CBRL - Cracker Barrel slides 7% despite FQ1 revenue estimates beat

Cracker Barrel Old Country Store (CBRL -7.4%) shares are down despite the company reported revenue estimates beat for FQ1, by $16.3M. Compared to Q1 2019, comparable store restaurant sales increased 1.4% and comparable store retail sales increased 17.6%. Comparable store off-premise restaurant sales grew 168% compared to Q1 2019 and represented ~20% of restaurant sales. GAAP operating income in Q1 was $42.9M, or 5.5% of total revenue, and adj. operating income was $46.1M, or 5.9% of total revenue. Adj. EBITDA was $71.9M, or 9.2% of total revenue, a 32.9% increase Y/Y. The Co.'s Board declared a quarterly dividend of $1.30/share payable on February 1, 2022. Q2 Outlook: Comparable store restaurant sales growth vs. FY 2019 to be higher than it was in the Q1 and adjusted operating margin in the Q2 of between 5.5% and 6.0% of revenue. 2022 Outlook: The Co. expects commodity and constant mix wage inflation in the high single digits;

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Cracker Barrel slides 7% despite FQ1 revenue estimates beat