Shares of CBRL Group Inc. continued their decline on Wednesday, a day after the operator of Cracker Barrel Old Country Store restaurants and gift shops cut its fiscal 2008 outlook.
CBRL on Tuesday cut its 2008 profit guidance to a range of $2.77 to $2.87 per share from its previous outlook between $3.02 and $3.12 per share. The company's shares fell nearly 10 percent.
In Wednesday afternoon trading, shares fell 79 cents, or 3.6 percent, to $21.32.
Morgan Keegan analyst Robert M. Derrington reduced his fiscal 2008 profit estimate to $2.84 per share from $3.06 per share. He also cut his fiscal 2009 earnings projection to $3 per share from $3.40 per share.
CBRL also said Tuesday its June same-store sales fell 1.2 percent. Same-store sales, or sales at stores open at least a year, is a key retail performance indicator because it measures sales at existing stores rather than newly opened ones.
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