Cracker Barrel Guides Q4 Net Sales Growth Well Below Estimates; Declares Dividend - Update

(RTTNews) - While reporting financial results for the third quarter on Tuesday, Cracker Barrel Old Country Store, Inc. (CBRL) said it anticipates fourth-quarter revenue to be approximately 8.0% above the prior year fourth quarter.

On average, six analysts polled by Thomson Reuters expect the company to report net sales growth of 16.6 percent to $3.29 billion for the quarter.

The Company added that it anticipates the near-term consumer environment will remain challenged due to high inflation and lower consumer confidence especially for the age sixty-five-plus consumer group.

Additionally, the Company expects operating margins in the fourth quarter to be adversely impacted by commodity, wage, and other operating expenses inflation.

The Company announced that its Board of Directors declared a quarterly dividend of $1.30 per share on the Company's common stock, payable on August 5, 2022 to shareholders of record as of July 15, 2022.

Additionally, the Company's Board of Directors authorized a new share repurchase program of up to $200 million of the Company's outstanding common stock, which replaced the remaining portion under the prior authorization.

For the third quarter, the company reported that comparable store restaurant sales increased 10.9%, while comparable store retail sales increased 9.7%.