(Source: Company Filings, Author's Chart)Īs the chart above shows, Cracker Barrel's revenue improved for a sixth consecutive quarter since the fiscal Q3 2020 trough at the height of the pandemic, with sales now up more than 80% since the trough, and positive on a two-year basis.
Let's take a closer look at the quarter below: This strength in off-premise even as dine-in traffic has increased is quite encouraging, suggesting an incremental growth opportunity if the company can continue to maintain these volumes. During the quarter, comparable restaurant sales improved 1.4% on a two-year basis, with comparable retail sales up 17.6%, while off-premise increased 168%, coming in at 20% of restaurant sales. This was driven by continued strength in off-premise sales and improving staffing levels, with a significant recovery in the breakfast and lunch dayparts. At ~16x FY2022 earnings estimates with a ~4.0% yield, Cracker Barrel is becoming a value play, but I still see better opportunities elsewhere in the market.Ĭracker Barrel released its CYQ3 (fiscal Q1 2022) results last week, reporting quarterly revenue of $784.9 million, a 21% increase year-over-year, and a mid-single-digit increase from fiscal Q1 2020. While the company did see improving sales in its fiscal Q1-22 results with positive comp sales on a 2-year basis, it did see some margin headwinds from commodity cost inflation. Cracker Barrel ( NASDAQ: CBRL) hasn't been immune from either issue. It's been a tough second half of the year for the restaurant industry, with the realization that inflation appears to be anything but transitory while staffing challenges have affected sales performance.
0 kommentar(er)
