Cracker Barrel Reports Impressive Performance in Q4 2024
Cracker Barrel Third Quarter Success for Fiscal 2024
Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) has announced its financial results for the fourth quarter of fiscal 2024. The quarter, which was enhanced by an additional operating week compared to the prior year, showed a significant growth trajectory. Total revenue reached an impressive $894.4 million, marking a 6.9% increase from $836.7 million in the same quarter last year. This growth, influenced by an additional operating week contributing around $62.8 million in revenue, reflects a robust performance amid economic fluctuations.
Key Highlights of Q4 Fiscal 2024
During the fourth quarter, Cracker Barrel's comparable store restaurant sales increased by 0.4% year-over-year, alongside a total menu pricing increase of 4.2%. However, comparable retail sales experienced a decline of 4.2%. The company's GAAP earnings per diluted share were reported at $0.81, with adjusted earnings at $0.98 after considering the positive impact of the extra week. The net income for this quarter stood at $18.1 million, equivalent to 2.0% of total revenue.
Operational Comments
Julie Masino, President and CEO of Cracker Barrel, expressed her enthusiasm for the company's performance, stating, "Our teams are highly engaged and focused on executing our strategic transformation effectively. The improvements in operational excellence and guest experience demonstrate our commitment to quality service. Although challenges remain, I am excited about our ongoing developments and future opportunities."
Fiscal Year Overview and Future Outlook
For the entire fiscal year 2024, Cracker Barrel reported total revenue of $3.47 billion, which is a 0.8% increase from $3.44 billion in fiscal 2023. This growth is indicative of the company's resilience during turbulent economic times and reflects its adaptive strategies in operational management. The earnings per diluted share for the fiscal year reached $1.83, a decline from $4.45 the previous year, influenced by various operational costs and market competitiveness.
Q4 2024 Financial Breakdown
The operational performance metrics provided further insights into Cracker Barrel's financial health. The adjusted EBITDA for the fourth quarter was reported at $57.4 million, constituting 6.4% of total revenue. The total net income for the fiscal year was $40.9 million, reflecting a 1.2% profit margin. Furthermore, Cracker Barrel continues to prioritize its capital expenditure with planned spending between $160 million and $180 million for the upcoming fiscal year.
Challenges and Strategic Initiatives
Despite the favorable results, Cracker Barrel acknowledges the ongoing difficulties posed by inflation and shifting consumer habits, which may affect future sales. The outlook for fiscal 2025 includes anticipated total revenue between $3.4 billion and $3.5 billion, continuing expansions with new store openings. The company plans to combat cost increases through strategic pricing adjustments and operational efficiency improvements.
Dividend Declaration
Cracker Barrel's Board of Directors declared a quarterly dividend of $0.25 per share, reiterating its commitment to returning value to shareholders. The dividend payable is scheduled for a future date, reflecting the company’s strong cash flow generation capabilities.
Frequently Asked Questions
What were Cracker Barrel's total revenues for Q4 2024?
Total revenues for Q4 2024 were $894.4 million, an increase of 6.9% compared to the previous year.
How did comparable store sales perform?
Comparable store restaurant sales increased by 0.4%, while comparable retail sales decreased by 4.2% year-over-year.
What is the future revenue outlook for Cracker Barrel?
The company projects total revenue of $3.4 billion to $3.5 billion for fiscal 2025.
What was Cracker Barrel's earnings per share for the fiscal year?
GAAP earnings per diluted share for the fiscal year were reported at $1.83.
Have dividends been declared for shareholders?
Yes, Cracker Barrel announced a quarterly dividend of $0.25 per share, highlighting its commitment to shareholder returns.
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