GAAP operating income for the third quarter was $16.8 million, or 2.0% of total revenue, compared to $30.5 million, or 3.9% of total revenue, in the prior year quarter. Comparable store retail sales decreased 4.6% from the prior year quarter. Cracker Barrel comparable store restaurant sales increased 7.4%, including total menu pricing of approximately 8.8%. The Company reported total revenue of $832.7 million for the third quarter of fiscal 2023, representing an increase of 5.4% compared to the third quarter of fiscal 2022. Our everyday value and menu innovation is resonating with guests, and we’re making great progress on key initiatives including catering, our loyalty program, and cost savings, which we believe will position us well for the long-term as we navigate through the present uncertain environment.” Our teams remain focused on operational excellence, staffing and retention, and delivering an exceptional guest experience. Although this was below our expectations as a result of the casual dining traffic declines that occurred toward the end of the quarter, I was pleased that we outperformed the Black Box Intelligence Casual Dining Index for the fourth consecutive quarter. Cochran said, “Our third quarter results included solid comparable store restaurant sales growth of 7.4% compared to the prior year. The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share.Ĭommenting on the third quarter results, Cracker Barrel President and Chief Executive Officer, Sandra B. GAAP earnings per diluted share were $0.63, and adjusted 1 earnings per diluted share were $1.21.Adjusted EBITDA 1 was $60.3 million, or 7.2% of total revenue. GAAP net income was $14.0 million, or 1.7% of total revenue.GAAP operating income for the third quarter was $16.8 million, or 2.0% of total revenue, and adjusted 1 operating income was $33.9 million, or 4.1% of total revenue.Comparable store restaurant sales increased 7.4%, while comparable store retail sales decreased 4.6%.Compared to the prior year third quarter, total revenue increased 5.4%.
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