Cracker Barrel Tanks on Q1 Bottom Line Miss
Market News

Cracker Barrel Tanks on Q1 Bottom Line Miss

Shares of restaurant and gift shop operator Cracker Barrel Old Country Store (NASDAQ:CBRL) are tanking today after its first-quarter numbers failed to cheer investors.

Revenue rose 7% year-over-year to $839.5 million and was largely in line with estimates. EPS at $0.77, on the other hand, missed the cut by a margin of $0.55.

 Further, the company saw a 7.1% year-over-year increase in comparable store sales. For fiscal 2023, CBRL now sees revenue increasing in the range of 6% to 8%. Adjusted operating margin is anticipated in the high 4% range.

Meanwhile, the Street has a Moderate Sell rating on the stock alongside an average price target of $98.75.

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