Business
Cracker Barrel Announces Preliminary First Quarter Fiscal 2021 Results
Company continues positive momentum LEBANON, Tenn., Nov. 5, 2020 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company")
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"Company continues positive momentum\n\n\nLEBANON, Tenn., Nov. 5, 2020 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today announced preliminary selected results for the first quarter of fiscal 2021 ended October 30, 2020.\nCommenting on the first quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, \"I'm pleased with our start to the fiscal year and with our continued sales recovery, as we saw significant improvements in comparable store restaurant and retail sales trends. These results reflect the strength of our brand, our everyday value, and the trust our guests have in us to deliver a safe experience and the hospitality for which we're known. I am especially proud of our retail performance and the efforts of our retail teams, as well as our operators' disciplined approach to cost management and their continued ability to navigate through the ongoing challenged environment. I believe all of these contributed meaningfully to our strong results in the first quarter.\" \nCracker Barrel comparable store restaurant and retail sales for the third and fourth quarter of fiscal 2020 and the first quarter of fiscal 2021 were as follows when compared to the prior year comparable periods:\nThird QuarterEnded 5/1\nFourth Quarter Ended7/31\nFirstQuarterEnded10/301\nComparable store restaurant sales\n(41.7%)\n(39.2%)\n(16.4%)\nComparable store retail sales\n(45.5%)\n(32.3%)\n(8.1%)\n1 Preliminary Results (Unaudited)\nFor the first quarter of fiscal 2021, the Company expects to report net income of approximately $167 million to $172 million and adjusted EBITDA of approximately $50 million to $55 million, which is adjusted to exclude the following:\nAn approximately $218 million non-cash gain on sale of assets from the previously disclosed sale-leaseback transaction that closed in August Approximately $5 million in expenses incurred to-date related to the Company's contested proxy(See the non-GAAP reconciliation below.)\nThis press release contains estimates for the Company's preliminary financial results for the three months ended October 30, 2020 and may contain other forward-looking statements (i.e., statements that are not historical facts). These estimates are preliminary, unaudited, and inherently uncertain and remain subject to the ...