FY23 consensus $3.49B. Sees FY23: Commodity inflation of 8% to 9%, with sequential moderation each quarter; Wage inflation of 5% to 6%; GAAP operating income margin rate in the low 4% range and adjusted operating income margin rate in the high 4% range. The company reiterated the following components of its outlook: Three to four new Cracker Barrel units and 15 to 20 new Maple Street Biscuit Company units; Cost savings and business model improvements that are expected to contribute between $20M-$25M to fiscal 2023 profitability; Capital expenditures of approximately $125M; and An effective tax rate in the range of 10% to 15%. The company anticipates the near-term consumer environment will remain challenged due to continued inflation, low consumer confidence, and macroeconomic uncertainty. The company expects the environment and results to improve, although later in the year than the company forecasted last quarter.
Published first on TheFly
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