Cracker Barrel‘s profit took a dive in the last fiscal year, amid higher general and administrative expenses, impairment, and store closing costs.

The restaurant and gift store chain’s net income plummeted 59 per cent to $40.9 million while revenue increased 1 per cent to $3.47 billion.

General and administrative expenses grew 19 per cent to $207.1 million and impairment and store closing costs surged 64 per cent to $22.9 million.

Labor and other related expenses inched 5 per cent higher to $1.27 billion while other store operating expenses rose 4 per cent to $831.8 million.

“Our teams are highly engaged and intently focused on executing our strategic transformation and our day-to-day business at a high level,” said Julie Masino, Cracker Barrel president and CEO.

“We are already making great progress and are encouraged by the initial results of key initiatives such as operational excellence and the guest experience, optimized pricing, and our remodel program.”

For the current fiscal year, the company estimates revenue of $3.4 billion to $3.5 billion. It also expects to open two new Cracker Barrel stores, and three to four new Maple Street Biscuit Company units.