Loading...
•
Oct 29, 2021
Cracker Barrel Q1 2022 Earnings Report
Cracker Barrel reported positive comparable store total net sales versus pre-pandemic levels.
Key Takeaways
Cracker Barrel reported a total revenue increase of 21.4% compared to Q1 2021 and a 7.0% increase compared to Q1 2019. GAAP earnings per diluted share were $1.41, and adjusted earnings per diluted share were $1.52.
Comparable restaurant sales improved in the first quarter.
Retail sales remained strong.
Progress was made on staffing.
The company is positioned well for the holiday season and second quarter.
Cracker Barrel
Cracker Barrel
Forward Guidance
The Company expects second quarter comparable store restaurant sales growth versus fiscal 2019 to be higher than it was in the first quarter and adjusted operating margin in the second quarter of between 5.5% and 6.0% of revenue.
Challenges Ahead
- Operating margins in the second quarter will continue to be impacted by significant wage, commodity, and other operating expenses inflation.
- Operating margins in the second quarter will continue to be impacted by higher expenses associated with an elevated off-premise special occasion business.