Cracker Barrel Old Country Store reported its financial results for the first quarter of fiscal 2023 ended October 28, 2022.
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The Company reported total revenue of $839.5 million for the first quarter of fiscal 2023, representing an increase of 7.0% compared to the first quarter of fiscal 2022.
Cracker Barrel comparable store restaurant sales increased 7.1%, including total menu pricing of 7.8%. Comparable store retail sales increased 4.3% from the prior year quarter.
GAAP operating income for the first quarter was $23.6 million, or 2.8% of total revenue.
Excluding the approximately $3.2 million in non-cash amortization related to the gains on the previously disclosed sale and leaseback transactions and approximately $3.2 million in proxy contest and settlement expenses incurred in the first quarter, adjusted1 operating income for the first quarter was $30.0 million, or 3.6% of total revenue, compared to $46.1 million, or 5.9%, of total revenue in the prior year quarter.
The decline in the Company's adjusted operating income as a percent of total revenue versus the prior year is primarily the result of commodity, wage and other expense inflation in excess of pricing, higher retail cost of goods sold, and elevated maintenance expense.
GAAP net income for the first quarter was $17.1 million, or 2.0% of total revenue. This represented a 48.7% decrease compared to prior year quarter GAAP net income of $33.4 million, or 4.3% of total revenue. Adjusted EBITDA1 was $54.8 million, or 6.5% of total revenue, a 23.8% decrease compared to the prior year quarter EBITDA1 of $71.9 million, or 9.2% of total revenue.
GAAP earnings per diluted share for the first quarter were $0.77, a 45.4% decrease compared to the prior year quarter GAAP earnings per diluted share of $1.41. Adjusted1 earnings per diluted share were $0.99, a 34.9% decrease compared to the prior year quarter adjusted1 earnings per diluted share of $1.52.
The Company announced that its Board of Directors declared a quarterly dividend of $1.30 per share on the Company's common stock. The quarterly dividend is payable on January 31, 2023 to shareholders of record as of January 13, 2023. ■