Cracker Barrel Q1 2023 Earnings Report
Key Takeaways
Cracker Barrel's first quarter fiscal 2023 saw a revenue increase of 7.0% compared to the prior year, with comparable store restaurant sales up 7.1% and retail sales up 4.3%. GAAP operating income was $23.6 million, while GAAP net income was $17.1 million, a decrease of 48.7% compared to the prior year. The Board declared a quarterly dividend of $1.30 per share.
Total revenue increased by 7.0% to $839.5 million.
Comparable store restaurant sales increased 7.1%, including menu pricing of 7.8%.
Comparable store retail sales increased 4.3%.
GAAP net income decreased 48.7% to $17.1 million.
Cracker Barrel
Cracker Barrel
Forward Guidance
The Company anticipates the near-term consumer environment will remain challenged due to continued inflation, low consumer confidence, and macroeconomic uncertainty.