CRACKER BARREL REPORTS 4TH QUARTER FISCAL 2023 RESULTS.

LEBANON, Tenn: Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2023 ended July 28, 2023.

Fourth Quarter Fiscal 2023 Highlights

The Company reported fourth quarter total revenue of $836.7 million. Compared to the prior year fourth quarter, total revenue increased 0.8%.

Comparable store restaurant sales increased 2.4%, while comparable store retail sales decreased 6.8%.

GAAP operating income for the fourth quarter was $41.2 million, or 4.9% of total revenue, and adjusted1 operating income was $44.4 million, or 5.3% of total revenue.

GAAP net income was $37.5 million, or 4.5% of total revenue, and EBITDA1 was $72.1 million, or 8.6% of total revenue.

GAAP earnings per diluted share were $1.68, and adjusted1 earnings per diluted share were $1.79.

Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "This fiscal year underscored the resiliency of our teams amid continued challenges, and I'm proud of all we accomplished. We made significant progress on key initiatives including catering, our loyalty program, and cost savings, and we generated strong cash flow that allowed us to return more than $133 million to our shareholders in the form of dividends and share repurchases while maintaining a strong balance sheet.

"Although there was much to celebrate in fiscal 2023, our Q4 topline performance fell short of our expectations. We have taken and will continue to take numerous actions to improve our traffic performance on the marketing and operational front which we believe will be effective, particularly as we enter our important holiday season. We will also launch our much-anticipated loyalty program, Cracker Barrel Rewards, in the next few weeks.

Despite our recent traffic challenges, we remain confident that our continued focus on our strategic priorities, including delivering an exceptional guest experience, emphasizing and protecting our strong value proposition, accelerating frequency among key growth segments, and enhancing our business model will improve performance in the near term and deliver value creation over the long term.

Fourth Quarter Fiscal 2023 Results

Revenue

The Company reported total revenue of $836.7 million for the fourth quarter of fiscal 2023, representing an increase of 0.8% compared to the fourth quarter of fiscal 2022.

Cracker...