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