Cracker Barrel Old Country Store Preliminary Q1 Retail Comps. Down 8.1%

(RTTNews) - Cracker Barrel Old Country Store, Inc. (CBRL) said, for the first quarter, the company projects: net income of approximately $167 million to $172 million; and adjusted EBITDA of approximately $50 million to $55 million. Adjusted EBITDA exclude: an approximately $218 million non-cash gain on sale of assets; and approximately $5 million in expenses incurred to-date related to the contested proxy.

For the first quarter ended October 30, 2020, comparable store retail sales declined 8.1 percent. Comparable store restaurant sales were down 16.4%, for the quarter.