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Cracker Barrel Old Country Store, Inc. CBRL posted first-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased from the prior-year quarter’s figure.
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Earnings & Revenues of CBRL
In first-quarter fiscal 2025, the company reported adjusted earnings per share (EPS) of 45 cents, which beat the Zacks Consensus Estimate of 40 cents. In the prior-year quarter, it reported adjusted EPS of 40 cents.
Quarterly revenues of $845.1 million beat the consensus mark of $824 million. The top line increased 2.6% year over year. During the quarter, sales benefited from a timing shift related to gift card breakage (of approximately $6 million). Also, improved traffic and strong average check growth added to the positives.
Cracker Barrel Old Country Store, Inc. Price, Consensus and EPS Surprise
Cracker Barrel Old Country Store, Inc. price-consensus-eps-surprise-chart | Cracker Barrel Old Country Store, Inc. Quote
CBRL’s Comps Details
Comparable-store restaurant sales increased 2.9% in the reported quarter compared with the same period in fiscal 2024. Comparable-store retail sales declined 1.6% year over year. In the quarter, menu pricing increases came in at 4.7% year over year.
Operating Highlights of CBRL
In the fiscal first quarter, the cost of goods sold (excluding depreciation and rent) came in at $258.9 million, which was down 1% year over year. As a percentage of total revenues, the cost of goods sold (excluding depreciation and rent) fell 40 basis points year over year to 30.6%. Per our model, the metric was anticipated at 31%.
General and administrative expenses totaled $59.6 million, which was up 22% year over year. Our projection for the metric was $47.7 million.
Adjusted net income in the fiscal first quarter came in at $10.2 million compared with $8.8 million reported in the year-ago quarter. Our projection for the metric was $8.8 million.
Balance Sheet of CBRL
As of Nov. 1, 2024, cash and cash equivalents were $11.5 million compared with $13.9 million as of Oct. 27, 2023.
Inventory at the fiscal first-quarter end reached $201.9 million compared with $207.7 million reported in the prior-year period.
Long-term debt as of Nov. 1, 2024, was $527 million compared with $475.3 million as of Oct. 27, 2023.
CBRL declared a cash dividend of 25 cents per share. The dividend will be paid out on Feb. 12, 2025, to its shareholders on record as of Jan. 17.
CBRL’s 2025 Guidance
For fiscal 2025, the company expects revenues in the range of $3.4-$3.5 billion. Adjusted EBITDA is anticipated to be between $200 million and $215 million.
Management projects commodity inflation to be in the range of 2% to 3% compared with the prior year. Hourly wage inflation is suggested to be 3% to 4% year over year.
Coming to store openings, CBRL aims to open three to four new Maple Street Biscuit company units. Capital expenditures are envisioned in the range of $160-$180 million.