Cracker Barrel reports Q1 adjusted EPS (74c), consensus (73c)

Reports Q1 revenue $797.2M, consensus $800.28M. Comparable store restaurant sales decreased 4.7% over the prior year quarter, and comparable store retail sales decreased 8.5%. Cracker Barrel (CBRL) President and Chief Executive Officer Julie Masino said, “First quarter results were below our expectations amid unique and ongoing headwinds. We have adjusted our operational initiatives, menu, and marketing to ensure we are consistently delivering delicious food and exceptional experiences. Additionally, we are executing a variety of cost savings initiatives to bolster our financial performance. Although our recovery will take time, our teams are more committed than ever, and we are confident that we will regain momentum.”