Cracker Barrel Q3 Earnings Miss Estimates; Warns On Inflationary Pressures

  • Cracker Barrel Old Country Store Inc CBRL reported third-quarter FY22 sales growth of 11% year-on-year to $790.2 million, missing the consensus of $795.52 million.
  • Comparable store retail sales increased 9.7%, and comparable store restaurant sales grew 10.9%.
  • General and administrative expenses increased 8% Y/Y to $40.2 million. The operating margin was 3.9%, and operating income for the quarter fell 42% to $30.5 million.
  • Cracker Barrel held $24.8 million in cash and equivalents as of April 29, 2022.
  • Adjusted EPS of $1.29 missed the analyst consensus of $1.35.
  • Dividend: Cracker Barrel's Board of Directors declared a regular quarterly dividend of $1.30 per share, payable on August 5, 2022, to shareholders of record as of July 15, 2022.
  • Buyback: CBRL Board approved a new share repurchase program of up to $200 million of common stock, which replaced the remaining portion under the prior authorization.
  • "A challenging macro environment, including deteriorating consumer sentiment and high inflationary pressures, impacted both our top and bottom lines in the third quarter," said CEO Sandra B. Cochran.
  • Outlook: Cracker Barrel expects the near-term consumer environment to remain challenged due to high inflation and lower consumer confidence, especially for the age sixty-five-plus consumer group.
  • For Q4, CBRL expects operating margins to be adversely impacted by commodity, wage, and other operating expenses inflation.
  • The company anticipates Q4 revenue to be approximately 8.0% above the prior year and adjusted operating income margin to be 4.0% - 4.5%.
  • Price Action: CBRL shares are trading lower by 2.35% at $99.50 on the last check Tuesday.

Posted In: BriefsEarningsNewsGuidanceDividendsBuybacksMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.