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Apr 26, 2024
Cracker Barrel Q3 2024 Earnings Report
Cracker Barrel's third quarter results came in below expectations due to softer traffic.
Key Takeaways
Cracker Barrel reported a decrease in total revenue by 1.9% compared to the third quarter of fiscal 2023, with a comparable store restaurant sales decrease of 1.5% and retail sales decrease of 3.8%. GAAP net income was ($9.2) million, and adjusted net income was $19.6 million. GAAP earnings per diluted share were ($0.41), and adjusted earnings per diluted share were $0.88.
Total revenue decreased by 1.9% compared to the third quarter of fiscal 2023.
Cracker Barrel comparable store restaurant sales decreased 1.5%, including total menu pricing increases of 4.0%.
Comparable store retail sales decreased 3.8% from the prior year quarter.
GAAP earnings (loss) per diluted share for the third quarter were ($0.41).
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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