Cracker Barrel Drops On Q1 Bottom-Line Miss, Warning On Near-Term Consumer Environment

  • Cracker Barrel Old Country Store Inc 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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