Cracker Barrel reports Q4 fiscal 2024 results; total revenue increases 6.9% to $894.4M, comparable store restaurant sales up 0.4%, retail sales down 4.2%

Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2024 ended August 2, 2024. In 2024, the fourth quarter and fiscal year included an additional operating week ("53rd week") compared to fiscal 2023.

Fourth Quarter Fiscal 2024 Highlights

• The Company reported total revenue of $894.4 million for the fourth quarter of fiscal 2024, representing an increase of 6.9% compared to prior year quarter total revenue of $836.7 million. Total revenue for the fourth quarter of fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.
  • Comparable store restaurant sales increased 0.4% over the prior year quarter while comparable store retail sales decreased 4.2%.
• GAAP earnings per diluted share were $0.81, and adjusted¹ earnings per diluted share were $0.98. GAAP earnings per diluted share and adjusted earnings per diluted share in the current year quarter include a benefit of $0.25 related to the 53rd week.
• GAAP net income for the fourth quarter was $18.1 million, or 2.0% of total revenue, and adjusted EBITDA¹ was $57.4 million, or 6.4% of total revenue. GAAP net income and adjusted EBITDA¹ include a benefit of $5.5 million and $5.8 million related to the 53rd week, respectively.

Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "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 and the guest experience, optimized pricing, and our remodel program. Although there is much work to be done, I am both excited and confident in our future."

Fourth Quarter Fiscal 2024 Results
Revenue
The Company reported total revenue of $894.4 million for the fourth quarter of fiscal 2024, representing an increase of 6.9% compared to prior year quarter total revenue of $836.7 million. Total revenue for the fourth quarter of fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.

Cracker Barrel comparable store restaurant sales increased 0.4%, including total menu pricing increases of 4.2%. Comparable store retail sales decreased 4.2% from the prior year quarter.

Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income for the fourth quarter was $18.1 million, or 2.0% of total revenue, as compared to prior year fourth quarter GAAP net income of $37.5 million, or 4.5% of total revenue. Adjusted¹ net income for the fourth quarter was $22.0 million, or 2.5% of total revenue, as compared to prior year quarter adjusted¹ net income of $37.5 million, or 4.5% of total revenue. GAAP and adjusted net income in the current year quarter include a benefit of $5.5 million related to the 53rd week.

Adjusted EBITDA¹ was $57.4 million, or 6.4% of total revenue, as compared to prior year quarter adjusted EBITDA¹ of $70.4 million, or 8.4% of total revenue. Adjusted EBITDA¹ in the current year quarter includes a benefit of $5.8 million related to the 53rd week.

GAAP earnings per diluted share for the fourth quarter were $0.81, as compared to prior year fourth quarter GAAP earnings per diluted share of $1.68. Adjusted¹ earnings per diluted share were $0.98, a 42% decrease compared to the prior year quarter adjusted¹ earnings per diluted share of $1.68. GAAP and adjusted¹ earnings per diluted share in the current year quarter include a benefit of $0.25 related to the 53rd week.

Quarterly Dividend Declaration
The Company announced that its Board of Directors declared a quarterly dividend of $0.25 per share on the Company's common stock. The quarterly dividend is payable on November 13, 2024 to shareholders of record as of October 18, 2024.

Fiscal 2024 Results
Revenue
The Company reported total revenue of $3.47 billion for fiscal 2024, representing an increase of 0.8% compared to fiscal 2023 total revenue of $3.44 billion. Total revenue in fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.

Cracker Barrel comparable store restaurant sales decreased 0.1%, including total menu pricing increases of 4.9%. Comparable store retail sales decreased 5.5% from the prior year.