Business
CRACKER BARREL REPORTS FOURTH QUARTER FISCAL 2024 RESULTS
LEBANON, Tenn., Sept. 19, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"LEBANON, Tenn., Sept. 19, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2024 ended August 2, 2024. In 2024, the fourth quarter and fiscal year included an additional operating week (\"53rd week\") compared to fiscal 2023.\nFourth Quarter Fiscal 2024 Highlights\nThe Company reported total revenue of $894.4 million for the fourth quarter of fiscal 2024, representing an increase of 6.9% compared to prior year quarter total revenue of $836.7 million. Total revenue for the fourth quarter of fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.Comparable store restaurant sales increased 0.4% over the prior year quarter while comparable store retail sales decreased 4.2%.GAAP earnings per diluted share were $0.81, and adjusted1 earnings per diluted share were $0.98. GAAP earnings per diluted share and adjusted earnings per diluted share in the current year quarter include a benefit of $0.25 related to the 53rd week.GAAP net income for the fourth quarter was $18.1 million, or 2.0% of total revenue, and adjusted EBITDA1 was $57.4 million, or 6.4% of total revenue. GAAP net income and adjusted EBITDA1 include a benefit of $5.5 million and $5.8 million related to the 53rd week, respectively.Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Julie Masino said, \"Our teams are highly engaged and intently focused on executing our strategic transformation and our day-to-day business at a high level. We are already making great progress and are encouraged by the initial results of key initiatives such as operational excellence and the guest experience, optimized pricing, and our remodel program. Although there is much work to be done, I am both excited and confident in our future.\" \nFourth Quarter Fiscal 2024 ResultsRevenueThe Company reported total revenue of $894.4 million for the fourth quarter of fiscal 2024, representing an increase of 6.9% compared to prior year quarter total revenue of $836.7 million. Total revenue for the fourth quarter of fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.\nCracker Barrel comparable store restaurant sales increased 0.4%, including total menu pricing increases of 4.2%...