Business
CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2023 RESULTS
Board declares $1.30 quarterly dividend per share LEBANON, Tenn., June 6, 2023 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
About this update from Cracker Barrel Old Country Store, Inc.
[{"type":"text","content":"Board declares $1.30 quarterly dividend per share\nLEBANON, Tenn., June 6, 2023 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (\"Cracker Barrel\" or the \"Company\") (Nasdaq: CBRL) today reported its financial results for the third quarter of fiscal 2023 ended April 28, 2023.\nThird Quarter Fiscal 2023 Highlights\nThe Company reported third quarter total revenue of $832.7 million. Compared to the prior year third quarter, total revenue increased 5.4%.Comparable store restaurant sales increased 7.4%, while comparable store retail sales decreased 4.6%.GAAP operating income for the third quarter was $16.8 million, or 2.0% of total revenue, and adjusted1 operating income was $33.9 million, or 4.1% of total revenue.GAAP net income was $14.0 million, or 1.7% of total revenue. Adjusted EBITDA1 was $60.3 million, or 7.2% of total revenue.GAAP earnings per diluted share were $0.63, and adjusted1 earnings per diluted share were $1.21.The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share.Commenting on the third quarter results, Cracker Barrel President and Chief Executive Officer, Sandra B. Cochran said, \"Our third quarter results included solid comparable store restaurant sales growth of 7.4% compared to the prior year. Although this was below our expectations as a result of the casual dining traffic declines that occurred toward the end of the quarter, I was pleased that we outperformed the Black Box Intelligence Casual Dining Index for the fourth consecutive quarter. Our teams remain focused on operational excellence, staffing and retention, and delivering an exceptional guest experience. Our everyday value and menu innovation is resonating with guests, and we're making great progress on key initiatives including catering, our loyalty program, and cost savings, which we believe will position us well for the long-term as we navigate through the present uncertain environment.\" \nThird Quarter Fiscal 2023 Results \nRevenue The Company reported total revenue of $832.7 million for the third quarter of fiscal 2023, representing an increase of 5.4% compared to the third quarter of fiscal 2022. Cracker Barrel comparable store restaurant sales increased 7.4%, including total menu pricing of approximately 8.8%. Comparable store retail sales decreased 4.6% from the prior year quarter....