- Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) reported first-quarter FY23 sales growth of 7% year-on-year to $839.52 million, beating the consensus of $835.72 million.
- Comparable store restaurant sales increased 7.1%, while comparable store retail sales increased 4.3%.
- General and administrative expenses increased 12% Y/Y to $45.9 million. The operating margin was 2.8%, and operating income for the quarter fell 45% to $23.6 million.
- Adjusted EPS of $0.99 missed the analyst consensus of $1.22.
- Adjusted EBITDA decreased 23.8% to $54.8 million.
- Cracker Barrel held $38.7 million in cash and equivalents as of October 28, 2022.
- The company has appointed William Moreton to its Board of Directors.
- Dividend: Cracker Barrel’s Board declared a regular quarterly dividend of $1.30 per share, payable on January 31, 2023, to shareholders of record as of January 13, 2023.
- Outlook: CBRL anticipates the near-term consumer environment will remain challenged due to continued inflation, low consumer confidence, and macroeconomic uncertainty.
- Cracker Barrel expects FY23 revenue growth of 6% – 8% (prior view 7% – 8%).
- It sees FY23 commodity inflation of 8% – 9% (prior view 8%) and wage inflation of 5% – 6% (prior view 5%).
- Price Action: CBRL shares are trading lower by 10.18% at $102.00 on the last check Friday.
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