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On Feb 24 Cracker Barrel reported its second consecutive earnings surprise. Earnings per share came in at 81 cents, beating Wall Street estimates by 6%. Revenue has remained strong in an industry that has been suffering. Second-quarter revenue declined just 0.7% compared to one year ago.
Cracker Barrel is expecting income to be between $2.65 and $3.00 per share. Revenue for the year is expected to be within 0.5% of 2008 revenue. The company also stated that it will open 7 new stores in fiscal 2010.
Shares of CBRL have been climbing since the latest earnings announcement. The MACD has crossed the signal line and it seems that $22 per share is now acting as support rather than resistance. Take a look at the chart below.
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