Cracker Barrel reports Q1 adjusted EPS 51c, consensus 74c

Reports Q1 revenue $823.8M, consensus $824.58M. CEO Julie Masino said, “We were pleased that we delivered sequential monthly improvements in our comparable store traffic performance during Q1. This improved trend was largely driven by the actions we took to improve the effectiveness of our marketing and our emphasis on the guest experience. We will continue to focus on these initiatives along with operational excellence, and we believe these efforts will resonate with guests and will support improved performance in the remainder of the fiscal year and beyond. Additionally, during the quarter we launched our Cracker Barrel Rewards loyalty program. Guests have embraced the program, and we are pleased with the levels of enrollment to date, which have exceeded expectations. We remain excited about this program and are confident it will be a meaningful differentiator and traffic driver over the long term.”