CRACKER BARREL REPORTS SECOND QUARTER FISCAL 2024 RESULTS
- Total revenue increased by 0.2% to $935.4 million in Q2 fiscal 2024.
- Adjusted earnings per diluted share were $1.37, a 7.5% decrease from the prior year.
- The company declared a $1.30 quarterly dividend per share for shareholders.
- Comparable store restaurant sales increased by 1.2%, while retail sales decreased by 5.3%.
- GAAP net income decreased by 13.0% to $26.5 million compared to the prior year quarter.
- Adjusted EBITDA was $63.7 million, a 5.9% decrease from the prior year quarter.
- The company provided a fiscal 2024 outlook with total revenue expected to be between $3.5 billion to $3.6 billion.
- The outlook includes two new Cracker Barrel stores and 9 to 11 new Maple Street Biscuit Company units.
- Capital expenditures are projected to be between $120 million to $135 million for fiscal 2024.
- A 5.3% decrease in comparable store retail sales in Q2 fiscal 2024.
- A decrease in adjusted net income and earnings per diluted share compared to the prior year quarter.
- Uncertainties related to macroeconomic conditions that may impact consumer behavior and actual results.
- Adjusted EBITDA decreased by 5.9% from the prior year quarter.
- The expectation of third-quarter adjusted operating income to be below the prior year.
Insights
Cracker Barrel's recent financial results indicate marginal top-line growth with a slight increase in total revenue by 0.2%. However, this modest rise is overshadowed by the decrease in GAAP operating income and net income, which fell by 13.0% compared to the same quarter in the previous year. The adjusted earnings per diluted share also saw a decrease of 7.5%. These figures suggest that while the company is maintaining revenue, profitability is under pressure, likely due to increased labor and operating expenses.
Investors should be aware of the company's strategy to mitigate these pressures, as mentioned by the CEO, which includes a focus on labor and advertising investments to improve traffic trends. The forward-looking statements about expected operating income for the fiscal year, taking into account the 53rd week, indicate that management anticipates a stronger performance in the latter part of the year, which may be an indicator of seasonal trends or the success of their strategic initiatives.
The reported increase in comparable store restaurant sales by 1.2% is a positive sign, especially when considering the total menu pricing increases of 4.8%. This suggests that customers may be responding well to the value proposition despite price hikes, which is crucial in a period of high inflation. However, the 5.3% decrease in comparable store retail sales could be a point of concern, signaling potential issues with product mix, pricing, or consumer spending patterns in the retail segment.
Furthermore, the announcement of the expansion with two new Cracker Barrel stores and 9 to 11 new Maple Street Biscuit Company units reflects a controlled growth strategy. This expansion should be monitored to assess how it contributes to revenue growth and how it affects operating expenses and capital expenditures, especially given the planned capital expenditures of $120 million to $135 million.
The company's fiscal outlook indicates cautious optimism with total revenue projections of $3.5 billion to $3.6 billion. Notably, the mention of macroeconomic conditions, such as ongoing inflation and high interest rates, as potential risks to consumer behavior, underlines the broader economic challenges facing the retail and restaurant industry. The projected commodity inflation of 0% to 2% and hourly wage inflation of approximately 5% are particularly important as they directly impact the cost structure of the business.
The dividend declaration, while a sign of confidence in the company's ability to generate cash, should be evaluated in the context of the company's overall capital allocation strategy, especially considering the current economic environment and the need to balance shareholder returns with investment in strategic growth initiatives.
Board declares
LEBANON, Tenn., Feb. 27, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2024 ended January 26, 2024.
Second Quarter Fiscal 2024 Highlights
- The Company reported second quarter total revenue of
$935.4 million 0.2% .- Comparable store restaurant sales increased
1.2% , while comparable store retail sales decreased5.3% .
- Comparable store restaurant sales increased
- GAAP operating income for the second quarter was
$30.8 million 3.3% of total revenue, and adjusted1 operating income was$35.9 million 3.8% of total revenue. - GAAP earnings per diluted share were
$1.19 $1.37 - GAAP net income for the second quarter was
$26.5 million 2.8% of total revenue, and adjusted EBITDA1 was$63.7 million 6.8% of total revenue.
Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "While margins remain pressured, we were encouraged by the improvement in our traffic trend during the quarter, which we believe was supported by our investments in labor and advertising and our focus on the guest experience. Additionally, we continued to make progress on the development of our strategic transformation, and our teams are engaged in our efforts to improve our relevancy, deliver food and an experience that our guests love, and grow profitability."
Second Quarter Fiscal 2024 Results
Revenue
The Company reported total revenue of
Cracker Barrel comparable store restaurant sales increased
Operating Income
GAAP operating income for the second quarter was
The decrease in the Company's GAAP operating income as a percentage of total revenue versus the prior year quarter is primarily the result of higher labor and related expenses, higher other operating expenses, and higher general and administrative expenses, partially offset by lower cost of goods sold in the current year quarter.
The decrease in the Company's adjusted1 operating income as a percentage of total revenue versus the prior year quarter is primarily the result of higher labor and related expenses and higher other operating expenses, partially offset by lower cost of goods sold in the current year quarter.
Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income for the second quarter was
Adjusted EBITDA1 was
GAAP earnings per diluted share for the second quarter were
Quarterly Dividend Declaration
The Company announced that its Board of Directors declared a quarterly dividend of
Fiscal 2024 Outlook
The Company provided the following update to its fiscal 2024 outlook:
- Total revenue of
$3.5 billion $3.6 billion - Two new Cracker Barrel stores and 9 to 11 new Maple Street Biscuit Company units
- Commodity inflation of
0% to2% - Hourly wage inflation of approximately
5% - GAAP operating income of
$95 million $105 million $125 million $135 million - Capital expenditures of
$120 million $135 million
The Company reminds investors that its outlook reflects a number of assumptions, many of which are outside the Company's control. In particular, uncertainties created by macroeconomic conditions, such as ongoing inflation, low consumer confidence and high interest rates may adversely affect consumer behavior and cause actual results to differ materially from those expected.
1 For Non-GAAP reconciliations, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release. |
Fiscal 2024 Second Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public online at investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The online replay will be available at 2:00 p.m. (ET) and continue through March 12, 2024.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a caring and friendly home-away-from-home experience while offering guests high-quality homestyle food to enjoy in-store or to-go and unique shopping — all at a fair price. Established in 1969 in
CBRL-F
Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of items such as revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These and similar statements regarding events or results that the Company expects will or may occur in the future are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual results and performance of the Company to differ materially from those expressed or implied by such forward-looking statements. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these risks, uncertainties and other factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The Company believes that the assumptions underlying any forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in or implied by the forward-looking statements. In addition to the risks of ordinary business operations, factors and risks that may result in actual results differing from this forward-looking information include, but are not limited to risks and uncertainties associated with inflationary conditions with respect to the price of commodities, transportation, distribution and labor; disruptions to the Company's restaurant or retail supply chain; the Company's ability to identify, acquire and sell successful new lines of retail merchandise and new menu items at its restaurants; the Company's ability to sustain or the effects of plans intended to improve operational or marketing execution and performance; the effects of increased competition at the Company's locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of the Company's food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease, as well as the possible effects of such events on the price or availability of ingredients used in the Company's restaurants; the effects of the Company's indebtedness and associated restrictions on the Company's financial and operating flexibility and ability to execute or pursue its operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting the Company's financing costs and ability to refinance its indebtedness, in whole or in part; the Company's reliance on limited distribution facilities and certain significant vendors; information technology-related incidents, including data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors, or actions of third parties; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the effects of plans intended to promote or protect our brands and products; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity or the Company's ability to manage the impact of social media associated with these activities; the impact of activist shareholders; the Company's ability to enter successfully into new geographic markets that may be less familiar to it; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and the Company's ability to identify those sites; the Company's ability to retain key personnel; the ability of and cost to the Company to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that the Company may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions and the weather impact on sales and customer travel; discretionary income or personal expenditure activity of the Company's customers; economic or psychological effects of natural disasters or other unforeseen events such as terrorist acts, social unrest or war and the military or government responses to such events; changes in foreign exchange rates affecting the Company's future retail inventory purchases; workers' compensation, group health and utility price changes; implementation of new or changes in interpretation of existing accounting principles generally accepted in
CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (In thousands, except share and per share amounts, percentages and ratios) | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
1/26/2024 | 1/27/2023 | Percentage | 1/26/2024 | 1/27/2023 | Percentage | |||
Total revenue | 0 % | (1 %) | ||||||
Cost of goods sold (exclusive of depreciation & rent) | 314,851 | 326,555 | (4) | 570,410 | 608,095 | (6) | ||
Labor and other related expenses | 323,196 | 313,967 | 3 | 627,643 | 605,675 | 4 | ||
Other store operating expenses | 214,056 | 208,857 | 2 | 417,741 | 405,561 | 3 | ||
General and administrative expenses | 52,536 | 45,518 | 15 | 101,271 | 91,466 | 11 | ||
Operating income | 30,762 | 38,971 | (21) | 42,175 | 62,590 | (33) | ||
Interest expense | 5,067 | 4,408 | 15 | 10,005 | 7,940 | 26 | ||
Income before income taxes | 25,695 | 34,563 | (26) | 32,170 | 54,650 | (41) | ||
Provision for income taxes (income tax benefit) | (839) | 4,072 | (121) | 180 | 7,030 | (97) | ||
Net income | (13) | (33) | ||||||
Earnings per share – Basic: | (13) | (33) | ||||||
Earnings per share – Diluted: | (13) | (33) | ||||||
Weighted average shares: | ||||||||
Basic | 22,196,758 | 22,173,280 | 0 | 22,181,305 | 22,183,527 | 0 | ||
Diluted | 22,295,532 | 22,251,835 | 0 | 22,279,611 | 22,272,244 | 0 | ||
Ratio Analysis | ||||||||
Total revenue: | ||||||||
Restaurant | 78.1 % | 76.9 % | 79.1 % | 77.8 % | ||||
Retail | 21.9 | 23.1 | 20.9 | 22.2 | ||||
Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | ||||
Cost of goods sold (exclusive of depreciation & rent) | 33.7 | 35.0 | 32.4 | 34.3 | ||||
Labor and other related expenses | 34.5 | 33.6 | 35.7 | 34.1 | ||||
Other store operating expenses | 22.9 | 22.4 | 23.7 | 22.9 | ||||
General and administrative expenses | 5.6 | 4.8 | 5.8 | 5.2 | ||||
Operating income | 3.3 | 4.2 | 2.4 | 3.5 | ||||
Interest expense | 0.6 | 0.5 | 0.6 | 0.4 | ||||
Income before income taxes | 2.7 | 3.7 | 1.8 | 3.1 | ||||
Provision for income taxes (income tax benefit) | (0.1) | 0.4 | 0.0 | 0.4 | ||||
Net income | 2.8 % | 3.3 % | 1.8 % | 2.7 % | ||||
CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share amounts)
| ||||
1/26/24 | 1/27/23 | |||
Assets | ||||
Cash and cash equivalents | ||||
Accounts receivable | 41,524 | 36,513 | ||
Inventories | 172,702 | 187,251 | ||
Prepaid expenses and other current assets | 40,972 | 35,515 | ||
Property and equipment, net | 965,667 | 965,565 | ||
Operating lease right-of-use assets, net | 877,580 | 910,182 | ||
Intangible assets | 24,498 | 21,173 | ||
Other assets | 44,824 | 46,414 | ||
Goodwill | 4,690 | 4,690 | ||
Total assets | ||||
Liabilities and Shareholders' Equity | ||||
Accounts payable | ||||
Other current liabilities | 322,449 | 335,318 | ||
Long-term debt | 452,278 | 454,111 | ||
Long-term operating lease liabilities | 689,499 | 712,056 | ||
Other long-term obligations | 47,791 | 53,293 | ||
Deferred income taxes | 74,687 | 79,963 | ||
Shareholders' equity, net | 461,967 | 486,493 | ||
Total liabilities and shareholders' equity | ||||
Common shares issued and outstanding | 22,201,086 | 22,150,800 | ||
CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Unaudited and in thousands) | |||
Six Months Ended | |||
1/26/24 | 1/27/23 | ||
Cash flows from operating activities: | |||
Net income | |||
Depreciation and amortization | 54,428 | 50,361 | |
Amortization of debt issuance costs | 874 | 862 | |
Loss on disposition of property and equipment | 2,898 | 2,225 | |
Share-based compensation | 6,253 | 5,111 | |
Noncash lease expense | 30,162 | 29,845 | |
Amortization of asset recognized from gain on sale and leaseback transaction | 6,368 | 6,368 | |
Decrease in inventories | 16,662 | 25,998 | |
Decrease in accounts payable | (29,096) | (34,398) | |
Net changes in other assets and liabilities | (58,660) | (33,170) | |
Net cash provided by operating activities | 61,879 | 100,822 | |
Cash flows from investing activities: | |||
Purchase of property and equipment, net of insurance recoveries | (51,080) | (48,369) | |
Proceeds from sale of property and equipment | 91 | 226 | |
Net cash used in investing activities | (50,989) | (48,143) | |
Cash flows from financing activities: | |||
Net proceeds under long-term debt | 36,500 | 29,951 | |
Taxes withheld from issuance of share-based compensation awards | (1,597) | (2,400) | |
Purchases and retirement of common stock | 0 | (17,449) | |
Dividends on common stock | (58,338) | (58,482) | |
Net cash used in financing activities | (23,435) | (48,380) | |
Net increase (decrease) in cash and cash equivalents | (12,545) | 4,299 | |
Cash and cash equivalents, beginning of period | 25,147 | 45,105 | |
Cash and cash equivalents, end of period | |||
CRACKER BARREL OLD COUNTRY STORE, INC. Supplemental Information (Unaudited) | ||||||||
Second Quarter Ended | ||||||||
1/26/24 | 1/27/23 | |||||||
Net Change in Company-Owned Units During Quarter: | ||||||||
Cracker Barrel | 1 | 1 | ||||||
Maple Street Biscuit Company | 3 | 2 | ||||||
Company-Owned Units in Operation at End of Quarter: | ||||||||
Cracker Barrel | 662 | 665 | ||||||
Maple Street Biscuit Company | 63 | 56 | ||||||
Second Quarter Ended |
Six Months Ended | |||||||
1/26/24 | 1/27/23 | 1/26/24 | 1/27/23 | |||||
Total revenue*: (In thousands) | ||||||||
Restaurant | ||||||||
Retail | 204,517 | 215,739 | 367,551 | 392,880 | ||||
Total revenue | ||||||||
Cost of goods sold* (exclusive of depreciation and rent): (In thousands) | ||||||||
Restaurant | ||||||||
Retail | 108,914 | 116,398 | 190,998 | 205,324 | ||||
Total cost of goods sold | ||||||||
Average unit volume*: (In thousands) | ||||||||
Restaurant | ||||||||
Retail | 309.0 | 324.6 | 555.7 | 591.5 | ||||
Total | ||||||||
Operating weeks*: | 8,606 | 8,640 | 17,199 | 17,271 | ||||
Note*: This information is for Cracker Barrel stores only and excludes Maple Street Biscuit Company |
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands, except per share amounts)
Adjusted Operating Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its second quarter fiscal 2023 and fiscal 2024 adjusted operating income and earnings per share. In regard to fiscal 2023, this reconciliation excludes the non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions and expenses related to the proxy contest and settlement in connection with the Company's 2022 annual meeting of shareholders and the related tax impacts. In regard to fiscal 2024, this reconciliation excludes the non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions, expenses related to the Company's CEO transition, expenses associated with a strategic transformation initiative, a corporate restructuring charge, and an employee benefits policy change and the related tax impacts. The Company believes excluding these items from its financial results provides investors with an enhanced understanding of the Company's financial results and enhances comparability across periods. This information is not intended to be considered in isolation or as a substitute for operating income or earnings per share information prepared in accordance with GAAP.
Second Quarter Ended January 26, 2024 | Six Month Ended January 26, 2024 | ||||||
As Reported | Adjustment | As Adjusted | As Reported | Adjustment | As Adjusted | ||
(1) | (1)(2) | ||||||
Total Revenue | |||||||
Store operating expense | 852,103 | 2,099 | 854,202 | 1,615,794 | (1,084) | 1,614,710 | |
General and administrative expense | 52,536 | (7,287) | 45,249 | 101,271 | (11,706) | 89,565 | |
Operating income | 30,762 | 5,188 | 35,950 | 42,175 | 12,790 | 54,965 | |
Interest expense | 5,067 | 0 | 5,067 | 10,005 | 0 | 10,005 | |
Income before income taxes | 25,695 | 5,188 | 30,883 | 32,170 | 12,790 | 44,960 | |
Provision for income taxes (tax benefit) | (839) | 1,220 | 381 | 180 | 3,006 | 3,186 | |
Net income | |||||||
Earnings per share – basic | |||||||
Earnings per share – diluted | |||||||
(1) Adjusted for the non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions, expenses related to the Company's CEO transition, expenses associated with a strategic transformation initiative, and an employee benefits policy change and the related tax impacts. |
(2) Adjusted for a corporate restructuring charge and the related tax impacts. |
Second Quarter Ended January 27, 2023 | Six Month Ended January 27, 2023 | ||||||||
As Reported | Adjustment | As Adjusted | As Reported | Adjustment | As Adjusted | ||||
(1) | (1)(2) | ||||||||
Total Revenue | |||||||||
Store operating expense | 849,379 | (3,184) | 846,195 | 1,619,331 | (6,368) | 1,612,963 | |||
General and administrative expense | 45,518 | 0 | 45,518 | 91,466 | (3,198) | 88,268 | |||
Operating income | 38,971 | 3,184 | 42,155 | 62,590 | 9,566 | 72,156 | |||
Interest expense | 4,408 | 0 | 4,408 | 7,940 | 0 | 7,940 | |||
Income before income taxes | 34,563 | 3,184 | 37,747 | 54,650 | 9,566 | 64,216 | |||
Provision for income taxes | 4,072 | 748 | 4,820 | 7,030 | 2,248 | 9,278 | |||
Net income | |||||||||
Earnings per share – basic | |||||||||
Earnings per share – diluted | |||||||||
(1) Adjusted for the non-cash amortization of the asset recognized from the gain on sale and leaseback transactions and related tax impacts. |
(2) Adjusted for expenses related to proxy contest and settlement expenses and related tax impacts. |
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands)
EBITDA/Adjusted EBITDA
In the accompanying press release, the Company makes reference to its second quarter fiscal 2023 and fiscal 2024 EBITDA and adjusted EBITDA. The Company defines EBITDA as net income excluding depreciation and amortization, non-cash amortization of the asset recognized from the gains on sale and leaseback transactions, interest expense and tax expense. In regard to fiscal 2023, the Company further adjusts EBITDA to exclude expenses related to the proxy contest and settlement in connection with the Company's 2022 annual meeting of shareholders and the related tax impacts. In regard to fiscal 2024, the Company further adjusts EBITDA to exclude expenses related to the Company's CEO transition, expenses associated with a strategic transformation initiative, a corporate restructuring charge, and an employee benefits policy change and the related tax impacts. The Company believes that presentation of EBITDA and adjusted EBITDA provides investors with an enhanced understanding of the Company's operating performance and debt leverage metrics and enhances comparability with the Company's historical results, and that the presentation of this non-GAAP financial measure, when combined with the primary presentation of net income, is beneficial to an investor's complete understanding of the Company's operating performance. This information is not intended to be considered in isolation or as a substitute for net income prepared in accordance with GAAP.
Second Quarter Ended | Six Months Ended | |||||
Net Income | ||||||
(+) Depreciation & amortization | 27,759 | 54,428 | ||||
(+) Amortization of asset recognized from gain on sale and leaseback transactions | 3,184 | 6,368 | ||||
(+) Interest expense | 5,067 | 10,005 | ||||
(+) Tax expense (tax benefit) | (839) | 180 | ||||
EBITDA | ||||||
Adjustments | ||||||
(+) CEO transition expenses | 3,473 | 5,109 | ||||
(+) Strategic transformation initiative expenses | 3,815 | 4,956 | ||||
(+) Corporate restructuring charge | 0 | 1,643 | ||||
(-) Employee benefits policy change | (5,284) | (5,284) | ||||
Adjusted EBITDA | ||||||
Second Quarter Ended | Six Months Ended | |||||
Net Income | ||||||
(+) Depreciation & amortization | 25,570 | 50,361 | ||||
(+) Amortization of asset recognized from gain on sale and leaseback transactions | 3,184 | 6,368 | ||||
(+) Interest expense | 4,408 | 7,940 | ||||
(+) Tax expense | 4,072 | 7,030 | ||||
EBITDA | ||||||
Adjustments | ||||||
(+) Proxy contest and settlement expenses | 0 | 3,198 | ||||
Adjusted EBITDA | ||||||
Reconciliation of GAAP Operating Income Outlook to Non-GAAP Operating Income Outlook
In the accompanying press release, the Company provides its current outlook for adjusted operating income, a non-GAAP financial measure, for fiscal 2024. The Company's adjusted operating income outlook excludes the non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions, expenses related to the Company's CEO transition, expenses associated with a strategic transformation initiative, a corporate restructuring charge, and an employee benefits policy change and the related tax impacts. The Company believes presenting its current outlook for adjusted operating income that excludes these items provides investors with an enhanced understanding of the Company's expected performance and enhances comparability with the Company's historical results. This information is not intended to be considered in isolation or as a substitute for operating income outlook reported in accordance with GAAP.
$ Million | ||||||
Reported GAAP Operating Income Outlook | to | |||||
Non-cash amortization of the asset recognized from the gain on sale and leaseback transactions | ||||||
Expenses related to CEO transition | ||||||
Expenses related to strategic transformation initiative | ||||||
Corporate restructuring charge | ||||||
Employee benefits policy change | ( | ( | ||||
Adjusted Operating Income Outlook | to | |||||
Investor Contact: | Adam Hanan |
(615) 443-9887 | |
Media Contact: | Heidi Pearce |
(615) 235-4135 |
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SOURCE Cracker Barrel Old Country Store, Inc.
FAQ
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