Cracker Barrel to Expand Third-Party Delivery
Cracker Barrel Old Country Store Inc. plans to expand third-party delivery to 100 additional locations.
““We were again pleased with our off-premise business, which grew over 15% compared to the prior year, and contributed to our comparable store sales results,” said Jill Golder - SVP and CFO, in a quarterly earnings call with analysts on June 4.
For Q3, the company reported net income of $50.4 million or $2.09 per diluted share compared to prior year earnings per diluted share of $2.03. For the quarter, total revenue was $739.6 million, an increase of 2.5% vs. the year prior. Restaurant revenue increased 2.9% to $610.1 million, and retail revenue increased 0.6% to $129.5 million.
Comparable store restaurant sales in the quarter increased 1.3% as average check increased 3.1% and traffic decreased 1.8%. “The third-quarter mix favorability was driven primarily by our menu promotion, and the growth of our off-premise business,” said Golder. The company’s retail sales decreased 2.6% driven by declining interest in women's apparel, accessories and décor categories.
More Delivery Partners On the Horizon
Third-party delivery is currently offered at 350 of its locations and will expand to 100 additional locations by the end of the fiscal year. “We have been expanding our third-party delivery coverage, said Sandy Cochran, President and CEO. “…. We've been pleased with the early results and believe this occasion is highly incremental.”
Cracker Barrel is currently using Door Dash. “I think we will potentially add two additional vendors to increase our coverage,” Cochran added.
Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate 660 company-owned Cracker Barrel Old Country Store locations in 45 states and own the fast-casual Holler and Dash restaurants.