Cracker Barrel Old Country Store Inc (CBRL)

Cracker Barrel Old Country Store Inc Stock (CBRL) dropped by 10.62% from $75.11 to $67.13 in the trading on Thursday November 30, 2023. The reasons why CBRL stock down today include:

• Missed Q1 FY24 earnings results **:The company reported quarterly **revenues of $823.8 million, down 1.9% Y/Y, missing the consensus of $826.21 million, compared with the management guidance of $800 million -$850 million. Adjusted EPS of $0.51, a 48% decrease from $0.99 a year ago, missing the consensus of $0.75.
• Decreased sales: Cracker Barrel comparable store restaurant sales decreased 0.5%, including total menu pricing increases of 6.8%. Comparable store retail sales fell 8.1% from the prior-year quarter. Same-store sales were in line, though they declined in absolute terms as traffic declined
• Fiscal 2024 guidance: Cracker Barrel initiated fiscal 2024 guidance below Wall Street Consensus for revenue and operating margin. Cracker Barrel expects FY24 revenue of $3.4 billion to $3.5 billion versus the consensus of $3.5 billion.