Cracker Barrel-CRACKER BARREL REPORTS FIRST QUARTER FISCAL 2025 RESULTS AND REAFFIRMS FISCAL 2025 OUTLOOK

Core Insights - Cracker Barrel Old Country Store, Inc. reported total revenue of $845.1 million for the first quarter of fiscal 2025, reflecting a 2.6% increase compared to the same period last year [2][4][15] - Comparable store restaurant sales rose by 2.9%, significantly outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points [2][4] - GAAP net income for the quarter was$ 4.8 million, representing an 11.2% decrease from the prior year, while adjusted EBITDA increased by 4.3% to $45.8 million [5][6][25] Financial Performance - Total revenue for the first quarter was$ 845.1 million, up from $823.8 million in the previous year [15][21] - Comparable store restaurant sales increased by 2.9%, driven by a total menu pricing increase of 4.7% [4][21] - Comparable store retail sales decreased by 1.6% compared to the prior year [2][4] Earnings and Income - GAAP earnings per diluted share were$ 0.22, a decrease of 12.0% from $0.25 in the prior year [6][26] - Adjusted earnings per diluted share were$ 0.45, reflecting a 12.5% increase from $0.40 in the previous year [6][26] - GAAP net income was$ 4.8 million, or 0.6% of total revenue, down from $5.5 million, or 0.7% of total revenue, in the prior year [5][26] Strategic Outlook - The company reaffirmed its fiscal 2025 outlook, expecting total revenue between$ 3.4 billion and $3.5 billion, with adjusted EBITDA projected at$ 200 million to $215 million [7][8] - Plans include opening two new Cracker Barrel stores and 3 to 4 new Maple Street Biscuit Company units [7][8] - The company anticipates commodity inflation of 2% to 3% and hourly wage inflation of 3% to 4% compared to the prior year [7][8] Dividend Declaration - The Board of Directors declared a quarterly dividend of$ 0.25 per share, payable on February 12, 2025, to shareholders of record as of January 17, 2025 [7]