Cracker Barrel Cuts FY24 Revenue View After Q3 Loss - Update

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL), after reporting a loss in its third quarter compared to prior year's profit, with weak revenues, trimmed its revenues forecast for fiscal 2024. However, the revenues are projected to be in line or above market estimates.

In pre-market activity on the Nasdaq, Cracker Barrel shares were gaining around 1.1 percent to trade at $45.86.

For fiscal 2024, the company now expects total revenue of $3.47 billion to $3.51 billion. The company previously expected total revenue of $3.5 billion to $3.6 billion.

Analysts on average expect the company to report revenues of $3.47 billion, a drop of 0.9 percent year-over-year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA for the year is projected to be $200 million to $220 million. The company in February said it expects operating income of $95 million to $105 million and adjusted operating income of $125 million to $135 million for the year.

In its third quarter, Cracker Barrel reported loss of $9.20 million, compared to prior year's profit of $13.97. Loss per share was $0.41, compared to earnings of $0.63 in the same period last year.

Adjusted earnings were $19.63 million or $0.88 per share for the period, compared to the prior year adjusted earnings per share of $1.11. The Street was looking for earnings of $0.66 per share for the quarter.

Revenue declined to $817.14 million from $832.69 million in the same period last year.

Cracker Barrel comparable store restaurant sales decreased 1.5%, and comparable store retail sales decreased 3.8% from the prior year quarter.

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