Cracker Barrel Old Country Store Reports Q2 Earnings Above Street View

Cracker Barrel Old Country Store Inc CBRL reported second-quarter FY23 sales growth of 8.3% year-on-year to $933.87 million, beating the consensus of $917.47 million.
Comparable store retail sales increased 4.1%, and comparable store restaurant sales grew 8.4%.
General and administrative expenses increased 5% Y/Y to $45.5 million. The operating margin was 4.2%, and operating income for the quarter fell 16% to $39 million.
Cracker Barrel held $49.4 million in cash and equivalents as of Jan. 27, 2023.
Adjusted EPS of $1.48 beat the analyst consensus of $1.36.
Dividend: Cracker Barrel's Board of Directors declared a regular quarterly dividend of $1.30 per share, payable on May 9, 2023, to shareholders of record as of Apr. 14, 2023.
Cracker Barrel CEO Sandra B. Cochran said, "We are making great progress on key initiatives, and I believe we are well-positioned to deliver further performance improvements in the back half of the fiscal year."
Outlook: Cracker Barrel expects FY23 revenue growth of 7% - 9% (prior view 6% - 8%).
For FY23, CBRL continues to expect its GAAP operating margin rate in the low 4% range.
The company anticipates capital expenditures of $110 million - $120 million (prior view $125 million).
Price Action: CBRL shares are trading lower by 0.36% at $107.40 on the last check Tuesday.

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