CRACKER BARREL REPORTS PRELIMINARY FIRST QUARTER FISCAL 2025 RESULTS AND REAFFIRMS FISCAL 2025 OUTLOOK
Cracker Barrel reported preliminary Q1 fiscal 2025 results with total revenue of $845.1 million, up 2.6% year-over-year. Comparable store restaurant sales increased 2.9%, outperforming the industry by 290 basis points, while retail sales decreased 1.6%. The company expects GAAP earnings per share of $0.22 and adjusted EPS of $0.45. Adjusted EBITDA reached $45.8 million, up 4.3% from prior year. For fiscal 2025, Cracker Barrel reaffirmed its outlook, projecting revenue of $3.4-3.5 billion, with plans to open two new stores and 3-4 new Maple Street Biscuit Company units.
Cracker Barrel ha riportato risultati preliminari del primo trimestre fiscale 2025, con un fatturato totale di 845,1 milioni di dollari, in aumento del 2,6% rispetto all’anno precedente. Le vendite nei ristoranti a negozi comparabili sono aumentate del 2,9%, superando l'industria di 290 punti base, mentre le vendite al dettaglio sono diminuite dell’1,6%. L'azienda prevede utili per azione GAAP di 0,22 dollari e utili per azione rettificati di 0,45 dollari. L'EBITDA rettificato ha raggiunto i 45,8 milioni di dollari, in aumento del 4,3% rispetto all'anno precedente. Per l'anno fiscale 2025, Cracker Barrel ha ribadito le sue stime, prevedendo un fatturato di 3,4-3,5 miliardi di dollari, con piani per aprire due nuovi negozi e 3-4 nuovi punti vendita della Maple Street Biscuit Company.
Cracker Barrel informó resultados preliminares del primer trimestre fiscal 2025 con ingresos totales de 845.1 millones de dólares, un aumento del 2.6% en comparación con el año anterior. Las ventas en restaurantes de tiendas comparables aumentaron un 2.9%, superando a la industria en 290 puntos básicos, mientras que las ventas minoristas disminuyeron un 1.6%. La compañía espera ganancias por acción GAAP de 0.22 dólares y ganancias por acción ajustadas de 0.45 dólares. El EBITDA ajustado alcanzó los 45.8 millones de dólares, un aumento del 4.3% respecto al año anterior. Para el año fiscal 2025, Cracker Barrel reafirmó su perspectiva, proyectando ingresos de 3.4 a 3.5 mil millones de dólares, con planes de abrir dos nuevas tiendas y de 3 a 4 nuevas unidades de Maple Street Biscuit Company.
크래커 배럴은 2025 회계연도 첫 분기 예비 실적을 발표했으며, 총 수익은 8억 4천 5백 10만 달러로 전년 대비 2.6% 증가했습니다. 비교 가능한 매장 레스토랑 판매는 2.9% 증가하여 산업을 290bp 초과했으며, 소매 판매는 1.6% 감소했습니다. 회사는 GAAP 기준 주당 순이익이 0.22달러, 조정된 주당 순이익이 0.45달러가 될 것으로 예상하고 있습니다. 조정된 EBITDA는 4천 5백 80만 달러에 도달하여 전년 대비 4.3% 증가했습니다. 2025 회계연도에 대해 크래커 배럴은 전망을 재확인하며, 34억에서 35억 달러의 수익을 예상하고, 두 개의 새로운 매장과 3-4개의 메이플 스트리트 비스킷 컴퍼니 유닛을 열 계획입니다.
Cracker Barrel a publié des résultats préliminaires pour le premier trimestre de l’exercice 2025, avec un chiffre d’affaires total de 845,1 millions de dollars, en hausse de 2,6 % par rapport à l’année précédente. Les ventes dans les restaurants à enseignes comparables ont augmenté de 2,9 %, surpassant l’industrie de 290 points de base, tandis que les ventes au détail ont diminué de 1,6 %. La société prévoit des bénéfices par action GAAP de 0,22 $ et des bénéfices par action ajustés de 0,45 $. L'EBITDA ajusté a atteint 45,8 millions de dollars, soit une augmentation de 4,3 % par rapport à l’année dernière. Pour l’exercice 2025, Cracker Barrel a réaffirmé ses prévisions, anticipant un chiffre d’affaires de 3,4 à 3,5 milliards de dollars, avec des projets d’ouverture de deux nouveaux magasins et de 3 à 4 nouvelles unités de la Maple Street Biscuit Company.
Cracker Barrel hat vorläufige Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht, mit einem Gesamtumsatz von 845,1 Millionen Dollar, was einem Anstieg von 2,6 % im Jahresvergleich entspricht. Die verglichenen Restaurantverkäufe stiegen um 2,9 % und übertrafen die Branche um 290 Basispunkte, während der Einzelhandel um 1,6 % zurückging. Das Unternehmen erwartet GAAP-Gewinn pro Aktie von 0,22 Dollar und bereinigten Gewinn pro Aktie von 0,45 Dollar. Bereinigtes EBITDA erreichte 45,8 Millionen Dollar, was einem Anstieg von 4,3 % zum Vorjahr entspricht. Für das Geschäftsjahr 2025 bestätigte Cracker Barrel seine Prognose mit einem Umsatz von 3,4 bis 3,5 Milliarden Dollar und plant die Eröffnung von zwei neuen Geschäften sowie 3-4 neuen Einheiten der Maple Street Biscuit Company.
- Total revenue increased 2.6% to $845.1 million
- Comparable store restaurant sales grew 2.9%, beating industry benchmark by 290 basis points
- Adjusted EBITDA increased 4.3% to $45.8 million
- Comparable store retail sales declined 1.6%
- GAAP net income expected at only $4.8 million
- GAAP EPS of $0.22 significantly lower than adjusted EPS of $0.45
Insights
The preliminary Q1 FY2025 results show mixed performance with some encouraging signs. Total revenue of
The adjusted earnings per share of
The
Strategic Transformation Plan on Track
Preliminary First Quarter Fiscal 2025 Financial Highlights
- First quarter total revenue is expected to be approximately
$845.1 million 2.6% .- Comparable store restaurant sales increased
2.9% , outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points. - Comparable store retail sales decreased
1.6% .
- Comparable store restaurant sales increased
- GAAP earnings per diluted share are expected to be approximately
$0.22 $0.45 - GAAP net income for the first quarter is expected to be approximately
$4.8 million $45.8 million 4.3% increase compared to the prior year quarter adjusted EBITDA1 of$43.9 million 5.3% of total revenue.
Commenting on the preliminary first quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "Our fiscal year is off to a strong start, as our strategic transformation plan continues to take hold and helped deliver financial results that were in line with our expectations. Additionally, we are pleased that our comparable store sales and traffic results outperformed the Casual Dining industry. We are building momentum across our operations, and while we have more work to do, we are encouraged and energized by the early favorable results of our strategic initiatives. We are highly confident that we are on the right path to drive growth and deliver meaningful value creation for our shareholders."
Fiscal 2025 Outlook
The Company reaffirmed the outlook provided in its September 19, 2024 press release. The Company continues to expect the following for fiscal 2025:
- Total revenue of
$3.4 billion $3.5 billion - Two new Cracker Barrel stores and 3 to 4 new Maple Street Biscuit Company units
- Commodity inflation of
2% to3% compared to the prior year - Hourly wage inflation of
3% to4% compared to the prior year - Adjusted EBITDA1 of
$200 million $215 million - Capital expenditures of
$160 million $180 million
The Company reminds investors that its outlook reflects a number of assumptions, many of which are outside the Company's control. In particular, uncertainties created by macroeconomic conditions, such as ongoing inflation, low consumer confidence and high interest rates may adversely affect consumer behavior and cause actual results to differ materially from those expected.
1 Adjusted net income, adjusted EBITDA and adjusted earnings per diluted share are non-GAAP financial measures. For definitions of these non-GAAP measures and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release.
2 The Company has determined to provide guidance focused on adjusted EBITDA because the Company believes it will be more useful to investors to evaluate the Company's performance prior to the impact of depreciation (given the expected increase in investments and the resulting higher expected depreciation expense), taxes, closure and impairment charges, and other items that management believes are not reflective of the Company's current operations. The Company is not able to reconcile the forward-looking estimate of adjusted EBITDA set forth above to a forward-looking estimate of net income, the most directly comparable estimated measure calculated in accordance with GAAP, without unreasonable efforts because the Company is unable to predict, forecast or determine the probable significance of certain items impacting these estimates, including interest expense, taxes, closure and impairment charges and share-based compensation, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.
Fiscal 2025 First Quarter Conference Call
The Company will provide a real-time webcast and rebroadcast of its first quarter earnings conference call on Wednesday, December 4, 2024, beginning at 11:00 a.m. Eastern Time. The live broadcast of Cracker Barrel's quarterly conference call will be available to the public online in the Events and Presentations section on the Company's website at investor.crackerbarrel.com on December 4, 2024 beginning at 11:00 a.m. Eastern Time. An online replay will be available at 2:00 p.m. Eastern Time and continue through December 18, 2024.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) is on a mission to bring craveable, delicious homestyle food and unique retail products to all guests while serving up memorable, distinctive experiences that make everyone feel welcome. Established in 1969 in
CBRL-F
Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of items such as revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These and similar statements regarding events or results that the Company expects will or may occur in the future are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual results and performance of the Company to differ materially from those expressed or implied by such forward-looking statements. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these risks, uncertainties and other factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The Company believes that the assumptions underlying any forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in or implied by the forward-looking statements. In addition to the risks of ordinary business operations, factors and risks that may result in actual results differing from this forward-looking information include, but are not limited to risks and uncertainties associated with inflationary conditions with respect to the price of commodities, ingredients, transportation, distribution and labor; disruptions to the Company's restaurant or retail supply chain; the Company's ability to manage retail inventory and merchandise mix; the Company's ability to sustain or the effects of plans intended to improve operational or marketing execution and performance, including the Company's strategic transformation plan; the effects of increased competition at the Company's locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of the Company's food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease; the effects of the Company's indebtedness and associated restrictions on the Company's financial and operating flexibility and ability to execute or pursue its operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting the Company's financing costs and ability to refinance its indebtedness, in whole or in part; the Company's reliance on a single distribution facility and certain significant vendors, particularly for foreign-sourced retail products; information technology disruptions and data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors or actions of third parties; the Company's compliance with privacy and data protection laws; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the actual results of pending, future or threatened litigation or governmental investigations; or the Company's ability to manage the impact of negative social media attention and the costs and effects of negative publicity; the impact of activist shareholders; the Company's ability to achieve aspirations, goals and projections related to its environmental, social and governance initiatives; the Company's ability to enter successfully into new geographic markets that may be less familiar to it; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and the Company's ability to identify those sites; the Company's ability to retain key personnel; the ability of and cost to the Company to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that the Company may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions and the weather impact on sales and customer travel; discretionary income or personal expenditure activity of the Company's customers; implementation of new or changes in interpretation of existing accounting principles generally accepted in
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Preliminary Operating Results to Non-GAAP Preliminary Operating Results
(Unaudited and in thousands, except per share amounts)
Adjusted Net Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its first quarter fiscal 2024 and fiscal 2025 adjusted net income and earnings per share. The Company defines adjusted net income as net income, calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges and store closing costs, (ii) expenses related to the proxy contest in connection with the Company's 2024 annual meeting of shareholders, (iii) expenses related to the Company's CEO transition, (iv) expenses associated with the Company's strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, and (viii) the related tax impacts of the foregoing. The Company believes excluding these items from its financial results provides investors with an enhanced understanding of the Company's financial results and enhances comparability across periods. The Company calculates adjusted net income margin by dividing adjusted net income by consolidated GAAP revenue. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.
First Quarter Ended | |||||
11/1/24 | Margin | 10/27/23 | Margin | ||
Revenue | 100 % | 100 % | |||
GAAP net income | 4,844 | 0.6 | 5,456 | 0.7 | |
Expenses related to the Company's CEO transition | 0 | 0.0 | 1,636 | 0.2 | |
Expenses associated with a strategic transformation initiative | 3,298 | 0.4 | 1,141 | 0.1 | |
Corporate restructuring charge | 0 | 0.0 | 1,643 | 0.2 | |
Expenses related to the proxy contest in connection with the Company's 2024 annual | 2,958 | 0.3 | 0 | 0.0 | |
Impairment and store closing costs | 700 | 0.1 | 0 | 0.0 | |
Tax impacts of the foregoing | (1,635) | (0.2) | (1,039) | (0.1) | |
Adjusted net income | 1.2 % | 1.1 % | |||
GAAP Earnings per share - basic | |||||
GAAP Earnings per share - diluted | |||||
Adjusted Earnings per share - basic | |||||
Adjusted Earnings per share - diluted | |||||
Weighted average shares - basic | 22,217,737 | 22,165,852 | |||
Weighted average shares - diluted | 22,390,249 | 22,263,690 | |||
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Preliminary Operating Results to Non-GAAP Preliminary Operating Results
(Unaudited and in thousands)
EBITDA/Adjusted EBITDA
In the accompanying press release and the below reconciliation tables, the Company makes reference to EBITDA and adjusted EBITDA. The Company defines EBITDA as net income, calculated in accordance with GAAP, excluding depreciation and amortization, interest expense and tax expense. The Company further adjusts EBITDA to exclude, to the extent the following items occurred during the periods presented: (i) expenses related to share-based compensation, (ii) impairment charges and store closing costs, (iii) the proxy contest expenses in connection with the Company's 2024 annual meeting of shareholders, (iv) goodwill impairment charges, (v) the Company's CEO transition, (vi) expenses associated with the Company's strategic transformation initiative, (vii) a corporate restructuring charge, and (viii) an employee benefits policy change. The Company calculates EBITDA and adjusted EBITDA margin by dividing EBITDA and adjusted EBITDA by consolidated GAAP revenue. The Company believes that presentation of EBITDA and adjusted EBITDA (together with related margin figures) provides investors with an enhanced understanding of the Company's operating performance and debt leverage metrics and enhances comparability with the Company's historical results, and that the presentation of this non-GAAP financial measure, when combined with the primary presentation of net income, is beneficial to an investor's complete understanding of the Company's operating performance. This information is not intended to be considered in isolation or as a substitute for net income or net income margin prepared in accordance with GAAP.
First Quarter Ended 11/1/24 | Margin | |
Revenue | 100 % | |
GAAP Net Income | 4,844 | 0.6 |
(+) Depreciation & amortization | 29,154 | 3.4 |
(+) Interest expense | 5,822 | 0.7 |
(+) Income tax benefit | (3,595) | (0.4) |
EBITDA | 4.3 % | |
Adjustments | ||
(+) Share-based compensation, net | 2,625 | 0.3 |
(+) Strategic transformation initiative expenses | 3,298 | 0.4 |
(+) Impairment and store closing costs | 700 | 0.1 |
(+) Proxy contest expenses | 2,958 | 0.3 |
Adjusted EBITDA | 5.4 % | |
First Quarter Ended | Margin | |
Revenue | 100 % | |
GAAP Net Income | 0.7 | |
(+) Depreciation & amortization | 26,669 | 3.2 |
(+) Interest expense | 4,938 | 0.6 |
(+) Income tax expense | 1,019 | 0.1 |
EBITDA | 4.6 % | |
Adjustments | ||
(+) Share-based compensation, net | 1,395 | 0.2 |
(+) CEO transition expenses | 1,636 | 0.2 |
(+) Strategic transformation initiative expenses | 1,141 | 0.1 |
(+) Corporate restructuring charge including separation with executive | 1,643 | 0.2 |
Adjusted EBITDA | 5.3 % | |
Investor Contact: | Adam Hanan |
(615) 443-9887 | |
Media Contact: | Heidi Pearce |
(615) 235-4135 |
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SOURCE Cracker Barrel Old Country Store, Inc.
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