Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) announced financial results for the fourth quarter and provided updates on the impact of the coronavirus pandemic on its business. In the fourth quarter, dining room service slowly returned during the first two months of the quarter and by the end of June as all dining rooms were open at varying levels of reduced capacity. Comparable store restaurant sales fell 39.2% as comparable store retail sales decreased 32.3% for the full quarter compared to the same period a year ago.
Commenting on the fourth quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “Throughout the quarter, we continued to take decisive actions to ensure the health and safety of our guests and employees, strengthen our business model, and bolster liquidity. I am encouraged by our sales recovery, and I am pleased with both the progress we have made on key initiatives and with how well our teams have continued to manage our business under changing and challenging circumstances. Our actions have put us in a position of financial strength which will allow us to invest in initiatives that we believe will drive long-term value creation for our shareholders. Cracker Barrel remains a trusted and highly differentiated brand with loyal guests, and our management team is confident our fiscal 2021 business priorities and plans will help us successfully navigate this environment while further strengthening our leadership position in casual dining.”
For Fiscal 2020, the company reported total revenue of USD 2.52 Billion which represents a 17.9% decreased compared to the prior year. Comparable store restaurant sales fell 18.9% and there was a 21.6% decrease in store traffic offset by a 2.7% increase in average check. Comparable store retail sales decreased 17.1% for the fiscal year.
The company announced that Gisel Ruiz has been elected to the company’s Board of directors. This is part of the Board’s succession plan and refreshment process as the company has added four directors with talent within the past three years.
Written by Bryan Shin.
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