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Cracker Barrel Old Country Store, Inc.(CBRL) has released its financial statements for the third quarter of 2023, revealing a net income of $13.97 million and total revenue of $832.69 million. The company's condensed consolidated balance sheets show total assets of $2.21 billion as of April 28, 2023, while total liabilities and shareholders' equity amount to $2.21 billion. The financial data indicates the company's performance during the specified period and provides insights into its current financial position.
Cracker Barrel's Net Income for Q3 2023
Cracker Barrel Old Country Store, Inc. has announced a net income of $13.97 million for the third quarter of 2023. This figure reflects the company's profitability during the period and highlights its ability to generate earnings from its operations. Despite facing various challenges in the market, Cracker Barrel managed to achieve a positive net income, contributing to its overall financial health.
Revenue Reaches $832.69 Million in Q3 2023
Cracker Barrel's total revenue for the third quarter of 2023 amounted to $832.69 million. This significant figure indicates the company's ability to generate substantial sales during the period. It reflects the strength of Cracker Barrel's business model, as well as its competitive position in the market. The revenue growth suggests that the company's products and services continue to resonate with consumers and contribute to its overall financial performance.
Overview of Cracker Barrel's Financial Position
As of April 28, 2023, Cracker Barrel Old Country Store, Inc. reported total assets of $2.21 billion. This includes current assets amounting to $273.03 million, which consist of cash and cash equivalents, accounts receivable, inventories, and prepaid expenses, among others. The company's property and equipment, net of accumulated depreciation and amortization, were valued at $963.57 million. Cracker Barrel also holds operating lease right-of-use assets, netting $903.44 million.
On the liabilities side, the company's current liabilities stood at $449.22 million, which encompass accounts payable, taxes withheld and accrued, and other current liabilities. Cracker Barrel reported long-term debt of $444.55 million and long-term operating lease liabilities of $711.20 million. Additionally, the company disclosed other long-term obligations amounting to $134.63 million. Cracker Barrel's shareholders' equity totaled $473.87 million, comprising common stock, additional paid-in capital, and retained earnings.
These financial figures demonstrate Cracker Barrel Old Country Store's current financial position and its ability to meet short-term and long-term obligations. The company's shareholders' equity reflects the ownership interest in the business and signifies the residual value available to shareholders after deducting liabilities.
Cracker Barrel Old Country Store's financial performance in Q3 2023 indicates its resilience in the face of market challenges. With a positive net income of $13.97 million and strong revenue of $832.69 million, the company showcases its ability to generate earnings and maintain a competitive position in the industry. The company's balance sheet reveals a healthy financial position, with significant assets and shareholder equity, providing a solid foundation for future growth and success.