Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) stock rose 1.07% (As on September 20, 11:15:30 AM UTC-4, Source: Google Finance) after the company reported fourth quarter earnings that fell short of analyst expectations. Cracker Barrel comparable store restaurant sales increased 0.4%, including total menu pricing increases of 4.2%. Comparable store retail sales decreased 4.2% from the prior year quarter. Traffic for the quarter was approximately negative 4%. G&A expenses will be elevated due to strategic transformation investments. Adjusted net income for the fourth quarter was $22.0 million, or 2.5% of total revenue, as compared to prior year quarter adjusted net income of $37.5 million, or 4.5% of total revenue. Adjusted EBITDA was $57.4 million, or 6.4% of total revenue, as compared to prior year quarter adjusted EBITDA of $70.4 million, or 8.4% of total revenue. The company is already making great progress and are encouraged by the initial results of key initiatives such as operational excellence and the guest experience, optimized pricing, and the remodel program. The company is refining its messaging and marketing strategy without substantial increases in marketing spend.

CRBL in the fourth quarter of FY 24 has reported the adjusted earnings per share of 98 cents, missing the analysts’ estimates for the adjusted earnings per share of $1.14. The company had reported the adjusted revenue growth of 6.9 percent to $894.4 million in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $898.09 million. The Cracker Barrel Rewards loyalty program reached 6 million members, boosting engagement and sales.

Additionally, the Company declared a quarterly dividend of $0.25 per share on the Company’s common stock. The quarterly dividend is payable on November 13, 2024 to shareholders of record as of October 18, 2024.

For fiscal 2025, Cracker Barrel expects revenue between $3.4 billion and $3.5 billion, in line with the $3.45 billion consensus. The company plans to open 2 new Cracker Barrel stores and 3-4 new Maple Street Biscuit Company units. For fiscal 2025, the company expects Commodity inflation of 2% to 3% compared to the prior year, hourly wage inflation of 3% to 4% compared to the prior year, adjusted EBITDA of $200 million to $215 million and Capital expenditures of $160 million to $180 million. The company’s leadership remains confident in their ability to navigate the current market environment and achieve their fiscal 2025 goals.