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Cracker Barrel Reports on Q4 and Fiscal 2021

09/22/2021

On September 21st Cracker Barrel Old Country Store Inc. (CBRL) posted results for Q4 and fiscal 2021 ending July 30th. For the quarter, revenue increased by 78 percent to $784.41 million.  Net earnings attained $36.36 million a 45 percent increase over Q4 of FY 2020 with EPS higher by 46 percent to $1.53. 

 

For the fiscal year, revenue increased by 12 percent to $2.82 billion with a substantial increase in net earnings to $254.51 million compared to a loss of $32.48 million in Q4 of FY 2020.  EPS increased from a loss of $1.36 to $10.71 for the most recent quarter.  Comparable restaurant sales compared with Q4 2019 were down 6.8 percent, but retail sales were up by 18.2 percent.  Comparing sales against Q4 of 2020, restaurant revenue increased by 18.2 percent and retail by 74.8 percent.

 

In commenting on performance, Sandra B. Cochran, CEO stated "despite the well-known headwinds the industry continues to face with respect to staffing, commodity and wage inflation and the resurgence of the pandemic, we are pleased that our fourth quarter profitability continues to trend positively from the third quarter and that our off-premise sales, retail business and Maple Street Biscuit Company concept continue to outperform".  She added, "I am confident that these and other initiatives position is well for 2022 despite the uncertain environment".

 

Cracker Barrel has a market capitalization of $3.18 billion with assets of $2.39 billion and long- term debt and lease obligations of $1.16 billion.  CBRL has traded over the past 52 weeks in a range of $106.92 to $178.82 with a 50-day moving average of $137.99.  As of August 31st, 9.2 percent of the float was short.  For the trailing twelve months, operating margin was 2.6 percent and profit margin 9.6 percent.  The company generated a return on assets of 1.7 percent and 46.8 percent on equity.