Cracker Barrel Old Country Store Adjusts Outlook

Cracker Barrel Old Country Store, Inc. (CBRL) said it delivered first quarter topline performance and operating income results in line with the company's expectations. Adjusted operating income was $30.0 million, compared to $46.1 million, a year ago. Cracker Barrel comparable store restaurant sales increased 7.1%, for the quarter. Comparable store retail sales increased 4.3%.

Looking forward, the company anticipates the near-term consumer environment will remain challenged due to continued inflation, low consumer confidence, and macroeconomic uncertainty. The company expects the environment and results to improve, although later in the year than it forecasted last quarter. Fiscal 2023 total revenue growth is projected in a range of 6% to 8% compared to the prior fiscal year. Adjusted operating income margin rate is expected in the high 4% range.

First quarter adjusted earnings per share was $0.99, a 34.9% decrease compared to the prior year quarter adjusted earnings per share of $1.52. Analysts on average had expected the company to earn $1.22 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Earnings came in at $17.13 million, compared with $33.38 million, prior year. GAAP earnings per share were $0.77, a 45.4% decrease.

Total revenue was $839.5 million, an increase of 7.0% from last year. Analysts on average had estimated $835.72 million in revenue.

Cracker Barrel Old Country Store announced that its Board declared a quarterly dividend of $1.30 per share on the common stock. The quarterly dividend is payable on January 31, 2023 to shareholders of record as of January 13, 2023. Also, the company has appointed veteran restaurant leader, William Moreton, to its Board.

Shares of Cracker Barrel Old Country Store are down 8% in pre-market trade on Friday.

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