Cracker Barrel Shares Plunge 13% Following Q1 EPS Miss

Cracker Barrel (NASDAQ:CBRL) shares plummeted nearly 13% on Friday following the company’s reported Q1 results, with EPS of $0.99 coming in worse than the Street estimate of $1.20. Revenue was $839.5 million, compared to the Street estimate of $835.7 million.

The company expects full-year revenue growth in the range of 6%-8% year-over-year. The company anticipates Q2/23 adjusted operating margins to be "down meaningfully" year-over-year, worse than the pre-print consensus estimate that called for margins to be approximately flattish to down only slightly.

Full-year operating margin is estimated to be 4.75% at the mid-point, which also compares unfavorably to pre-print consensus estimate of 5.1%.