Cracker Barrel Old Country Store Inc. (CBRL) shares fell 4.4% in Tuesday premarket trading after the restaurant-and-retail chain reported fiscal second-quarter earnings that missed expectations. Net income totaled $14.0 million, or 59 cents per share, down from $61.2 million, or $2.55 per share, last year. Adjusted EPS of 70 cents missed the FactSet consensus for 80 cents. Revenue of $677.2 million was down from $846.1 million and was just ahead of the FactSet consensus of $677.0 million. Comparable restaurant sales were down 21.9% with many dining rooms impacted by the resurgence of COVID-19. Comparable retail sales were down 15.3%. "[T]he shift to off-premise and the operational and staffing challenges caused by increased cases of COVID-19 negatively impacted food waste and labor efficiency during the quarter," said Sandra Cochran, chief executive of Cracker Barrel. Comparable off-premise sales were up 78%. Cracker Barrel is forecasting a fiscal third-quarter comparable restaurant sales decline between 11% and 14% and comparable retail sales down between 7% to 9%. Cracker Barrel stock has gained 11.5% over the last three months, but has fallen 6.4% in the last year. The S&P 500 index is up 16.1% for the past 12 months.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
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