Company's
concepts as the Company continues to expand into new markets and geographic
regions; changes in interest rates affecting the Company's financing costs;
changes in or implementation of additional governmental rules and regulations
affecting wage and hour matters, health and safety, pensions and insurance;
practical or psychological effects of terrorist acts or military responses;
other undeterminable areas of government actions or regulations; and other
factors described from time to time in the Company's filings with the
Securities and Exchange Commission, press releases and other communications.