Cracker Barrel (NASDAQ:CBRL) earnings for the restaurant chain’s fiscal third quarter of 2020 have CBRL stock on the move Tuesday. The company reported adjusted earnings per share of -$1.81. That’s better than Wall Street’s estimate of -$2.20 per share. However, its revenue of $432.54 million misses analysts’ estimates of $476.35 million.
Here’s what else is worth pointing out from the most recent Cracker Barrel earnings report.
- Adjusted per-share losses are a negative switch from adjusted EPS of $2.09 in the same period of the year prior.
- Revenue comes in 42% lower compared to the $739.6 million reported in fiscal Q3 2019.
- Operating loss of $78.98 million is a colossal decline year-over-year from an operating income of $65.09 million.
- The Cracker Barrel earnings also have it bringing in a net loss of $161.93 million.
- That’s a vast difference next to its net income of $50.41 million reported during the same time last year.
- It’s worth mentioning that Cracker Barrel was offering only takeout from late March through late April due to the novel coronavirus.
Sandra Cochran, president and CEO of Cracker, Barrel, said this about the earnings report.
“The past several months have presented unprecedented challenges for Cracker Barrel, the industry and our country. I believe our strategic priorities, such as accelerating our off-premise business, combined with the rapid actions we took to bolster liquidity, strengthen our business model and adapt our operations to the circumstances have positioned us well for the recovery period to come.”
Cracker Barrel previously withdrew its fiscal 2020 outlook in mid-March. The company is currently sticking with this decision. The coronavirus’ negative effect on the economy is the reason behind this.
CBRL stock was down less than 1% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
