CBRL - Cracker Barrel beats Q4 top and bottom line estimates; updates FY23 outlook

• Cracker Barrel press release ( NASDAQ: CBRL ): Q2 Non-GAAP EPS of $1.48 beats by $0.12 .
• Revenue of $933.9M (+8.3% Y/Y) beats by $16.43M .
• Comparable store restaurant sales increased 8.4%, while comparable store retail sales increased 4.1%.
• Adjusted operating income was $42.2M, or 4.5% of total revenue.
• EBITDA was $67.7M, or 7.3% of total revenue.
• Fiscal 2023 Outlook : The Company provided the following update to its fiscal 2023 outlook: Total revenue growth of 7.0% to 9.0% compared to the prior fiscal year vs. consensus  6.63% Y/Y; 3 to 4 new Cracker Barrel units and approximately 15 new Maple Street Biscuit Company units; Commodity inflation of 8.5% to 9.0%, which assumes Q3 commodity inflation in the mid-single digits and Q4 commodity inflation in the low-single digits, reflecting the continued inflationary pressures in categories such as produce, eggs, dairy, and grains; Wage inflation of approximately 6.5%; Cost savings and business model improvements that are expected to contribute approximately $25 million to fiscal 2023 profitability; GAAP operating income margin rate in the low 4% range and adjusted operating income margin rate in the high 4% range; Q3 GAAP operating income margin rate of 3.9% to 4.3% and adjusted operating income margin rate of 4.3% to 4.7%; Q4 GAAP operating income margin rate of 6.1% to 6.6% and adjusted operating income margin rate of 6.5% to 7.0%;Capital expenditures of approximately $110 million to $120 million; An effective tax rate of 10.0% to 12.0%.

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