On February 23rd Cracker Barrel Old Country Store (CBRL) reported on the second quarter of Fiscal 2021 ending January 29th. For the quarter, the company posted a net profit of $14.0 million on sales of $677.2 million with an EPS of $0.59.  For the comparative second quarter of FY2020, Cracker Barrel earned $61.2 million on net sales of $846.1 million with an EPS of $2.55.

CBRL has traded in a range of $53.61 to $160.00 over the past 52 weeks with a 50-day moving average of $144.04.  Prior to release of Q2 results, CBRL closed on Monday, 22nd at $158.24 falling after release but closing on Thursday, 25th at $154.08 4.5 percent lower on a down-market day.

Cracker Barrel has a market capitalization of $3.66 billion with assets of $2.87 billion and carries long-term debt of $835 million.  Over the past twelve months, operating margin was -2.1 and profit margin +2.1.  The company has generated a return on assets of -1.2 percent and a return on equity of 7.7 percent.

Comparative restaurant sales for Q2 2021 declined by 21.9 percent compared with the corresponding second quarter in 2011.  Comparative retail sales declined by 15.3 percent compared to Q2 of 2020.  Off premises sales increased by 78 percent and represented 30 percent of sales.

In commenting on results, Sandra B. Cochran, President and CEO stated, "the resurgence of COVID-19 during the busy holiday and travel season impacted our business on a variety of fronts, but I was proud that our teams were able to provide a hospitable and safe experience for our guests".  She added, "despite the challenges we faced in the second quarter we expect to return to stronger levels of performance in the back-half of the year". Ms. Cochran noted the effect of severe weather disruptions during February.

The company projects comparable store restaurant sales down between 11 percent and 14 percent from pre-pandemic 2019 levels.  The company anticipates continued improvement in sales and operating income margin during the fourth quarter.