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Oct 27, 2023
Cracker Barrel Q1 2024 Earnings Report
Cracker Barrel reported a decrease in revenue and earnings for Q1 2024, driven by lower comparable store sales and increased expenses.
Key Takeaways
Cracker Barrel's first quarter fiscal 2024 saw a decrease in total revenue by 1.9% to $823.8 million. GAAP net income decreased by 68% to $5.5 million, with earnings per diluted share at $0.25. The company's performance was impacted by higher labor, operating, and administrative expenses, despite some offset from lower cost of goods sold.
Total revenue decreased by 1.9% to $823.8 million.
Comparable store restaurant sales decreased by 0.5%, with menu pricing increases of 6.8%.
Comparable store retail sales decreased by 8.1%.
GAAP net income decreased by 68% to $5.5 million, with earnings per diluted share at $0.25.
Forward Guidance
The company provided its outlook for fiscal year 2024, but reminds investors that its outlook reflects a number of assumptions, many of which are outside the Company’s control. In particular, uncertainties created by macroeconomic conditions, such as ongoing inflation, low consumer confidence and high interest rates may adversely affect consumer behavior and cause actual results to differ materially from those expected.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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