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Cracker Barrel Old Country Store, Inc. CBRL is scheduled to report fourth-quarter fiscal 2024 results on Sept. 19. In the last reported quarter, CBRL registered an earnings surprise of 57.1%.
Trend in Estimate Revision
The Zacks Consensus Estimate for fiscal fourth-quarter earnings per share is pegged at $1.17, which indicates a deterioration of 34.6% from $1.79 reported in the year-ago quarter.
For revenues, the consensus mark is pegged at $898.8 million, which implies an increase of 7.4% from the year-ago quarter’s reported figure.
Let’s check out the factors that might have influenced CBRL’s performance in the quarter to be reported.
Factors at Play for CBRL
Cracker Barrel's fiscal fourth-quarter top line is likely to have been aided by menu innovation, higher menu pricing, expansion and other sales-building efforts. Given the growing demand for its breakfast category, including Homestyle Chicken, French Toast, Barrel Bites and beverages, Cracker Barrel introduced its $5 take-home meals at the beginning of fiscal 2024, which is expected to have aided the company’s top line.
The company is also benefiting from growth in off-premise sales. It continues to focus on off-premise initiatives, such as curbside delivery, third-party delivery and family meal baskets. These efforts are likely to have aided the off-premise sales.
Our model predicts Restaurant and Retail revenues to be $715.9 million and $168.2 million, respectively, up 7.9% and 6.9% year over year. However, dismal traffic and same-store sales are expected to have negatively impacted the company’s results. Our model predicts retail same-store sales to decline 0.5% year over year. CBRL’s retail business faces challenges stemming from broader industry pressures, particularly in discretionary categories.
Strategic investments in advertising and labor are likely to have increased costs and exerted margin pressure in the to-be-reported quarter. For fourth-quarter fiscal 2024, our model predicts labor and other related expenses to rise 9% year over year to $332.6 million. We expect store-operating expenses to increase 8.4% year over year to $821.6 million. Our model predicts adjusted-operating income to decline 30.7% year over year to $27.6 million.
Cracker Barrel Old Country Store, Inc. Price and EPS Surprise
Cracker Barrel Old Country Store, Inc. price-eps-surprise | Cracker Barrel Old Country Store, Inc. Quote
What Our Model Says
Our proven model predicts an earnings beat for Cracker Barrel this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is exactly the case here.
Earnings ESP: Cracker Barrel currently has an Earnings ESP of +2.74%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company has a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks Poised to Beat on Earnings
Here are some other stocks worth considering from the Zacks Retail-Wholesale sector, as our model shows that these, too, have the right combination of elements to beat on earnings this reporting cycle.
Domino's Pizza, Inc. DPZ currently has an Earnings ESP of +3.94% and a Zacks Rank #3. Shares of Domino's have risen 6.4% in the past year. DPZ’s earnings beat the consensus mark in each of the trailing four quarters, delivering an average surprise of 11.2%.
Papa John's International, Inc. PZZA has an Earnings ESP of +2.11% and a Zacks Rank #3 at present. Shares of Papa John's have lost 32.9% in the past year. PZZA’s earnings beat the consensus mark in three of the trailing four quarters and missed on one occasion, delivering an average surprise of 13.6%.
Starbucks Corporation SBUX currently has an Earnings ESP of +2.61% and a Zacks Rank #3. Shares of Starbucks have lost 0.5% in the past year. SBUX’s earnings beat the consensus mark in two of the trailing four quarters and missed twice, delivering an average surprise of 1.7%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Zacks Investment Research
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying SBUX stock? Here’s what analysts think:
Read Next:
Latest Ratings for SBUX
Date | Firm | Action | From | To |
---|---|---|---|---|
Feb 2022 | Deutsche Bank | Maintains | Buy | |
Feb 2022 | MKM Partners | Maintains | Buy | |
Feb 2022 | Credit Suisse | Maintains | Outperform |
View More Analyst Ratings for SBUX
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
As of Sept. 18, 2024, three stocks in the consumer discretionary sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here's the latest list of major overbought players in this sector.
Read More:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shares of Potbelly Corporation PBPB have gained 8.7% in the past three months, outperforming the industry’s 5.3% growth. Despite facing macroeconomic pressures, the company’s ability to grow in a tough environment, alongside its successful expansion strategy, has caught the attention of investors. But does this mean it’s time to buy PBPB stock?
Major Growth Drivers for PBPB Stock
Franchise Expansion: Potbelly’s growth strategy revolves around aggressive franchising, and the company is making significant progress in expanding its footprint. With 663 open and committed shops, Potbelly is on track to reach its long-term goal of 2,000 units across the United States. Franchise expansion provides Potbelly with a capital-light growth model, allowing the company to open more stores while minimizing risk. The company is optimistic about the franchise model's potential to fuel sustained growth, as Potbelly continues to sign deals in new markets, including its entry into Georgia.
Digital Transformation: Potbelly has made significant strides in growing its digital sales. During the second quarter of 2024, digital channels accounted for 40% of total shop sales, up 200 basis points year over year. The company’s enhanced loyalty program, Potbelly Perks, is playing a major role in this success. Customers who join the Perks program demonstrate increased frequency in visits and higher engagement, making it a powerful tool for customer retention and sales growth. The ongoing shift toward Potbelly-owned digital channels also enhances profitability, as it reduces reliance on third-party platforms. As Potbelly continues to innovate in this space, it is likely to drive higher frequency and increased sales from its growing base of loyal customers.
Value-Driven Menu: With inflationary pressures impacting consumer spending, Potbelly has positioned itself as a value-driven brand. The introduction of the $7.99 Everyday Value Combo has been a notable success, attracting price-conscious customers while still protecting margins. This value-driven menu strategy has not only driven incremental sales but has also boosted customer satisfaction and return intent, making Potbelly a go-to option in a price-sensitive market.
Strong Future Outlook: Potbelly is set to continue expanding, with plans to open at least 30 new shops in 2024 and even more in 2025. The strong performance of recently opened shops, which are outperforming sales forecasts, is another indicator of the company’s successful market planning and operational execution. While the broader economic environment remains uncertain, Potbelly’s proactive approach to customer value, operational efficiency and digital transformation ensures that it is well-positioned for future growth.
The Bottom Line: Should You Buy PBPB Now?
Potbelly’s recent success is undeniable. The company is firing on all cylinders — expanding through franchising, transforming digitally and offering great value to customers. However, PBPB stock is currently trading at a premium, with a forward 12-month price-to-earnings of 33.10X, well above the industry average of 24.59X. This high valuation, combined with an uncertain economic climate, means that it may not be the best time now to dive into a fresh purchase.
For current shareholders, holding onto your PBPB stock and watching how the company continues to grow seems like a smart move. But for new investors, it may be wise to wait for a more favorable entry point before jumping in.
PBPB's Zacks Rank & Other Key Picks
PBPB currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Zacks Retail-Wholesale sector include Texas Roadhouse, Inc. TXRH, Cracker Barrel Old Country Store, Inc. CBRL and El Pollo Loco Holdings, Inc. LOCO, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Texas Roadhouse has a trailing four-quarter earnings surprise of 0.4%, on average. TXRH’s shares have risen 65.6% in the past year. The Zacks Consensus Estimate for TXRH’s 2024 sales and earnings per Share (EPS) indicates 15.6% and 39.2% growth, respectively, from the year-earlier actuals.
Cracker Barrel has a trailing four-quarter earnings surprise of 8.8%, on average. CBRL’s shares have declined 38.6% in the past year. The Zacks Consensus Estimate for CBRL’s 2024 EPS indicates 0.94% growth from the year-earlier actuals.
El Pollo Loco Holdings has a trailing four-quarter earnings surprise of 21.6%, on average. LOCO’s shares have risen 52.7% in the past year. The Zacks Consensus Estimate for LOCO’s fiscal 2024 sales and EPS indicates 2% and 12.7% growth, respectively, from the prior-year figures.
Zacks Investment Research
Texas Roadhouse, Inc. TXRH has been on a sizzling run this year, with its stock climbing an impressive 35.4%, outpacing the industry’s modest 1.9% growth. But what’s fueling this surge and is there still room for investors to enjoy more gains?
The company’s stellar performance can be attributed to a combination of strong same-store sales, a growing digital presence and aggressive expansion initiatives. Not only has Texas Roadhouse exceeded earnings expectations in four of the last five quarters but also analysts are bullish on its future. Over the past 60 days, earnings estimates for 2024 and 2025 have been raised by 4.5% and 4%, respectively, signaling confidence in the company’s outlook.
Major Growth Drivers for TXRH Stock
Same-Store Sales and Traffic Gains: TXRH continues to benefit from impressive same-store sales performance. In the second quarter of 2024, Texas Roadhouse’s same-store sales increased 9.3% year over year, reflecting a robust demand for the brand’s offerings. The upside was driven by a rise in guest traffic along with an increase in our per-person average check. The increase in store weeks was due to new store openings.
The company’s ability to maintain strong traffic growth is underpinned by its commitment to providing a high-quality dining experience. Texas Roadhouse’s traffic rose 4.5% in the second quarter, which, combined with a 4.8% increase in average check, led to solid sales momentum. The brand’s unique proposition, centered on value and customer loyalty, has kept it competitive in the casual dining industry despite rising competition and promotional activity from rivals.
Beyond Texas Roadhouse - Bubba’s 33 and Jaggers: TXRH operates not only the Texas Roadhouse brand but also Bubba’s 33 and Jaggers, both of which are gaining significant traction. During the second quarter, Bubba’s 33 reported impressive weekly sales of $123,000 and continues to build guest loyalty. Jaggers, the company’s quick-service brand, witnessed rising consumer awareness, with weekly sales of $73,000. Additionally, Jaggers is expanding its international footprint, with its first franchise location set to open in South Korea. This multi-brand strategy diversifies Texas Roadhouse’s revenue streams and boosts long-term growth potential.
Tech-Driven Efficiency: Texas Roadhouse continues to invest in technology, aiming to improve operational efficiency and customer experience. In the second quarter, the company completed the rollout of its "Roadie First" technology system, which enhances mobile accessibility for employees.
Moreover, Texas Roadhouse is investing in digital kitchen upgrades, with a full rollout expected by 2025. These enhancements aim to streamline service, reduce wait times and boost overall efficiency, which will not only improve margins but also strengthen its competitive edge in a fast-evolving dining landscape.
What’s Next for Texas Roadhouse?
The company’s growth story shows no signs of slowing down. In the first four weeks of third quarter 2024, same-store sales are up by 8%, continuing the momentum from the previous quarter. Texas Roadhouse’s disciplined approach to menu pricing is helping it maintain its value proposition, even inflationary pressures remain a concern. With strong traffic, expanding brands and technology investments set to enhance margins, Texas Roadhouse looks well-positioned to sustain its growth trajectory.
Zacks Rank & Other Key Picks
TXRH currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Zacks Retail-Wholesale sector include Cracker Barrel Old Country Store, Inc. CBRL, Potbelly Corporation PBPB and El Pollo Loco Holdings, Inc. LOCO, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cracker Barrel has a trailing four-quarter earnings surprise of 8.8%, on average. CBRL’s shares have declined 38.6% in the past year. The Zacks Consensus Estimate for CBRL’s 2024 earnings per share (EPS) indicates 0.94% growth from the year-earlier actuals.
Potbelly Corporation has a trailing four-quarter earnings surprise of 77.5%, on average. The stock has dropped 1.1% in the past year. The Zacks Consensus Estimate for PBPB’s fiscal 2024 EPS implies 33% growth on 6.5% lower revenues from the year-ago levels.
El Pollo Loco Holdings has a trailing four-quarter earnings surprise of 21.6%, on average. LOCO’s shares have risen 52.7% in the past year. The Zacks Consensus Estimate for LOCO’s fiscal 2024 sales and EPS indicates 2% and 12.7% growth, respectively, from the prior-year figures.
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