Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) today reported its financial results for the third quarter of fiscal 2024.
The Company reported third quarter total revenue of $817.1 million. Compared to the prior year third quarter, total revenue decreased 1.9%.
Comparable store restaurant sales decreased 1.5%, while comparable store retail sales decreased 3.8%.
GAAP earnings (loss) per diluted share were ($0.41), and adjusted earnings per diluted share were $0.88.
GAAP net income (loss) for the third quarter was ($9.2) million, or (1.1%) of total revenue, and adjusted EBITDA1 was $47.9 million, or 5.9% of total revenue.
Commenting on the third quarter results, Cracker Barrel CEO Julie Masino said, “As we indicated in our recent business update call, our third quarter results came in below expectations due to softer traffic than we originally anticipated, which underscores the importance of executing our strategic transformation. Our teams are fully committed to bringing these plans to life while continuing to deliver an exceptional guest experience and managing our business every shift, every day.”
The Lebanon, Tenn.-based company also reported total revenue of $817.1 million for the third quarter of fiscal 2024, representing a decrease of 1.9% compared to the third quarter of fiscal 2023.
Cracker Barrel comparable store restaurant sales decreased 1.5%, including total menu pricing increases of 4.0%. Comparable store retail sales decreased 3.8% from the prior year quarter.
CBRL shares opened Thursday lower by 67 cents, or 1.5%, to $44.69.
