WASHINGTON (dpa-AFX) - While reporting financial results for the third quarter on Tuesday, Cracker Barrel Old Country Store, Inc. (CBRL) reported that comparable store restaurant sales decreased
Cracker Barrel: Fiscal Q3 Earnings Snapshot
by The Associated Press
Last Updated May 25, 2021 at 8:28 am EDT
LEBANON, Tenn. (AP) Cracker Barrel Old Country Store Inc. (CBRL) on Tuesday reported fiscal third-quarter net income of $33.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Lebanon, Tennessee-based company said it had profit of $1.41. Earnings, adjusted for one-time gains and costs, came to $1.51 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The restaurant operator posted revenue of $713.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $665.8 million.
Cracker Barrel stock rallies after big profit beat, dividend restarted
Shares of Cracker Barrel Old Country Store Inc. jumped 1.9% in premarket trading Tuesday, after the restaurant and retail company reported a big fiscal third-quarter profit beat and restarted its dividend program, with a $1.00 per share quarterly payout. The company swung to net income of $33.5 million, or $1.41 a share, for the quarter to April 30, from a loss of $161.9 million, or $6.81 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.51, or nearly four times the FactSet consensus of 39 cents. Total revenue increased 65% to $713.4 million, beating the FactSet consensus of $675.6 million. Same-restaurant sales from 56.5% from a year ago, beating the FactSet consensus for a 55.0% rise, while same-store retail sales jumped 102.8% to beat expectations of 68.3% growth. “The pace of our sales and margin recovery in the quarter exceeded expectations as we welcomed
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