Q4 2024 Cracker Barrel Old Country Store Inc Earnings Call Transcript
Key Points
- Cracker Barrel Old Country Store Inc (CBRL) reported total revenue of $894.4 million, up 6.9% from the prior year quarter.
- The company's loyalty program has reached 6 million users within a year, driving incremental sales and traffic.
- New menu items and optimized pricing initiatives are resonating well with guests, contributing to strong value perception scores.
- Remodeled pilot stores are showing increased traffic and sales, indicating positive guest reception.
- Operational metrics such as hourly turnover and guest satisfaction scores have shown significant improvement.
- Comparable store retail sales decreased by 4.2% compared to the prior year, with declines across most categories.
- Labor and related expenses increased to 37.5% of revenue, driven by investments in additional labor hours and wage inflation.
- Retail cost of goods sold increased by 130 basis points due to discounts and markdowns.
- The company anticipates elevated general and administrative expenses in fiscal 2025 due to strategic transformation investments.
- Net interest expense increased to $5.7 million from $4.5 million in the prior year quarter, primarily due to higher interest rates and debt levels.
Good day, and welcome to the Cracker Barrel Fiscal 2024 fourth-quarter conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Adam Hanan, Director of Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to Cracker Barrel's Fourth Quarter Fiscal 2024 Conference Call and Webcast. This morning, we issued a press release announcing our fourth quarter results. In this press release and on this call, we will refer to non-GAAP financial measures such as adjusted EBITDA for the fourth quarter ended August 2, 2024.
Please refer to the footnotes in our press release for further details about these metrics. The company believes these measures provide investors with an enhanced understanding of the company's financial performance. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.
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