Cracker Barrel Old Country Store Inc

Latest Results (07.08.2024):

Revenue

Cracker Barrel Old Country Store Inc. reported total revenue of $823.8 million for the first quarter of fiscal 2024, which ended on October 27, 2023. This represents a decrease of 1.9% compared to the first quarter of fiscal 2023. Comparable store restaurant sales decreased by 0.5%, while comparable store retail sales saw a more significant decline of 8.1% from the prior year quarter.

Operating Income

For the first quarter of fiscal 2024, Cracker Barrel Old Country Store Inc. reported GAAP operating income of $11.4 million, or 1.4% of total revenue. This is a decrease from the prior year quarter's GAAP operating income of $23.6 million, or 2.8% of total revenue. Adjusted operating income for the first quarter was $19.0 million, or 2.3% of total revenue, compared to $30.0 million, or 3.6%, in the prior year quarter.

Net Income and Earnings per Share

Cracker Barrel Old Country Store Inc. reported GAAP net income of $5.5 million for the first quarter of fiscal 2024, which is 0.7% of total revenue. This marks a 68% decrease compared to the prior year quarter's GAAP net income of $17.1 million, or 2.0% of total revenue. GAAP earnings per diluted share were $0.25, down from $0.77 in the prior year quarter. Adjusted earnings per diluted share were $0.51, a 48% decrease from $0.99 in the prior year quarter.

Quarterly Dividend

The Board of Directors of Cracker Barrel Old Country Store Inc. declared a quarterly dividend of $1.30 per share on the company's common stock. This dividend is payable on February 13, 2024, to shareholders of record as of January 19, 2024.

Fiscal 2024 Outlook

Cracker Barrel Old Country Store Inc. provided its outlook for fiscal 2024, projecting total revenue between $3.4 billion and $3.5 billion. The company plans to open two new Cracker Barrel stores and 9 to 11 new Maple Street Biscuit Company units. The outlook also includes expectations for commodity inflation in the low-single digits and hourly wage inflation in the mid-single digits. GAAP operating income is projected to be between $95 million and $115 million, with adjusted operating income expected to range from $130 million to $150 million.