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Jan 26, 2024
Cracker Barrel Q2 2024 Earnings Report
Cracker Barrel's financial performance remained pressured, but traffic trend improved due to investments in labor and advertising and focus on guest experience. Strategic transformation development continued to progress.
Key Takeaways
Cracker Barrel reported a slight increase in total revenue, driven by comparable store restaurant sales growth, while comparable store retail sales declined. Operating income and net income decreased compared to the prior year quarter due to higher labor and operating expenses. The company declared a quarterly dividend of $1.30 per share.
Total revenue increased by 0.2% to $935.4 million.
Comparable store restaurant sales increased by 1.2%, including menu pricing increases of 4.8%.
Comparable store retail sales decreased by 5.3%.
GAAP earnings per diluted share were $1.19, a 13.1% decrease compared to the prior year.
Forward Guidance
The Company provided an update to its fiscal 2024 outlook, reminding investors that its outlook reflects a number of assumptions, many of which are outside the Company’s control. 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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