Cracker Barrel has announced the company’s quarter three 2020 financial results on Tuesday. The company has said that its business is significantly affected by the ongoing Covid-19 Pandemic. According to the details released by the company, it had collected a total revenue of $432.5 million, which is 41.5% less than the previous quarter. The comparable sales of the restaurant decreased by 41.7% in the Q3 2020.
The company has recorded the loss in GAAP operating income in the Q3 2020 up to $79 million, which is less than the previous year GAAP operating income of $65.1 million. The company has recorded the decrease in overall restaurant sales up to 32% for Q3 2020.
Chief Executive Officer and President of Cracker Barrel, Sandra B. Cochran said, “The past several months have presented unprecedented challenges for Cracker Barrel, the industry and our country. I believe our strategic priorities, such as accelerating our off-premise business, combined with the rapid actions we took to bolster liquidity, strengthen our business model and adapt our operations to the circumstances have positioned us well for the recovery period to come.”
“I am inspired by the tireless work of our teams and how they continue to deliver our mission of Pleasing People during this difficult time. Our Company also greatly appreciates our loyal guests who love and have continued to support our brand, and we’re looking forward to welcoming them back into our stores.” Sandra further added.
While there continues to be significant uncertainty, and we expect our industry will be challenged in the coming months, Cracker Barrel remains a trusted and highly differentiated brand, and I believe we have the appropriate strategies in place to navigate this environment and to strengthen our business model,” Company’s CEO and President Sandra B. Cochran concluded.