Cracker Barrel Old Country Store (NASDAQ:CBRL) Inc on Wednesday announced fourth-quarter 2023 adjusted earnings per share (EPS) of $1.79, surpassing the analyst consensus forecast of $1.62.
The homestyle restaurant chain’s revenue for the period, meanwhile, rose 0.8% to $836.7 million, but fell short of the $842.44 million expected by analysts.
"Although there was much to celebrate in fiscal 2023, our 4Q topline performance fell short of our expectations," Cracker Barrel CEO Sandra Cochran said in a statement.
"We have taken and will continue to take numerous actions to improve our traffic performance on the marketing and operational front which we believe will be effective, particularly as we enter our important holiday season."
Looking ahead, the company said it now sees its 1Q 2024 revenue in the range of $800 million to $850 million, compared with analyst estimates of $848.5 million.
Shares of Cracker Barrel edged nearly 1% lower in pre-market trading on Wednesday and have fallen 21% year to date.
Contact Sean at sean@proactiveinvestors.com