Cracker Barrel Old Country Store Reports Q2 Earnings Above Street View

  • Cracker Barrel Old Country Store Inc CBRL reported second-quarter FY23 sales growth of 8.3% year-on-year to $933.87 million, beating the consensus of $917.47 million.
  • Comparable store retail sales increased 4.1%, and comparable store restaurant sales grew 8.4%.
  • General and administrative expenses increased 5% Y/Y to $45.5 million. The operating margin was 4.2%, and operating income for the quarter fell 16% to $39 million.
  • Cracker Barrel held $49.4 million in cash and equivalents as of Jan. 27, 2023.
  • Adjusted EPS of $1.48 beat the analyst consensus of $1.36.
  • Dividend: Cracker Barrel's Board of Directors declared a regular quarterly dividend of $1.30 per share, payable on May 9, 2023, to shareholders of record as of Apr. 14, 2023.
  • Cracker Barrel CEO Sandra B. Cochran said, "We are making great progress on key initiatives, and I believe we are well-positioned to deliver further performance improvements in the back half of the fiscal year."
  • Outlook: Cracker Barrel expects FY23 revenue growth of 7% - 9% (prior view 6% - 8%).
  • For FY23, CBRL continues to expect its GAAP operating margin rate in the low 4% range.
  • The company anticipates capital expenditures of $110 million - $120 million (prior view $125 million).
  • Price Action: CBRL shares are trading lower by 0.36% at $107.40 on the last check Tuesday.
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