Cracker Barrel (NASDAQ:CBRL) shares tanked nearly 8% in the opening session today after the retailer’s first-quarter results disappointed investors. Revenue declined by 1.9% year-over-year to $823.8 million, largely in line with estimates. However, EPS of $0.51 fell short of expectations by a wide margin of $0.23.
During the quarter, comparable store retail sales plummeted by 8.1%, and comparable store restaurant sales decreased by 0.5%. Further, higher labor and operating expenses resulted in the company’s net income declining by 68% year-over-year to $5.5 million.
Looking ahead to Fiscal Year 2024, Cracker Barrel expects total revenue to be in the range of $3.4 billion to $3.5 billion. Adjusted operating income for the year is anticipated to hover between $130 million and $150 million.
Additionally, the company has declared a quarterly dividend of $1.30 per share. The CBRL dividend is payable on February 13, 2024, to investors of record on January 19, 2024.
What is the Future of Cracker Barrel Stock?
Overall, the Street has a Hold consensus rating on Cracker Barrel. Following a nearly 39% slide in the company’s share price over the past year, the average CBRL price target of $79.14 implies a modest 13% potential upside in the stock.
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