Cracker Barrel Falls Short of Q4 Estimates, Shares Decline

Cracker Barrel Old Country Store Inc. has reported fourth-quarter earnings that did not meet analyst expectations, resulting in a 0.5% decline in shares on Thursday.

The restaurant chain posted adjusted earnings per share of $0.98, falling short of the consensus estimate of $1.14. Revenue was recorded at $894.4 million, which was slightly lower than analysts’ expectations of $898.09 million.

When comparing year-over-year figures, comparable restaurant sales rose by 0.4%, whereas retail sales experienced a decline of 4.2%. The company highlighted that the total revenue for the quarter included a $62.8 million benefit from an additional week compared to the previous year.

CEO Julie Masino stated, “Our teams are highly engaged and intently focused on executing our strategic transformation and our day-to-day business at a high level. We are already making great progress and are encouraged by the initial results of key initiatives such as operational excellence, the guest experience, optimized pricing, and our remodel program.”

Looking ahead to fiscal 2025, Cracker Barrel anticipates revenue between $3.4 billion and $3.5 billion, aligning with the consensus estimate of $3.45 billion. The company also plans to open two new Cracker Barrel locations and three to four new Maple Street Biscuit Company units.