"The Cracker Barrel Rewards launched one year ago and this is another way we are reinforcing our strong value proposition. We currently have 6 million members... they visit us 50% more often and their average check is 10% higher than nonmembers."
— Julie Masino
03Detailed Report
CBRL
Company CBRL
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 20, 2026
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Executive Summary
Cracker Barrel reported Q4 2024 total revenue of $894.4 million, up 6.9% year-over-year, aided by a favorable 53rd week contribution of approximately $62.8 million in revenue and about $5.8 million in additional adjusted EBITDA. GAAP earnings per diluted share were $0.81, while adjusted EPS was $0.98, with the quarter including a roughly $0.25 per share benefit from the 53rd week. Management framed the results as in line with guidance and highlighted substantial progress on its multiyear strategic transformation, including brand refinements, menu innovations, store and guest experience enhancements, digital/off-premise initiatives, and a strengthened employee experience. Cracker Barrel reiterated that fiscal 2025 is an investment year with an objective to expand fiscal 2027 EBITDA margins by roughly 400 basis points versus fiscal 2024, supported by (i) an optimized pricing strategy designed to price above inflation while preserving value, (ii) a loyalty program that has reached 6 million members and is driving incremental traffic and spend, and (iii) back-of-house optimization and remodel programs intended to lift efficiency and guest appeal. Despite a challenging macro backdrop, the company projects revenue of roughly $3.4–$3.5 billion for fiscal 2025 and adjusted EBITDA of $200–$215 million, signaling a path to margin expansion in the out years as the transformation matures.
Key Performance Indicators
EPS
Increasing
0.82
QoQ: 0.00% | YoY: 228.00%
Revenue Trend
Margin Analysis
Financial Highlights
Quarterly performance highlights:
- Total revenue: $894.4 million; YoY growth +6.9% driven primarily by the 53rd week (approx. $62.8 million) and pricing actions. Restaurant revenue: $731.3 million; Retail revenue: $163.1 million.
- Comparable store restaurant sales: +0.4% YoY; pricing: ~4.2% for the quarter (0.2% carryforward from FY2023 and 4% new pricing from FY2024). Off-premise share: ~17.2% of restaurant sales.
- Retail performance: comparable store retail sales down 4.2% YoY; COGS commentary shows manufacturing/merchandise discipline despite softer demand.
- Gross margin and costs: total COGS 30.4% of revenue (vs 30.8% prior year); restaurant COGS 26% of restaurant sales (vs 26.6% prior year) with a 60 bp improvement driven by pricing; retail COGS 50.1% of retail sales (vs 48.8% prior year) due to higher discounts and markdowns.
- Inventories: end-of-quarter 181.0 million vs 189.4 million prior year.
- Labor costs: 37.5% of revenue (vs 36.5% prior year) +100 bp due to higher labor hours, ~5% wage inflation, and higher workers’ compensation.
- Other operating expenses: 23.9% of revenue (vs 23.3% prior year) driven by higher advertising and store maintenance.
- General and administrative expenses (adjusted): 5.2% of revenue vs 4.5% prior year; includes roughly $5.1 million in transformation-related professional fees.
- Interest expense: $5.7 million vs $4.5 million prior year.
- Tax: GAAP effective tax rate -10.1%; adjusted tax rate -2.2%.
- Earnings: GAAP EPS $0.81; adjusted EPS $0.98; 53rd week contributed about $0.25 per share to earnings.
- EBITDA: Adjusted EBITDA $57.4 million (6.4% of revenue); includes roughly $5.8 million 53rd-week impact; prior year: $70.4 million (8.4% of revenue).
- Cash flow and liquidity: net cash provided by operating activities $69.5 million; capex $47.5 million; free cash flow $22.1 million; cash at end of period $12.0 million; net debt approx. $1.190 billion; total debt around $1.202 billion; dividends paid $28.9 million; minor net share repurchase (~$0.01 million).
- Guidance: Fiscal 2025 revenue guidance of $3.4–$3.5 billion; pricing ~5%; commodity inflation 2–3%; hourly restaurant wage inflation 3–4%; capex $160–$180 million; depreciation expected to be higher; GAAP effective tax rate -7% to -11%; adjusted tax rate 0% to -4%; adjusted EBITDA guidance of $200–$215 million; two Cracker Barrel stores and 3–4 Maple Street units opening in 2025; back-of-house optimization and loyalty program expansion expected to drive margin uplift over time.
Income Statement
Metric
Value
YoY Change
QoQ Change
EPS
0.82
228.00%
0.00%
Key Financial Ratios
Management Insights Available for Members
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