Cracker Barrel (NASDAQ: CBRL) reported Q4 EPS of ($0.85), $0.20 better than the analyst estimate of ($1.05). Revenue for the quarter came in at $495.07 million versus the consensus estimate of $478.63 million.

Fourth Quarter Fiscal 2020 Highlights

• Dining room service gradually returned during the first two months of the quarter, and by the end of June, substantially all dining rooms were open at varying levels of reduced capacity.
• Comparable store restaurant and retail sales both improved sequentially each month during the quarter. Comparable store restaurant sales decreased 39.2% and comparable store retail sales decreased 32.3% for the full quarter compared to the prior year quarter.
• Off-premise sales grew approximately 145% over the prior year quarter and represented approximately 35% of restaurant sales.
• GAAP earnings per diluted share were $1.05 compared to prior year quarter GAAP earnings per diluted share of $2.70. Adjusted earnings (loss) per diluted share were ($0.85). (See non-GAAP reconciliation below.)

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."

Fiscal 2021 Outlook

As a result of the pandemic, the sales performance of the Company's stores varies significantly and is heavily influenced by factors outside the Company's control, including, but not limited to, capacity restrictions, jurisdictional regulations, and the extent that the local economy has reopened. The Company anticipates these circumstances will continue for the foreseeable future and due to this uncertainty is not providing its customary annual guidance.

Through the first six weeks of the Company's first quarter of fiscal 2021, comparable store restaurant sales decreased approximately 20% and comparable store retail sales decreased approximately 15% when compared to the comparable period in 2019.

In fiscal 2021, the Company anticipates capital expenditures of approximately $100 million, and it expects to open three new Cracker Barrel stores and up to 15 new Maple Street units.

For earnings history and earnings-related data on Cracker Barrel (CBRL) click here.