SEC Digest
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Cracker Barrel, FedEx, General Mills: Filings Digest September 17, 2014

In today’s SEC filings digest, Cracker Barrel beats estimates, FedEx revenue and earnings rise, and General Mills profit declines.

Cracker Barrel beats estimates

Cracker Barrel Old Country Store, Inc. (CBRL) announced its financial results for the fourth fiscal quarter of 2014, reporting earnings that topped analyst expectations. The restaurant and retail store chain saw revenue rise 2.8% to $692.7M, beating analyst predictions of $686M. Same-store restaurant sales increased 1.2% and the average check increased 3.1%, a reflection of the 2.2% increase in average menu prices. The company’s earnings improved from the year-ago $34.3M and $1.43 per share to $39.2M and $1.63 per share, beating its estimated earnings range between $1.50 and $1.60 per share. CEO Sandra Cochran commented that the company outperformed its peers, despite the challenging environment. Cracker Barrel announced earlier in the year its plans to raise prices and cut expenses in order to compensate for weaker traffic and an increase in competition.

FedEx revenue and earnings rise

FedEx Corporation (FDX) announced its first quarter financial results for the fiscal year 2015, posting revenue and earnings results that increased from the year-ago quarter. The shipping company saw revenue rise 6% to $11.7B, beating analyst expectations at $11.4B. Thanks to increased volume in overnight shipments, the company’s largest segment, Express, rose 4% to $6.86B, while the freight segment increased 13% to $1.61B. The company’s profits jumped from $489M and $1.53 per share last year to $606M and $2.10 per share, beating $1.96 per share expectations. FedEx also announced it will increase its rates across its segments for an average increase of nearly 5%.

General Mills profit declines

General Mills, Inc. (GIS) announced its first quarter financial results for the fiscal year 2015, reporting a 25% drop in profit from a year ago. The food products producer recorded a 2.4% drop in net sales to $4.27B, missing analyst predictions of $4.38B. Gross margin tightened from 36.9% to 33.7% as the cost of sales rose 2.5%. The company’s earnings fell sharply from the year-ago $459.3M and $0.70 per share to $345.2M and $0.55 per share. The dip in earnings was partially attributed to a $14M restructuring charge related to its Yoplait and General Mills facilities. Excluding one-time and special charges, adjusted earnings dropped from $0.70 to $0.61 per share, missing analyst predictions of $0.69 per share. Chairman and CEO Ken Powell commented that the company continues to remain focused on growing its top-line revenue while also being aware of costs and operations efficiencies.

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