AutoZone and Cracker Barrel beat expectations but fall

Analysts surveyed by Thomson Reuters had expected a profit of $2.89 per share on revenue of $1.6 billion.

AutoZone also said it repurchased 450 thousand shares of its common stock for $65 million during the third quarter, at an average price of $145 per share. The company has $396 million remaining under its current share repurchase authorization.

Shares fell Wednesday $7.80, or 4.8% to close at $155.04. The share price is up 11.2% since the beginning of the year.

Cracker Barrel, which is also based in Tennessee, reported net income for its fiscal third quarter of $11.9 million, or $0.52, compared to $10.5 million, or $0.46 per share, in the year-ago period. Revenue for the quarter totaled $567.6 million, which was up slightly from a year ago, though same-store sales on both the restaurant and retail sides decreased.

Analysts had expected a profit of $0.44 per share but revenue of $568.7 billion.

Cracker Barrel also said it expects fiscal 2009 total revenue to be flat to down 0.5% compared to fiscal 2008. Same-store restaurant sales are forecast to be down 1.5% to 2% and same-store retail sales down 6% to 7%. Net income is projected to be between $2.70 and $2.90 per share.

Shares fell 2.2%, or $0.70, to close Wednesday at $30.78. The share price is 4.8% lower than a year ago.

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