CBRL Group (NASDAQ:CBRL), the corporate force behind the popular chain of Cracker Barrel restaurants, announced net income of $25.7 million in its first-quarter earnings report on Monday -- a total that translated to $0.51 per diluted share. Those figures are down from the $29.9 million in net income and $0.57 per share that the Tennessee-based company earned in the year-ago period -- and they're even down, alas, if one excludes the impact of new accounting standards that now require the company to expense stock options. (According to CBRL's calculations, that change dinged the bottom line by some $1.8 million, or $0.04 per share.)

So why the decline? And even more to the point, should investors be concerned?

On the second question, I don't think so -- at least not much. As many a weary interstate traveler knows, Cracker Barrel is ubiquitous throughout the Southeast. Rarely does a major exit go by without the sight of one of the chain's famous (some might say infamous) restaurant-and-retail hubs -- homespun business centers that sell everything from buttermilk biscuits and gravy to cast-iron cookware, just like grandma used to use.

The Cracker Barrel website, meanwhile, is currently hawking "Pies A La Road" -- a good idea, yes? -- as well as a miniaturized replica of the restaurant itself. "Simply plug it in, and you're open for business," says the pithy, catalog-worthy copy.

Is the parent company's stock just as vibrant?

Could be, yes. Certainly, in terms of valuations, the thing looks attractive, with price-to-earnings, price-to-book, price-to-sales, and price-to-cash flow multiples all clocking in below those of the restaurant industry's averages on a trailing-12-month basis. Indeed, competitors such as Ruby Tuesday (NYSE:RI), Applebee's International (NASDAQ:APPB), and Bob Evans Farms (NASDAQ:BOBE) all look generally pricier by comparison.

Moreover, while Q1 net income and earnings per share were off, CBRL's announcement did include a few juicy tidbits for prospective diners.

For starters, overall revenue at the company -- which also operates the Logan's Roadhouse chain -- climbed to $633.4 million, an increase of 3.4% relative to this time last year. Moreover, while comparable-store restaurant sales at the company's flagship Cracker Barrel Old Country Store eased by 0.4% during the period on lower guest traffic, the average check floated higher to the tune of 3.8%.

Comparable-store retail sales were moribund (down 11.6%), it's true, but Cracker Barrel didn't earn its nearly iconic status -- you know, iconic in the same way that the Waffle House is -- on its ability to churn through an inventory of sassafras candy canes and cast-iron cookware.

No, it's the food that matters here, and even though having slightly fewer paying customers is hardly a good sign, the company's pricing power is. With its stock off by more than 10% on the year, I'd say that CBRL looks like good eating just now.

Other gastronomical Foolishness:

Shannon Zimmerman runs point on The Motley Fool's Champion Funds newsletter service and owns none of the companies mentioned above. You can check out the Fool's disclosure policy by clicking right here.