Cracker Barrel Reports Q1 Revenue Growth

By Tamara Parker • Thursday, November 14 10:31 • Permanent Link

Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) has reported its preliminary unaudited financial results for the first quarter of fiscal 2025 ended November 1, 2024, and reaffirmed its fiscal 2025 outlook. The company plans to report final first quarter fiscal 2025 financial results on December 4, 2024.

First quarter total revenue is expected to be approximately $845.1 million, representing a 2.6% increase compared to the prior year's first quarter. Comparable store restaurant sales increased 2.9%, outperforming the Black Box Intelligence casual dining index by approximately 290 basis points, while comparable store retail sales decreased 1.6%.

GAAP earnings per diluted share are expected to be approximately $0.22, and adjusted earnings per diluted share are expected to be approximately $0.45. GAAP net income for the first quarter is expected to be approximately $4.8 million, and adjusted EBITDA is expected to be approximately $45.8 million, reflecting a 4.3% increase compared to the prior year quarter's adjusted EBITDA of $43.9 million, or 5.3% of total revenue.

Looking ahead to fiscal 2025, Cracker Barrel reaffirmed its outlook, expecting total revenue of $3.4 billion to $3.5 billion, opening two new Cracker Barrel stores and 3 to 4 new Maple Street Biscuit Company units, and anticipating commodity inflation of 2% to 3% compared to the prior year, and hourly wage inflation of 3% to 4% compared to the prior year. The company also expects adjusted EBITDA of $200 million to $215 million and capital expenditures of $160 million to $180 million.

Cracker Barrel's president and chief executive officer, Julie Masino, expressed confidence in the company's strategic transformation plan, noting that the fiscal year is off to a strong start and that the company's strategic initiatives have delivered favorable financial results, outperforming the casual dining industry.

The company will provide a real-time webcast and rebroadcast of its first-quarter earnings conference call on Wednesday, December 4, 2024, beginning at 11:00 a.m. Eastern Time.

Cracker Barrel Old Country Store, Inc. operates approximately 660 company-owned Cracker Barrel Old Country Store locations in 44 states and owns the fast-casual Maple Street Biscuit Company. Following these announcements, the company's shares moved 7.0%, and are now trading at a price of $48.44. Check out the company's full 8-K submission here.

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