Cracker Barrel Q3 2020 Earnings Report
Key Takeaways
Cracker Barrel reported a 41.5% decrease in total revenue to $432.5 million for the third quarter of fiscal 2020, with comparable restaurant sales down 41.7% and retail sales down 45.5%. The company experienced an operating loss of $79.0 million and a net loss of $161.9 million, or $6.81 per diluted share, due to the impact of COVID-19 and related expenses and impairment charges.
Comparable restaurant sales decreased by 41.7% and retail sales decreased by 45.5% compared to the same quarter last year.
All Cracker Barrel stores remained open, but operated under an off-premise-only model for a significant portion of the quarter.
The company increased outstanding debt by drawing approximately $40 million under its credit facility.
As of May 29, 2020, 505 stores had limited dine-in service, with expectations that most stores would offer limited dine-in by the end of June.
Cracker Barrel
Cracker Barrel
Cracker Barrel Revenue by Segment
Forward Guidance
The Company withdrew its previously issued fiscal 2020 outlook, including fiscal 2020 earnings guidance, due to the uncertain impact of the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income