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Jan 28, 2022
Cracker Barrel Q2 2022 Earnings Report
Delivered improved restaurant sales and strong retail sales despite the impact of rising COVID cases.
Key Takeaways
Cracker Barrel reported a 27.3% increase in total revenue compared to Q2 2021 and a 6.2% increase compared to Q2 2019. GAAP operating income increased by 224% compared to the prior year quarter, and GAAP net income increased by 169%.
Total revenue increased by 27.3% compared to the second quarter of fiscal 2021.
GAAP operating income increased 224% compared to prior year quarter.
GAAP net income increased 169% compared to prior year quarter.
The Company repurchased $34.2 million in shares during the second quarter.
Forward Guidance
The Company expects headwinds from elevated COVID case counts early in the quarter, as well as seasonally lower demand patterns, will result in third quarter total revenue of approximately $800 million. The Company also anticipates commodity inflation of approximately 15% and wage inflation of approximately 11% to 12% for the third quarter. Accounting for these factors, the Company expects to report third quarter adjusted operating income margin of approximately 5.0% of total revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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