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LEBANON, Tenn. - Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL) reported better-than-expected third quarter earnings on Thursday, sending shares up 1.6% in premarket trading.
The restaurant chain posted adjusted earnings per share of $0.58, surpassing analyst estimates of $0.26. Revenue came in at $821.1 million, slightly below expectations of $827.63 million but up 0.5% YoY.
Comparable store restaurant sales increased 1.0% in Q3, while retail sales decreased 3.8% compared to the prior year quarter.
"Our third quarter performance exceeded our expectations and represents the fourth consecutive quarter of positive comparable store restaurant sales growth," said Cracker Barrel President and CEO Julie Masino.
The company raised its full-year adjusted EBITDA guidance to a range of $215 million to $225 million, up from its previous outlook of $210 million to $220 million. Cracker Barrel maintained its fiscal 2025 revenue forecast of $3.45 billion to $3.50 billion.
"We remain focused on executing our transformation plan and believe we are well-positioned to deliver a strong finish to the fiscal year," Masino added.
For the third quarter, Cracker Barrel reported net income of $12.6 million, or $0.56 per diluted share, compared to a net loss of $9.2 million, or -$0.41 per share, in the same period last year.
The company’s board declared a quarterly dividend of $0.25 per share, payable on August 13 to shareholders of record as of July 18.
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