Cracker Barrel (NASDAQ: CBRL) reported Q1 EPS of $1.52, $0.03 worse than the analyst estimate of $1.55. Revenue for the quarter came in at $785 million versus the consensus estimate of $783.23 million.

• Compared to the first quarter of fiscal 20191, comparable store restaurant sales increased 1.4% and comparable store retail sales increased 17.6%.

Second Quarter and Fiscal 2022 Outlook:

The Company expects second quarter comparable store restaurant sales growth versus fiscal 2019 to be higher than it was in the first quarter and adjusted operating margin in the second quarter of between 5.5% and 6.0% of revenue. Operating margins in the second quarter will continue to be impacted by significant wage, commodity, and other operating expenses inflation, as well as higher expenses associated with an elevated off-premise special occasion business.

In light of the continued uncertainties in the current environment, most notably with respect to commodity and wage inflation, the Company is not providing its customary annual earnings guidance for fiscal 2022 at this time.

For the full fiscal year 2022, the Company expects:

• Commodity and constant mix wage inflation in the high single digits;
• Capital expenditures of approximately $120 million;
• An effective tax rate of approximately 17%; and
• The opening of three new Cracker Barrel locations and 15 new Maple Street Biscuit Company locations.

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