Workflow
Cracker Barrel(CBRL) - 2025 Q2 - Quarterly Results
CBRLCracker Barrel(CBRL)2025-03-06 13:24

Financial Performance - Total revenue for Q2 fiscal 2025 was 949.4million,a1.5949.4 million, a 1.5% increase compared to Q2 fiscal 2024[5] - GAAP net income for Q2 was 22.2 million, a 16.3% decrease from 26.5millionintheprioryearquarter[6]−AdjustedEBITDAforQ2was26.5 million in the prior year quarter[6] - Adjusted EBITDA for Q2 was 74.6 million, reflecting a 19.6% increase from 62.4millionintheprioryearquarter[6]−Adjustedearningsperdilutedsharewere62.4 million in the prior year quarter[6] - Adjusted earnings per diluted share were 1.38, a 9.5% increase compared to 1.26intheprioryearquarter[7]−TotalrevenueforthesecondquarterendedJanuary31,2025,was1.26 in the prior year quarter[7] - Total revenue for the second quarter ended January 31, 2025, was 949,439,000, representing a 2% increase compared to 935,401,000forthesameperiodlastyear[17]−Netincomedecreasedby16935,401,000 for the same period last year[17] - Net income decreased by 16% to 22,207,000 for the second quarter, down from 26,534,000intheprioryear[17]−Earningspershare(EPS)onadilutedbasiswas26,534,000 in the prior year[17] - Earnings per share (EPS) on a diluted basis was 0.99, a decrease of 17% from 1.19inthesamequarterlastyear[17]−Operatingincomeforthesecondquarterwas1.19 in the same quarter last year[17] - Operating income for the second quarter was 29,123,000, down 5% from 30,762,000inthepreviousyear[17]−Adjustednetincomeforthesecondquarterwas30,762,000 in the previous year[17] - Adjusted net income for the second quarter was 30,921 thousand, representing a 10.0% increase from 28,067thousandintheprioryear[25]−EBITDAforthesecondquarterwas28,067 thousand in the prior year[25] - EBITDA for the second quarter was 59,357 thousand, with an EBITDA margin of 6.3%[27] - Adjusted EBITDA for the second quarter was 74,628thousand,reflectingamarginof7.974,628 thousand, reflecting a margin of 7.9%[27] Revenue Guidance - The company expects fiscal 2025 total revenue to be between 3.45 billion and 3.50billion,upfromthepreviousoutlookof3.50 billion, up from the previous outlook of 3.4 billion to 3.5billion[11]−AdjustedEBITDAguidanceforfiscal2025isnowsetat3.5 billion[11] - Adjusted EBITDA guidance for fiscal 2025 is now set at 210 million to 220million,increasedfromthepreviousrangeof220 million, increased from the previous range of 200 million to 215million[11]StoreOperations−Comparablestorerestaurantsalesincreasedby4.7215 million[11] Store Operations - Comparable store restaurant sales increased by 4.7%, driven by total menu pricing increases of 6.0%[5] - The company plans to open 1 to 2 new Cracker Barrel stores, revised from the previous outlook of 2 stores[11] - The company-owned units for Cracker Barrel decreased by 1 unit to 657, while Maple Street Biscuit Company units increased to 69 from 63[23] Costs and Expenses - The company anticipates commodity inflation of 2% to 3% compared to the prior year, with hourly wage inflation around 3%[11] - Total cost of goods sold for the second quarter was 305,465,000, a decrease of 2% from 310,522,000intheprioryear[23]−Thecompanyincurred310,522,000 in the prior year[23] - The company incurred 5,263 thousand in proxy contest expenses during the second quarter[27] - Strategic transformation initiative expenses amounted to 3,965thousandinthesecondquarter[27]CashandAssets−Cashandcashequivalentsattheendoftheperiodwere3,965 thousand in the second quarter[27] Cash and Assets - Cash and cash equivalents at the end of the period were 10,346,000, down from 12,602,000attheendofthepreviousyear[20]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof12,602,000 at the end of the previous year[20] - The company reported a net cash provided by operating activities of 93,693,000 for the six months ended January 31, 2025, compared to 61,879,000forthesameperiodlastyear[21]−Totalassetsdecreasedto61,879,000 for the same period last year[21] - Total assets decreased to 2,149,557,000 from 2,185,059,000year−over−year[20]Dividends−Thequarterlydividenddeclaredis2,185,059,000 year-over-year[20] Dividends - The quarterly dividend declared is 0.25 per share, payable on May 14, 2025[8] Financial Reporting Changes - The company plans to enhance comparability of its financial measures by no longer adjusting for store closing costs starting from the second quarter of fiscal 2025[26]