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CRACKER BARREL REPORTS FIRST QUARTER FISCAL 2024 RESULTS
Board declares $1.30 quarterly dividend per share LEBANON, Tenn., Nov. 30, 2023 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"Board declares $1.30 quarterly dividend per share \nLEBANON, Tenn., Nov. 30, 2023 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today reported its financial results for the first quarter of fiscal 2024 ended October 27, 2023.\nFirst Quarter Fiscal 2024 Highlights\nThe Company reported first quarter total revenue of $823.8 million. Compared to the prior year first quarter, total revenue decreased 1.9%.Comparable store restaurant sales decreased 0.5%, while comparable store retail sales decreased 8.1%.GAAP operating income for the first quarter was $11.4 million, or 1.4% of total revenue, and adjusted1 operating income was $19.0 million, or 2.3% of total revenue.GAAP net income was $5.5 million, or 0.7% of total revenue, and Adjusted EBITDA1 was $45.7 million, or 5.5% of total revenue.GAAP earnings per diluted share were $0.25, and adjusted1 earnings per diluted share were $0.51.Commenting on the first quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said,\n\"We were pleased that we delivered sequential monthly improvements in our comparable store traffic performance during the first quarter. This improved trend was largely driven by the actions we took to improve the effectiveness of our marketing and our emphasis on the guest experience. We will continue to focus on these initiatives along with operational excellence, and we believe these efforts will resonate with guests and will support improved performance in the remainder of the fiscal year and beyond. Additionally, during the quarter we launched our Cracker Barrel Rewards loyalty program. Guests have embraced the program, and we are pleased with the levels of enrollment to date, which have exceeded expectations. We remain excited about this program and are confident it will be a meaningful differentiator and traffic driver over the long term.\"\nFirst Quarter Fiscal 2024 ResultsRevenue The Company reported total revenue of $823.8 million for the first quarter of fiscal 2024, representing a decrease of 1.9% compared to the first quarter of fiscal 2023.\nCracker Barrel comparable store restaurant sales decreased 0.5%, including total menu pricing increases of 6.8%. Comparable store retail sales decreased 8.1% from the prior year quarter. \nOperating IncomeGAAP operating income fo...