In a November 23rd release, Cracker Barrel and Old Country Store (CBRL) posted financial results for the first quarter of fiscal 2022 ended October 29th 2020. This chain can be regarded as a bellwether for the casual dining segment of the restaurant sector.
For the period, net revenue was $33.4 million on total revenue of $784.9 million. Comparable figures for the first quarter of fiscal 2020 ending October 30th 2019 were net income of $170.7 million on total revenue of $646.5 million. EPS declined from $7.18 for the first quarter of fiscal 2020 to $1.41 for the most recent quarter. The large difference was due to a non-recurring gain on a sale and leaseback transaction valued at $217.7 million during Q1 of FY 2020.
At the end of the first quarter of FY2021 the company operated 660 Cracker Barrel and Maple Street Biscuit locations in 45 states.
The company recorded a comparable same-restaurant sales increase of 1.4 percent compared to the first quarter of fiscal 2020. Retail sales gained 17.6 percent for the most recent quarter. Off- premises sales increased by 168 percent representing 20 percent of revenue.
Commenting on the business, Cracker Barrel President and Chief Executive 
Officer Sandra B. Cochran said, "I'm pleased with the improvement we saw in our first quarter comparable restaurant sales and the continued strength of our retail sales. The progress we made on staffing and the incredible efforts of our operating teams contributed significantly to our sales results in the first quarter and positioned us well for the important holiday season and our second quarter generally. Although we still face an uncertain business environment, our sales trends give us confidence that we should see further improvement in our comparable store sales in the second quarter. We believe that as our guests return to a more traditional holiday season and look to Cracker Barrel to be a part of their family gatherings and celebrations with friends, our dedicated and talented employees and leadership teams will meet their expectations, whether they visit our retail shops and dining rooms, or enjoy our food at home.
Cracker Barrel posted assets of $2,372 million against long-term debt and lease obligations of $1,208 million and the Company has an intraday market capitalization of $3,360 million. CBRL has traded over a 52-week period in a range of $123.74 to $178.82 with a 50-day moving average of $139.34. Twelve-month trailing operating margin was 5.3 percent and profit margin 9.0 percent. Return on assets over the past twelve months was 13.8 percent and the return on equity 47.0 percent. At 13H00 November 23rd CBRL traded at at $132.26 down 7.5 percent.