Cracker Barrel (CBRL) Misses Q3 EPS by 14c

Cracker Barrel (NASDAQ: CBRL) reported Q3 EPS of $1.21, $0.14 worse than the analyst estimate of $1.35. Revenue for the quarter came in at $832.7 million versus the consensus estimate of $846.52 million.

Fiscal 2023 Fourth Quarter Outlook:
The Company anticipates the near-term environment will remain challenged due to heightened economic uncertainty, lower discretionary spending, and weaker consumer confidence. The Company has accordingly updated its outlook for the fourth quarter as follows:

• Total revenue growth of 1% to 3% compared to the prior year quarter;
• One new Cracker Barrel unit and five to seven new Maple Street Biscuit Company units;
• Commodity inflation that is approximately flat and wage inflation of approximately 5% compared to the prior year quarter;
• GAAP operating income margin rate of 4.1% to 5.1% and adjusted operating income margin rate of 4.5% to 5.5%;
• Capital expenditures of approximately $30 million to $35 million;
• A GAAP effective tax rate of approximately 0%.

For earnings history and earnings-related data on Cracker Barrel (CBRL) click here.

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