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Apr 28, 2023
Cracker Barrel Q3 2023 Earnings Report
Cracker Barrel reported solid comparable store restaurant sales growth, but faced challenges from casual dining traffic declines.
Key Takeaways
Cracker Barrel reported a 5.4% increase in total revenue to $832.7 million. Comparable store restaurant sales increased by 7.4%, while comparable retail sales decreased by 4.6%. GAAP earnings per diluted share were $0.63, and adjusted earnings per diluted share were $1.21.
Total revenue increased by 5.4% to $832.7 million.
Comparable store restaurant sales increased by 7.4%.
Comparable store retail sales decreased by 4.6%.
The Board declared a quarterly dividend of $1.30 per share.
Cracker Barrel
Cracker Barrel
Forward Guidance
The Company anticipates the near-term environment will remain challenged due to heightened economic uncertainty, lower discretionary spending, and weaker consumer confidence.
Positive Outlook
- Sustainable cost savings
- Business model improvements
- Expected to contribute approximately $30 million to fiscal 2023 profitability
- Further gains in fiscal 2024
- Focus on operational excellence
Challenges Ahead
- Heightened economic uncertainty
- Lower discretionary spending
- Weaker consumer confidence
- Macroeconomic conditions may cause actual results to differ materially from those expected
- Uncertainties created by current macroeconomic conditions