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Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL), founded in 1969 in Lebanon, Tennessee, is a unique blend of restaurant and retail. Offering a home-away-from-home experience, Cracker Barrel welcomes guests with genuine hospitality and serves up hearty, home-style country meals. The menu features traditional favorites like meatloaf, homemade chicken n’ dumplings, and signature biscuits made from an old family recipe.
Beyond its restaurant offerings, Cracker Barrel also operates an authentic Old Country Store, providing a nostalgic shopping experience with unique gifts and self-indulgent items. The combination of dining and retail contributes significantly to the company's revenue, with apparel and accessories being the top earners in the retail segment.
Cracker Barrel has established a strong presence, operating over 660 company-owned locations across 45 states, each designed to reflect America’s country heritage. The stores are open daily, serving breakfast, lunch, and dinner, ensuring that guests can enjoy their favorite meals any time of the day.
The company has been making notable strides in enhancing its guest experience and operational performance. Recent initiatives include the launch of the Cracker Barrel Rewards loyalty program, which has seen enthusiastic customer participation. In addition, Cracker Barrel continues to innovate its menu, recently introducing the Golden Carolina BBQ Tenders, available exclusively through DoorDash before their nationwide release.
Financially, Cracker Barrel reported a total revenue of $823.8 million in the first quarter of fiscal 2024, with a slight decrease compared to the prior year. Despite challenges such as higher labor costs and operating expenses, the company remains committed to improving its performance and delivering value to its shareholders. It has also announced a quarterly dividend of $1.30 per share, payable on February 13, 2024.
Looking ahead, Cracker Barrel is focused on its strategic transformation plan to drive relevancy and profitability. This includes investing in organic growth, enhancing the guest experience, and addressing macroeconomic challenges like inflation and consumer confidence. The company remains optimistic about its future, leveraging its iconic brand and strong foundation to navigate the evolving market landscape.
For more detailed financial information and latest updates, visit crackerbarrel.com.
Cracker Barrel reported Q1 fiscal 2025 results with total revenue of $845.1 million, up 2.6% year-over-year. Comparable store restaurant sales increased 2.9%, outperforming the industry by 290 basis points, while retail sales decreased 1.6%. GAAP earnings per share were $0.22, and adjusted EPS was $0.45.
The company reported GAAP net income of $4.8 million and adjusted EBITDA of $45.8 million, a 4.3% increase from the prior year. The Board declared a quarterly dividend of $0.25 per share. For fiscal 2025, Cracker Barrel reaffirmed its outlook, expecting total revenue of $3.4-3.5 billion and adjusted EBITDA of $200-215 million.
Cracker Barrel (Nasdaq: CBRL) announced that shareholders have voted to elect all 10 of the company's recommended nominees to its Board of Directors at the 2024 Annual Meeting. Nominees Sardar Biglari and Milena Alberti-Perez, who were nominated by entities controlled by Biglari and not recommended by the Board, did not receive sufficient support. Michael Goodwin, with decades of IT and strategic leadership experience, joins the Board, while Tom Barr steps down after 12 years of service. The company expressed confidence in its strategic transformation plan, citing early favorable operational results.
Biglari Capital Corp challenges Cracker Barrel's (CBRL) recent statements regarding capital spending plans ahead of the 2024 Annual Meeting. The dispute centers on conflicting communications about a $600-700 million capital expenditure plan. Biglari highlights inconsistencies between Cracker Barrel's recent claims of $225-325 million in incremental spending versus their May 2024 announcement of $600-700 million in total expenditures. The release also questions the company's execution of technology initiatives dating back to 2017 and criticizes two incumbent board members for presiding over a nearly 70% decline in stock value.
Cracker Barrel (NASDAQ: CBRL) urges shareholders to vote the WHITE proxy card 'FOR ONLY' its 10 recommended director nominees at the upcoming November 21, 2024 Annual Meeting. The company highlights that its strategic transformation plan is showing positive momentum, with preliminary Q1 FY2025 results outperforming the Casual Dining industry. The company clarifies it plans to spend $225-$325 million in incremental capital, not $600-$700 million as claimed by Sardar Biglari. Multiple proxy advisory firms, including ISS, Glass Lewis, and Egan Jones, recommend shareholders to 'WITHHOLD' support for Biglari and Alberti-Perez, citing poor corporate governance history and lack of preparation respectively.
Biglari Capital has responded critically to Cracker Barrel's Q1 2025 preliminary earnings. The company's adjusted EBITDA margin was 5.4%, down 70 bps from Q1 2023 and similar to Q1 2024, which was part of Cracker Barrel's historically worst year. Despite plans to open new stores and invest $160-180 million in capital expenditures, management maintained its FY 2025 guidance, projecting revenue and adjusted EBITDA to be similar to or lower than FY 2024. Biglari Capital expressed concerns about the effectiveness of Cracker Barrel's $700 million transformation plan and urged shareholders to vote for board changes.
Cracker Barrel reported preliminary Q1 fiscal 2025 results with total revenue of $845.1 million, up 2.6% year-over-year. Comparable store restaurant sales increased 2.9%, outperforming the industry by 290 basis points, while retail sales decreased 1.6%. The company expects GAAP earnings per share of $0.22 and adjusted EPS of $0.45. Adjusted EBITDA reached $45.8 million, up 4.3% from prior year. For fiscal 2025, Cracker Barrel reaffirmed its outlook, projecting revenue of $3.4-3.5 billion, with plans to open two new stores and 3-4 new Maple Street Biscuit Company units.
Biglari Capital Corp has issued a letter to Cracker Barrel (NASDAQ: CBRL) shareholders, highlighting the company's significant stock value decline from $100 to approximately $30 over the past five years. The letter criticizes the current board's performance and opposes their $700 million store renovation plan. Sardar Biglari and Milena Alberti-Perez are seeking board positions, emphasizing their restaurant turnaround experience. Biglari warns of potential further 50% losses if they aren't elected and criticizes recent management appointments, including a chief strategy officer from a cannabis company.
Proxy advisory firms ISS and Glass Lewis have endorsed the need for change at Cracker Barrel (CBRL), with Glass Lewis recommending votes for two of Biglari Capital's nominees and ISS supporting one. The firms cited poor performance and shareholder value destruction under incumbent directors Carl Berquist and Meg Crofton. Both advisory firms expressed concerns over the company's $700 million transformation plan, with analysts doubting its financial objectives.
Biglari Capital urges shareholders to vote for all three of its nominees: Sardar Biglari, Milena Alberti-Perez, and Michael Goodwin. Glass Lewis particularly praised Alberti-Perez's financial expertise and her track record of improving shareholder value at Pitney Bowes. The advisory firms highlighted Cracker Barrel's negative total shareholder return over three and five-year periods, describing the performance as 'unacceptable'.
Cracker Barrel (Nasdaq: CBRL) announced that Institutional Shareholder Services (ISS) recommends shareholders vote on the Company's WHITE proxy card and withhold support for Milena Alberti-Perez and Sardar Biglari at the 2024 Annual Meeting on November 21. ISS and Glass Lewis cited Alberti-Perez's lack of relevant experience and Biglari's poor governance track record. Cracker Barrel urges shareholders to support its 10 recommended director nominees. ISS noted the Board's recent efforts to refresh itself with relevant skills and low average director tenure. The Board emphasized the importance of electing Carl Berquist and Meg Crofton, who have played key roles in the strategic transformation plan and recruitment of qualified directors. They contribute extensive hospitality industry experience. The Board believes its nominees are essential for Cracker Barrel's growth and value delivery. Shareholders are encouraged to vote using the WHITE proxy card.
Cracker Barrel Old Country Store (NASDAQ: CBRL) has issued an open letter to shareholders regarding the upcoming Annual Meeting on November 21, 2024. The Board urges shareholders to vote the WHITE card 'FOR ONLY' their 10 recommended nominees, opposing Sardar Biglari's seventh proxy contest in 13 years. The company emphasizes its strategic transformation plan under new CEO Julie Masino, focusing on brand refinement, menu optimization, and improved guest experience. The Board warns against Biglari's approach, citing his track record at Steak 'n Shake and Western Sizzlin' where his cost-cutting and cash extraction strategies led to significant business decline.
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