CBRL - Cracker Barrel Non-GAAP EPS of $1.57 beats by $0.19 revenue of $830.4M misses by $6.53M

• Cracker Barrel press release ( NASDAQ: CBRL ): Q4 Non-GAAP EPS of $1.57 beats by $0.19 .
• Revenue of $830.4M (+5.9% Y/Y) misses by $6.53M .
• Comparable store restaurant sales increased 6.1%, while comparable store retail sales increased 3.0%.

• Fiscal 2023 Outlook

• Total revenue growth compared to the prior year between 7% and 8%;

• Including the expected opening of three to four new Cracker Barrel units and fifteen to twenty new Maple Street Biscuit Company units.
• Commodity inflation of approximately 8% with moderation of inflation sequentially with each quarter;
• Wage inflation of approximately 5%;
• Cost savings and business model improvements that are expected to contribute between $20 million to $25 million to fiscal 2023 profitability;
• Operating Income growth compared to the prior year between 8% and 10%;
• Quarterly growth compared to the prior year is expected to improve sequentially, from fiscal 2023 first quarter operating income meaningfully below the prior year first quarter, to fiscal 2023 fourth quarter operating income meaningfully above the prior year fourth quarter.
• Capital expenditures of approximately $125 million, of which $30 million is related to new store development; and
• An effective tax rate in the range of 10% to 15%.

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