American combined restaurant and gift stores chain Cracker Barrel Old Country Store has reported total revenue of $749m for the first quarter of its fiscal year 2020 ending on 1 November.

The company’s comparable-store restaurant sales growth stood at 2.1%. While operating income was $63.4m compared to $61.7m for the same period the previous year during the quarter.

Earnings per diluted share, on a GAAP basis, were $1.79 versus $1.96 for the same quarter of 2018.

Cracker Barrel president and chief executive officer Sandra B. Cochran said: “I’m encouraged by our start to the fiscal year. While we faced headwinds from the softening trend in industry traffic and comparable-store sales, I was pleased we again outperformed the casual dining industry, and we delivered solid operating income growth.

Covid-19 Report — Updated twice a week Understanding the Covid-19 outbreak, the economic impact and implications for specific sectors

Covid-19 executive briefing report cover

Our parent business intelligence company

“Additionally, we completed our acquisition of Maple Street Biscuit Company, a strong brand with attractive unit economics and growth potential, which accelerates our penetration in the breakfast and lunch-focused fast-casual category. We believe this acquisition and our previously announced strategic relationship with Punch Bowl Social will provide complementary growth vehicles for delivering long-term value creation.”

In its 2020 outlook guidance, the company expects comparable store restaurant sales growth of around 2% and total revenue of $3.15bn to $3.20bn.

Cracker Barrel was founded in 1969 in Lebanon, Tennessee. The company and its affiliates operate 660 company-owned Cracker Barrel Old Country Store locations in 45 US states.

Given the current climate, how long do you anticipate it will take for the global economy to recover post COVID-19?

View Results

Loading ... Loading ...

Besides the fast-casual Maple Street Biscuit Company, the company also owns Holler and Dash restaurants.