Cracker Barrel Q3 2021 Earnings Report
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.
Cracker Barrel
Cracker Barrel
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.