Cracker Barrel Reports Fourth Quarter, Full Fiscal Year 2021

Cracker Barrel Reports Fourth Quarter And Full Year Fiscal 2021 Results And Declares Quarterly Dividend

Board increases quarterly dividend to the pre-pandemic level of $1.30 per share.

LEBANON, TN (StLouisRestaurantReview) Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) reported its financial results for the fourth quarter of fiscal 2021 ended July 30, 2021.

Fourth Quarter Fiscal 2021 Highlights

• Total revenue in the fourth quarter of $784.4 million was approximately flat compared to the fourth quarter of fiscal 2019 total revenue of $787.1 million.
• Compared to the fourth quarter of fiscal 20191, comparable store restaurant sales decreased 6.8%, and comparable-store retail sales increased 18.2%.
• Comparable store off-premise restaurant sales grew 108.6% compared to the fourth quarter of 20191 and represented approximately 19% of restaurant sales.
• GAAP operating income in the fourth quarter was $62.7 million, or 8.0% of total revenue, and adjusted2 operating income was $65.9 million, or 8.4% of total revenue.
• GAAP net income was $36.4 million, or 4.6% of total revenue. EBITDA was $93.5 million, or 11.9% of total revenue, representing a 30 basis point sequential improvement compared to fiscal 2021 third-quarter EBITDA margin.
• GAAP earnings per diluted share were $1.53, and adjusted2 earnings per diluted share were $2.25.
• The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share and authorized share repurchases up to $100 million of the Company’s outstanding common stock.

Commenting on the fourth-quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “Despite the well-known headwinds that the industry continues to face with respect to staffing, commodity and wage inflation, and the resurgence of the pandemic, we were pleased that our fourth quarter profitability continued to trend positively from the third quarter and that our off-premise sales, retail business, and Maple Street Biscuit Company concept continued to outperform.  In addition to these strengths, our impressive field and home office support teams delivered on multiple fronts throughout the year, including cost-savings, the introduction of our new dinner menu, and the continued roll-out of beer and wine to our stores, and helped ensure our continued recovery in 2021.  I’m confident that these and other initiatives position us well for 2022 despite the uncertain environment.”

NOTE: This is NOT the complete release.  To view the complete release, visit the Cracker Barrel website.