Cracker Barrel – Financial Report – First Quarter Fiscal 2022

Cracker Barrel Reports First Quarter Fiscal 2022 Results and Declares Quarterly Dividend

The company reports positive comparable store total net sales versus pre-pandemic levels

LEBANON, TN (StLouisRestaurantReview) Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) today reported its financial results for the first quarter of fiscal 2022 ended October 29, 2021.

Cracker Barrel Old Country Store – First Quarter Fiscal 2022 Highlights

• Compared to the first quarter of fiscal 20191, comparable store restaurant sales increased 1.4% and comparable store retail sales increased 17.6%.
• Comparable store off-premise restaurant sales grew 168% compared to the first quarter of 20191 and represented approximately 20% of restaurant sales.
• GAAP operating income in the first quarter was $42.9 million, or 5.5% of total revenue, and adjusted2 operating income was $46.1 million, or 5.9% of total revenue.
• GAAP net income was $33.4 million, or 4.3% of total revenue. EBITDA2 was $71.9 million, or 9.2% of total revenue.
• GAAP earnings per diluted share were $1.41, and adjusted2 earnings per diluted share were $1.52.
• The Company’s Board of Directors declared a quarterly dividend of $1.30 per share on the Company’s common stock, payable on February 1, 2022, to shareholders of record on January 14, 2022.

Commenting on the business, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “I’m pleased with the improvement we saw in our first quarter comparable restaurant sales and the continued strength of our retail sales.  The progress we made on staffing and the incredible efforts of our operating teams contributed significantly to our sales results in the first quarter and positioned us well for the important holiday season and our second quarter generally.  Although we still face an uncertain business environment, our sales trends give us confidence that we should see further improvement in our comparable store sales in the second quarter.  We believe that as our guests return to a more traditional holiday season and look to Cracker Barrel to be a part of their family gatherings and celebrations with friends, our dedicated and talented employees, and leadership teams will meet their expectations, whether they visit our retail shops and dining rooms, or enjoy our food at home.”

NOTE: This is NOT the complete release.  Visit the Cracker Barrel website for complete details.

SOURCE: Cracker Barrel Country Stores, Inc.