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Cracker Barrel Old Country Store Inc. (CBRL-0.50%) has submitted its 10-Q filing for the quarterly period ended November 1, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $845,089,000 from $823,839,000 in the same quarter the previous year. The increase is attributed to higher restaurant sales.
Restaurant revenue for the quarter was $683,271,000, compared to $660,793,000 in the previous year. Retail revenue was $161,818,000, down from $163,046,000 in the previous year.
Cost of goods sold for the quarter was $258,901,000, representing 30.6% of total revenue, compared to 31% in the same quarter of the previous year.
Labor and related expenses decreased to 36.4% of total revenue from 37% in the previous year, due to menu price increases exceeding wage inflation.
Net income for the quarter was $4,844,000, down from $5,456,000 in the previous year. The decrease is attributed to higher general and administrative expenses.
General and administrative expenses increased to 7.1% of total revenue from 5.9% in the previous year, primarily due to professional fees related to a proxy contest and strategic transformation plan.
Cash used in operating activities was $4,395,000, compared to $15,797,000 used in the previous year. The change is due to the timing of payments for accounts payable and taxes.
Capital expenditures for the quarter were $38,887,000, up from $24,637,000 in the previous year, reflecting investments in maintenance, remodels, and strategic initiatives.
The company had $230,000,000 in outstanding borrowings under its revolving credit facility as of November 1, 2024, with $435,996,000 in borrowing availability.
The filing also details various financial agreements, including the 2022 Revolving Credit Facility and Convertible Senior Notes.
Cracker Barrel does not anticipate significant changes in its strategic transformation plan and expects to continue focusing on brand refinement, menu enhancement, and digital growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cracker Barrel Old Country Store Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.