Cracker Barrel slashes dividend to $0.25/share, warns Q3/Q4 results below expectations

CRACKER BARREL OLD COUNTRY STORE, INC

Declared quarterly dividend of $0.25/share (payable Aug 6, 2024; record Jul 19); reduction from prior level to support increased investment.
Fiscal 2027 targets: sales $3.8B-$3.9B, adjusted EBITDA $375M-$425M.
Fiscal 2024 Q3 and Q4 results expected below prior expectations due to weaker-than-anticipated traffic; store closures and impairment charges in Q3.
Fiscal 2025 adjusted EBITDA expected relatively in line with or slightly lower than FY2024; capital expenditures $160M-$180M.
Three-year capex plan (FY2025-2027) of approximately $600M-$700M, with store remodel acceleration after test of 25-30 stores in FY2025.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CRACKER BARREL OLD COUNTRY STORE, INC updated its third and fourth quarter fiscal 2024 guidance (lowered).

Period: third and fourth quarter fiscal 2024
Guidance: lowered
Result: guidance update

Exact text from the filing

The Company expects its third and fourth quarter fiscal 2024 financial results will be below its previous expectations, primarily due to weaker than anticipated traffic.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CRACKER BARREL OLD COUNTRY STORE, INC reported fiscal 2027 results: revenue $3.8 billion to $3.9 billion. Guidance initiated.

Period: fiscal 2027
Revenue: $3.8 billion to $3.9 billion
Guidance: initiated
Result: guidance update

Exact text from the filing

The Company provided a long-term outlook and expects fiscal 2027 sales of approximately $3.8 billion to $3.9 billion

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Source: SEC EDGAR

accession 0001104659-24-062546

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