Cracker Barrel Quarterly Net Drops 8%

Brian Turner
27 Sep, 2022
New York City

Cracker Barrel Old Country Store, Inc rose 0.7% to $98.44 after the restaurant chain operator reported revenue in the fourth quarter ending on July 29th rose 5.9% to $830.4 million. 

Comparable restaurant sales increased 6.1% and retail sales rose 3.0%. 

The restaurant company also increased menu prices by 7.0% from a year ago. 

Net income in the period decreased 8.0% to $33.4 million from $36.4 million and diluted earnings per share declined to $1.47 from $1.53 a year ago. 

For the fiscal year, revenue rose $3.3 billion from $2.8 billion a year ago and net income plunged 48% to $131.8 million from $254.5 million a year ago.

 

Dividend and Stock Buy Back  

The company announced that its Board of Directors declared a regular quarterly dividend of $1.30 a share.

Cracker Barrel paid $29.9 million in dividends and repurchased $58.1 million in shares for a total of $88.1 million in the fourth quarter and returned to shareholders a total $246.4 million during the full fiscal year.

The quarterly dividend is payable on November 8, 2022 to shareholders of record as of October 21, 2022.

 

Fiscal 2023 Outlook 

The company guided total revenues to increase between 7% and 8% from the previous year, including 3 to 4 new namesake restaurants and between 15 to 20 Maple Street Biscuit Company units. 

The restaurant company anticipates food and commodities prices to rise 8% and moderate sequentially every quarter. 

Operating income is expected to rise between 8% and 10% and sequentially improve on a quarterly basis as the year progresses. 

Capital expenditure is expected around $125 million, including $30 million for new store development.