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Apr 30, 2021
Cracker Barrel Q3 2021 Earnings Report
Reported sequential improvement in operating income margin compared to fiscal 2021 second quarter and declared quarterly dividend.
Key Takeaways
Cracker Barrel reported a strong third quarter with sales and margin recovery exceeding expectations. The company welcomed guests back into dining rooms and maintained a strong off-premise business. The Board of Directors declared a quarterly dividend of $1.00 per share.
The pace of sales and margin recovery exceeded expectations.
Average weekly sales volumes increased significantly due to improvements in dine-in traffic, retained off-premise volumes, and strong retail performance.
GAAP operating income in the third quarter was $52.5 million, or 7.4% of total revenue.
The Board of Directors declared a quarterly dividend to common shareholders of $1.00 per share.
Forward Guidance
Company expects to repay up to a total of $500 million of its third-party borrowings for the 2021 fiscal year, including up to $165 million during the fourth quarter. The Company reminds investors that its outlook for fiscal 2021 reflects a number of assumptions, many of which are outside the Company’s control, and a continued uncertain environment occasioned by the pandemic and increasing food and wage inflationary pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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