As of 10:43 am EST today, CBRL stock dropped 7.38% in price.
Cracker Barrel Earnings Slip
For the first quarter of fiscal 2022, ending on October 29, 2021, Cracker Barrel reported that its adjusted earnings per share came in at $1.52, which fell short of a market consensus expecting approximately $1.55 per share.
Cracker Barrel Revenue Increases Year-Over-Year
Cracker Barrel posted $784.9 million in revenue for the period, which is an increase of 646.5 million year-over-year. Analysts were anticipating $775 million. The company’s board also “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.”
CEO Addresses Staffing Issues, Holiday Season and Second Quarter 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,” CEO Sandra B. Cochran said.
Cochran went on to add that although the company still faces an uncertain business environment, sales trends indicate that the company should see further improvements in comparable store sales during 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."