Why Is American Restaurant Chain Cracker Barrel Old Country Stock Falling Today?
Portfolio Pulse from Vandana Singh
Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) reported Q1 FY24 revenues of $823.8 million, a 1.9% decrease year-over-year, missing consensus estimates. Comparable store restaurant sales slightly decreased, while retail sales fell 8.1%. Adjusted operating income and EPS both declined, with EPS missing consensus estimates. The company provided FY24 revenue guidance that aligns with consensus and plans to open new stores. CBRL shares fell 5.47% following the report.
November 30, 2023 | 4:46 pm
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NEGATIVE IMPACT
Cracker Barrel reported lower Q1 FY24 revenues and a significant drop in EPS, missing analyst expectations. The stock price declined following the earnings release.
The negative earnings report, with missed revenue and EPS expectations, is likely to have a direct negative impact on investor sentiment and the stock price in the short term. The reported decline in comparable store sales and the drop in share price post-earnings release further support the likelihood of a negative impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100