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CRACKER BARREL REPORTS SECOND QUARTER FISCAL 2023 RESULTS
Board declares $1.30 quarterly dividend per share LEBANON, Tenn., Feb. 28, 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., Feb. 28, 2023 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2023 ended January 27, 2023.\nSecond Quarter Fiscal 2023 Highlights\nThe Company reported second quarter total revenue of $933.9 million. Compared to the prior year second quarter, total revenue increased 8.3%.Comparable store restaurant sales increased 8.4%, while comparable store retail sales increased 4.1%.GAAP operating income for the second quarter was $39.0 million, or 4.2% of total revenue, and adjusted1 operating income was $42.2 million, or 4.5% of total revenue.GAAP net income was $30.5 million, or 3.3% of total revenue. EBITDA1 was $67.7 million, or 7.3% of total revenue.GAAP earnings per diluted share were $1.37, and adjusted1 earnings per diluted share were $1.48.The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share.Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer, Sandra B. Cochran said, \"I am pleased with our second quarter results, as we delivered sales and operating income margin that exceeded expectations. I was especially pleased with our off-premise and retail performance. We saw strong demand for our holiday Heat n' Serve offerings, we meaningfully grew our catering business, and guests responded well to our retail assortments. We are making great progress on key initiatives, and I believe we are well-positioned to deliver further performance improvements in the back half of the fiscal year.\" \nSecond Quarter Fiscal 2023 Results \nRevenue The Company reported total revenue of $933.9 million for the second quarter of fiscal 2023, representing an increase of 8.3% compared to the second quarter of fiscal 2022. Cracker Barrel comparable store restaurant sales increased 8.4%, including total menu pricing of approximately 9.0%. Comparable store retail sales increased 4.1% from the prior year quarter. \nOperating Income GAAP operating income for the second quarter was $39.0 million, or 4.2% of total revenue, compared to $46.7 million, or 5.4% of total revenue, in the prior year quarter. Excluding the approximately $3.2 million in non-cash amortization related ...