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Cracker Barrel Old Country Store Inc. (CBRL+7.19%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in total revenue to $949,439,000 from $935,401,000 in the same quarter the previous year. The increase is attributed to a rise in restaurant sales, which offset a slight decrease in retail sales.
Cost of goods sold for the quarter was $309,832,000, representing 32.6% of total revenue, down from 33.7% in the same quarter of the previous year. This decrease is due to menu price increases and a shift to lower-cost menu items.
The company reported a net income of $22,207,000 for the quarter, down from $26,534,000 in the previous year. The decrease is attributed to higher general and administrative expenses, including legal fees and proxy contest expenses.
Cash provided by operating activities was $93,693,000, compared to $61,879,000 in the previous year. The increase is primarily due to the timing of cash receipts and payments.
Cracker Barrel had a working capital deficit of $173,982,000 as of January 31, 2025. The company states that its cash on hand, along with cash expected to be generated from operations and borrowing capacity, will be sufficient to finance its operations and strategic plans.
The filing details various financial obligations, including a $700,000 revolving credit facility with $174,000 in outstanding borrowings and $34,004 in standby letters of credit.
Cracker Barrel declared a dividend of $0.25 per share, payable on February 12, 2025, and plans to pay another dividend of $0.25 per share on May 14, 2025.
The company does not anticipate any material changes in its risk factors as previously disclosed in its 2024 Form 10-K.
Cracker Barrel continues to focus on its strategic transformation plan, which includes refining its brand, enhancing its menu, evolving the store experience, expanding digital and off-premise capabilities, and improving the employee experience.
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 March 6, 2025. To report an error, please email earnings@qz.com.