you Good thank morning and Sandy.
by to will related our my primarily financial to remarks position, our capital COVID-XX, sales I prepared begin performance. and want circumstances, on impacts the today liquidity Given performance, focus sales discussing our allocation.
by restaurant weekly before and in comparable XX.X% store XX.X% impact. the by XX.X% X.X%. store sales April strong We've open XX.X% store store in since with were third We're quarter seen COVID-XX. due with the most recently improvements approximately off-premise encouraged related declining and some of of our comparable completed sales sales compared for stores sales increased restaurant store only. in dining decreased recent speak comparable decreased March the the like would check trends. of fiscal I now in to The comparable Barrel to and sales topline COVID Comparable quarter. XX% declined retail week Cracker stores XX% quarter, for average to P&L to rooms to to by traffic impacts the reopening positive approximately down X.X% February began we XX.X% in sequential as dining rooms restaurant started limited For declines
of in ensure number As the Sandy our our health guests, our support model. and pandemic safety strengthen and a to to business and outlined, took employees, actions employees response we of the
provided as additional pay were million. to approximately hours example, due reduced their employees totaled to $XX hourly room For which we dining our being closures,
in third food includes the waste as write-down. employees, In which million addition, to incurred noted room inventory severance, we in $X.X approximately as to provided closures, as and we quarter, such our expenses, well meals the as earnings in COVID-related due release, items dining
a of million in our an as Punch impairment assets Additionally, impairment related $XX.X Social. we recorded investment charge store equity to as million in $XXX.X charge Bowl well
$X.XX. Third quarter GAAP share earnings diluted loss were per
as related Punch to earnings $X.X in and expenses, adjusted COVID-related related assets were diluted impairment well tax to the the as million impairment loss per impacts, those store Excluding share related the Bowl Social $X.XX.
business we mentioned, savings in Sandy the We as initiatives, decisive will took result annualized realignment, As approximately also million. actions to believe sustainable organizational our $XX model. strengthen such these of
liquidity company believe we with the liquidity the following. deal well-positioned to allocation, the pandemic, that and to going to due capital was Turning into challenges
First, our cash and consistent generation. profitability flow
third, million liquidity. challenges bolster our of the the prudent our portion ratio; That given we actions our fourth, our further lastly, credit to of allocation; are unprecedented ownership we took to Second, to a approach our additional $XXX conservative locations. facility capital XXXX; increase and significant facing, leverage said, in in
we Taking to May remarks, business in $XX additional while third and million. suspended suspended for were the quarter. our relief we've strengthen to mentioned strategic by quarters prepared we received current to costs, well stores in store accordion. we pleased already were combined XX%. estimate our were our strong that canceling open, is off-premise-only generated inventories, our store in we recent operators quarter We and strengthened variable increase three the we managed with initiatives and modest consistently account then covenants except on during retail flow, cash we maintenance, within approximately the and our And model capacity have exercised borrowing initiatives weekly into ended million conserve restaurants cash an revolver, next further our beginning feature accordion and substantially was positive covenant by while what our level comparable our an their believe drew been down on of we at with lastly, fourth aggressively and quarter, how our drawing position cash, rate to our they programs, We're dividend also a managing neutral share that we This of XXth, initiatives. we we've as essential In on approximately all we including burn have hand, keep the investments which cash repurchase our the CapEx, corporate at liquidity orders operating able is estimate addition assumes have key down and $XXX down feasible, sales, model. fully for
believe and liquidity we outlook warranted. and increase the should options uncertain be further environment this However, to we additional have remain
Board have give circumstances. will allocation capital commentary Barrel the strategy been capital additional light Investing We our to plan thinking with in We remain capital of on allocation currently current working appropriate, priority. want as provide about updates to in we're but the how some appropriately modify closely I a to allocation. Cracker
initiatives, sale we Although Street. making our point will on resuming program, and our digital near-term, cash. and increase in in Barrel business be prudent our normalizes and to we the investments generate our unit cash investments for to plan our We Cracker as focused system. and look forward beer both menu are We evolution growth conservation Maple as more of we wine our strategy,
With expect These were in juice open planned delayed We units. currently our Street working are We the fiscal We still $XXX,XXX. to stores fiscal they XXXX two soon intends Maple to do to regular evaluate has $X a to we pandemic. the in are to tentatively due to to so. reinstate respect XX XXXX, economics expect environment to dividend Cracker the to Street continues as open originally as a and condition non-COVID this were normal in Barrels fiscal million below finalize plans in costs open we AUVs an Board but approximately over attractive XXXX. Maple dividends, investment and with believe and unit our
are of right-sizing long-term the above and balance due debt investments and with leverage our ratio our target allocation, our Lastly, currently reduced return plan regarding capital our to levels. increased shareholders we to EBITDA and cash to debt we
March, previously earnings fiscal including guidance. As announced issued XXXX our in we have withdrawn outlook,
would comments However, some provide expectations. our around I future to like
stores rooms XXX hope presently, dining all weekend, rooms. The the dining this fluid, June. situation of of we As but opened to substantially have end by remains open had
before lift sales time will off-premise that we likely completely elevated our several rooms However, dining for quarters. be of growth we it some are at expect the and to able all will remain restrictions next
potentially we ahead, will several believe we Looking benefit from factors.
we trusted a with differentiated First, brand guests. loyal are
the impacted. concentration most of geographic Second, country not of stores parts been the our has were that in
Third, well event to car position interstate in summer. this by our families the vacations choose locations us that take
outlook is to restaurant our uncertainty in around continues general full-service There several to in of quite However, near-term. be reasons. willingness bit consumer the a cautious revisit restaurants for
be hesitant And dining because been our for may the COVID-XX. uncertainty Additionally, return pandemic. reopened outlook Retail for room, to may around cautious. a but are as more economic lastly, encouraging there sales our the at of impacts guests older higher have we've for is risk is of also they lot retail
retail the area. measures dining expect the in room will social retail and We by that distancing pressured be to continue both
the business challenged highly merchandise broader will Additionally, anticipate restrained. discretionary. be our as will that we more consumer be by environment, spending our is believe we And retail further
environment, the managing highly promotional merchandise, anticipate sell our assortments. our on lower do done retail through Due and the to we teams focused are inventories a of especially nice job Our margins. they have seasonal
not for chain we any or and Lastly, year. do vendor seen fiscal issues remainder been closely expect with discussions restaurant our we meaningful regular not of are the have our supply having our have partners. we supply To-date, disruptions monitoring and
for commodity of the volatility we will Although believe restaurant business likely outlook market economy is and we Because we it anticipate surrounding and industries, industries be uncertainties XXXX. do elevated the retail some will time. in numerous and facing cautious these our the and pandemic-related that our challenges fiscal see is
challenges performance this, the I and that continue Despite you. successfully coming with Thank expect earnings call to we long-term are positioned will the now these quarters. so likely in over operator believe a choppy take can deal well will As we turn be creation. our drive result, we value we somewhat your the to to questions.
