Cracker Barrel Old Country Store, Inc. (CBRL) reported fourth quarter adjusted earnings per share of $1.57, a 30.2% decrease from prior year. Adjusted operating income for the fourth quarter was $36.2 million, or 4.4% of total revenue which was within the company's expectations. The company noted that operating income unfavorability to the prior year as a percent of total revenue is primarily the result of commodity, wage and other expense inflation in excess of pricing, as well as higher field hourly and management staffing levels and elevated maintenance expense, partially offset by lower general and administrative expense.
Analysts on average had expected the company to earn $1.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
GAAP net income was $33.4 million, including the favorable settlement of a state income tax matter. This represented an 8.2% decrease from last year. GAAP earnings per share was $1.47, a 3.9% decrease.
The company reported total revenue of $830.4 million, an increase of 5.9% from prior year. This revenue growth was below the company's expectation driven by lower than anticipated travel volumes, fewer visits from guests 65 and older, and high gas prices and inflationary pressures that weighed most heavily on lower-income guests. Analysts on average had estimated $836.93 million in revenue.
Cracker Barrel comparable store restaurant sales increased 6.1%, including total menu pricing of 7.0%. Comparable store retail sales increased 3.0%.
For fiscal 2023, the company expects: operating income growth of between 8% and 10%; and total revenue growth of between 7% and 8%.
The company announced that its Board of Directors declared a quarterly dividend of $1.30 per share. The quarterly dividend is payable on November 8, 2022 to shareholders of record as of October 21, 2022.
Shares of Cracker Barrel are up 2% in pre-market trade on Tuesday.
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