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Cracker Barrel stock up 2.3% premarket after profit beat and upbeat revenue guidance

Cracker Barrel Old Country Store Inc. stock rose 2.3% in premarket trade Tuesday, after the restaurant and retail store operator beat profit estimates for its fiscal fourth quarter, offsetting a revenue miss, and offered upbeat revenue guidance for fiscal 2023. The company posted net income of $33.4 million, or $1.47 a share, for the quarter to July 29, compared with $36.4 million, or $1.53 a share, in the year-earlier period. Adjusted per-share earnings came to $1.57, well ahead of the $1.38 FactSet consensus. Revenue rose to $830.4 million from $784.4 million a year ago, below the $837.0 million FactSet consensus. Same-restaurant sales rose 6.1%, while same-store sales were up 3.0%. The company is now expecting fiscal 2023 revenue growth of 7% to 8%. The FactSet consensus implies growth of 3.3%. It expects commodity inflation of about 8% and wage inflation of about 5%. Shares are down 24% in the year to date, while the S&P 500 has fallen 23%.

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