Cracker Barrel Q1 Earnings & Revenues Beat Estimates, Increase Y/Y

Core Insights - Cracker Barrel Old Country Store, Inc. (CBRL) reported first-quarter fiscal 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, showing growth compared to the prior-year quarter [1][3][4] Financial Performance - Adjusted earnings per share (EPS) for the first quarter were 45 cents, surpassing the Zacks Consensus Estimate of 40 cents and up from 40 cents in the prior-year quarter [3] - Quarterly revenues reached $845.1 million, exceeding the consensus mark of $824 million, and increased by 2.6% year over year [4] - Comparable-store restaurant sales rose by 2.9% year over year, while comparable-store retail sales declined by 1.6% [5] Cost and Expenses - The cost of goods sold (excluding depreciation and rent) was $258.9 million, down 1% year over year, and represented 30.6% of total revenues, a decrease of 40 basis points from the previous year [6] - General and administrative expenses totaled $59.6 million, reflecting a 22% increase year over year [6] Net Income and Balance Sheet - Adjusted net income for the quarter was $10.2 million, compared to $8.8 million in the year-ago quarter [7] - As of November 1, 2024, cash and cash equivalents were $11.5 million, down from $13.9 million as of October 27, 2023, while inventory decreased to $201.9 million from $207.7 million [8] Debt and Dividends - Long-term debt increased to $527 million from $475.3 million as of October 27, 2023 [9] - CBRL declared a cash dividend of 25 cents per share, payable on February 12, 2025, to shareholders on record as of January 17 [9] Future Guidance - For fiscal 2025, CBRL expects revenues between $3.4 billion and $3.5 billion, with adjusted EBITDA anticipated to be between $200 million and $215 million [10] - Management projects commodity inflation of 2% to 3% and hourly wage inflation of 3% to 4% year over year [10] - The company plans to open three to four new Maple Street Biscuit company units, with capital expenditures projected between $160 million and $180 million [11]