Cracker Barrel(US:CBRL)2025-09-17 20:21Financial Performance - Total revenue for Q4 fiscal 2025 was $868.0 million, a decrease of 2.9% compared to the prior year, but an increase of 4.4% when adjusted for the 53-week impact[4]. - GAAP net income for Q4 was $6.8 million, down 62.8% from $18.1 million in the prior year, with a 46.6% decrease when adjusted for the 53-week impact[4]. - Adjusted EBITDA for Q4 was $55.7 million, a decrease of 2.9% year-over-year, but an increase of 8.0% when adjusted for the 53-week impact[4]. - For the full year fiscal 2025, total revenue was $3.48 billion, reflecting a 0.4% increase, or 2.2% when adjusted for the 53-week impact[9]. - GAAP net income for the full year was $46.4 million, a 13.3% increase from $40.9 million in the prior year, with a 30.9% increase when adjusted for the 53-week impact[9]. - Total revenue for the fourth quarter was $868,009, a decrease of 3% compared to $894,387 in the same quarter last year[19]. - Net income for the fourth quarter was $6,754, down 63% from $18,139 in the prior year[19]. - Operating income decreased by 82% to $3,978 from $22,216 year-over-year[19]. - Earnings per share (EPS) for the fourth quarter was $0.30, a decrease of 63% from $0.82 in the same quarter last year[19]. - Net income for the twelve months ended August 1, 2025, was $46,379,000, an increase from $40,930,000 for the previous year, representing a growth of 10.6%[23]. - Total revenue for the twelve months ended August 1, 2025, was $3,483,684,000, slightly up from $3,470,762,000 in the previous year, reflecting a growth of 0.4%[31]. - Adjusted net income for the twelve months ended August 1, 2025, was $70,912,000, down from $78,544,000 in the previous year, indicating a decline of 9.3%[31]. Capital Expenditures and Investments - The company plans to invest $135 million to $150 million in capital expenditures for fiscal 2026, primarily for maintenance, with no spending on new remodels[16]. - The company has authorized a new share repurchase program of up to $100 million of its outstanding common stock[16]. Future Outlook - The company expects total revenue for fiscal 2026 to be between $3.35 billion and $3.45 billion, assuming a comparable store traffic decline of 4% to 7%[16]. - The company announced a quarterly dividend of $0.25 per share, payable on November 12, 2025[16]. Liquidity and Debt - The company ended fiscal 2025 with a consolidated total leverage ratio of 2.0x and available liquidity of $555.6 million[16]. - Cash and cash equivalents increased significantly to $39,643 from $12,035 year-over-year[21]. - Long-term debt decreased to $335,457 from $476,581, reflecting a reduction in financial liabilities[21]. - The company’s total liabilities decreased slightly, with shareholders' equity increasing to $461,689 from $440,149[21]. Operational Metrics - The company reported a 6% decrease in labor and related expenses, totaling $316,326 compared to $335,121 in the previous year[19]. - The average unit volume for Cracker Barrel restaurants decreased to $1,064.3 thousand in the fourth quarter from $1,083.6 thousand in the previous year, a decline of 1.1%[24]. - The company opened 0 new Cracker Barrel units in the fourth quarter, maintaining a total of 657 units, while Maple Street Biscuit Company closed 2 units, ending with 68 units[24]. - Cash flows from operating activities increased to $218,899,000 for the twelve months ended August 1, 2025, compared to $168,980,000 in the previous year, a growth of 29.5%[23]. Cost and Expenses - The total cost of goods sold for the twelve months ended August 1, 2025, was $1,063,218,000, a decrease from $1,070,468,000 in the previous year, reflecting a reduction of 0.7%[24]. - The fourth quarter included $31,859,000 in depreciation and amortization, contributing to a total of $122,238,000 for the twelve months[35]. - Interest expense for the fourth quarter was $4,705,000, with a total of $20,489,000 for the twelve months, both representing 0.5% and 0.6% of revenue respectively[35]. - The company incurred $16,190,000 in impairment and store closing costs during the fourth quarter, totaling $19,772,000 for the twelve months[35]. - Strategic transformation initiative expenses amounted to $7,263,000 for the twelve months, with no expenses reported for the fourth quarter[35]. Margins - Fourth quarter revenue reached $868,009,000, representing a 100% margin, while total revenue for the twelve months was $3,483,684,000, also at a 100% margin[35]. - GAAP net income for the fourth quarter was $6,754,000, or 0.8% margin, with a total of $46,379,000, or 1.3% margin for the twelve months[35]. - Adjusted EBITDA for the fourth quarter was $55,713,000, reflecting a 6.4% margin, consistent with the twelve-month adjusted EBITDA of $224,264,000, also at 6.4% margin[35]. - The company reported a fourth quarter EBITDA of $39,023,000, which is 4.5% of revenue, and a total EBITDA of $180,453,000 for the twelve months, representing 5.2% of revenue[35]. - Adjusted EBITDA for the twelve months was $211,617,000, reflecting a 6.1% margin, with fourth quarter adjusted EBITDA at $57,363,000, also at 6.4% margin[36].