Cracker Barrel (CBRL) 2021 Q3 Earnings Report

The history of Cracker Barrel Old Country Store (NASDAQ:CBRL) dates back to 1969 when Dan Evins built a restaurant along with a gas station on an interstate highway outside Tennessee. Evins wanted to offer a quality place to people on the move. His store offered meals at affordable prices. His idea of opening a gas station with a restaurant became a success. Subsequently, the continued expansion helped Cracker Barrel to become a leading chain of restaurant and gift stores in the United States.

The company recently announced strong financial results for the third quarter. Cracker Barrel reported earnings of $33.5 million, or $1.41 per share for the three months ended April 30, versus a loss of $161.9 million, or $6.81 per share in the comparable period of 2020. Excluding items, the adjusted earnings of $1.51 per share crushed analysts’ average estimate of 39 cents per share.

Revenue for the quarter climbed 65 percent on a year-over-year basis to $713.4 million, well above the consensus forecast of $675.6 million. Comparable restaurant sales in the quarter jumped 56.5 percent, while comparable retail sales climbed 102.8 percent.

Speaking on the results, CEO Sandra B. Cochran said in a statement, “The pace of our sales and margin recovery in the quarter exceeded expectations as we welcomed guests back into our dining rooms and our off-premise business remained strong. I’m pleased with the way our teams continue to deliver on our mission of Pleasing People as they care for guests and care for one another. As the ongoing recovery from the pandemic brings us closer to 2019 sales levels, I am confident our solid execution, unique brand, and the strategic initiatives implemented during the pandemic will support growth in long-term shareholder value.”

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Looking forward, Cracker Barrel expects its fourth-quarter revenue to be flat as compared to the fourth quarter of 2019. Analysts on average were looking for a drop of 0.4 percent in Q4 revenue.

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