11:12 AM EST, 11/14/2024 (MT Newswires) -- Shares of Cracker Barrel Old Country Store ( CBRL ) rallied intraday on Thursday after the restaurant chain reported stronger-than-expected preliminary fiscal first-quarter results and reiterated its full-year guidance.

Revenue is expected to have totaled about $845.1 million in the first quarter ended Nov. 1, marking a year-over-year improvement of 2.6% from the year-ago period's $823.8 million tally. The average analyst estimate on Capital IQ is for $826.4 million. Shares of Cracker Barrel climbed 9.1% in Thursday trade.

Comparable restaurant sales likely increased 2.9%, which the company said outperformed the Black Box Intelligence Casual Dining Index by about 290 basis points. Comparable store retail sales are expected to have dropped 1.6%. Same store sales fell 0.5% in the year-ago quarter while comparable retail sales declined 8.1%.

Adjusted earnings per share is projected at $0.45 for the first quarter, a year-over-year decline from $0.51 but above the consensus view of $0.34. The company is scheduled to release final quarterly results on Dec. 4.

"Our fiscal year is off to a strong start, as our strategic transformation plan continues to take hold and helped deliver financial results that were in line with our expectations," Chief Executive Julie Masino said in a statement. "We are pleased that our comparable store sales and traffic results outperformed the casual dining industry."

Cracker Barrel affirmed its fiscal 2025 guidance for revenue in the $3.4 billion to $3.5 billion range, compared with fiscal 2024's sales of $3.47 billion. The analyst view is for revenue of $3.43 billion in the ongoing year.

"We are building momentum across our operations, and while we have more work to do, we are encouraged and energized by the early favorable results of our strategic initiatives," Masino said.

The restaurant operator continues to expect adjusted earnings before interest, taxes, depreciation and amortization in the $200 million to $215 million range during fiscal 2025, compared with $211.6 million last year.

Price: 49.04, Change: +3.77, Percent Change: +8.32