Business
CRACKER BARREL REPORTS PRELIMINARY FIRST QUARTER FISCAL 2025 RESULTS AND REAFFIRMS FISCAL 2025 OUTLOOK
Strategic Transformation Plan on Track LEBANON, Tenn., Nov. 14, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"Strategic Transformation Plan on Track\nLEBANON, Tenn., Nov. 14, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today reported its preliminary unaudited financial results for the first quarter of fiscal 2025 ended November 1, 2024 and reaffirmed its fiscal 2025 outlook. The Company plans to report final first quarter fiscal 2025 financial results on December 4, 2024.\nPreliminary First Quarter Fiscal 2025 Financial Highlights\nFirst quarter total revenue is expected to be approximately $845.1 million. Compared to the prior year first quarter, total revenue increased 2.6%.Comparable store restaurant sales increased 2.9%, outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points.Comparable store retail sales decreased 1.6%.GAAP earnings per diluted share are expected to be approximately $0.22, and adjusted1 earnings per diluted share are expected to be approximately $0.45.GAAP net income for the first quarter is expected to be approximately $4.8 million. Adjusted EBITDA1 is expected to be approximately $45.8 million, a 4.3% increase compared to the prior year quarter adjusted EBITDA1 of $43.9 million, or 5.3% of total revenue.Commenting on the preliminary first quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, \"Our fiscal year is off to a strong start, as our strategic transformation plan continues to take hold and helped deliver financial results that were in line with our expectations. Additionally, we are pleased that our comparable store sales and traffic results outperformed the Casual Dining industry. We are building momentum across our operations, and while we have more work to do, we are encouraged and energized by the early favorable results of our strategic initiatives. We are highly confident that we are on the right path to drive growth and deliver meaningful value creation for our shareholders.\"\nFiscal 2025 OutlookThe Company reaffirmed the outlook provided in its September 19, 2024 press release. The Company continues to expect the following for fiscal 2025: \nTotal revenue of $3.4 billion to $3.5 billionTwo new Cracker Barrel stores and 3 to 4 new Maple Street Biscuit Company unitsCommodity inflation of 2% to 3% compared to the prior yearHourly wage inflation of 3% to 4% ...