Cracker Barrel (NASDAQ: CBRL) reported Q2 EPS of $1.48, $0.12 better than the analyst estimate of $1.36. Revenue for the quarter came in at $933.9 million versus the consensus estimate of $917.47 million.

Fiscal 2023 Outlook The Company provided the following update to its fiscal 2023 outlook:

• Total revenue growth of 7.0% to 9.0% compared to the prior fiscal year;
• 3 to 4 new Cracker Barrel units and approximately 15 new Maple Street Biscuit Company units;
• Commodity inflation of 8.5% to 9.0%, which assumes Q3 commodity inflation in the mid-single digits and Q4 commodity inflation in the low-single digits, reflecting the continued inflationary pressures in categories such as produce, eggs, dairy, and grains;
• Wage inflation of approximately 6.5%;
• Cost savings and business model improvements that are expected to contribute approximately $25 million to fiscal 2023 profitability;
• GAAP operating income margin rate in the low 4% range and adjusted operating income margin rate in the high 4% range;
• Q3 GAAP operating income margin rate of 3.9% to 4.3% and adjusted operating income margin rate of 4.3% to 4.7%;
• Q4 GAAP operating income margin rate of 6.1% to 6.6% and adjusted operating income margin rate of 6.5% to 7.0%;
• Capital expenditures of approximately $110 million to $120 million;
• An effective tax rate of 10.0% to 12.0%.

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