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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.
Biglari Capital Corp., a significant shareholder of Cracker Barrel (CBRL), owns approximately 8.7% of the company's stock and has nominated Rick Barbrick for its board of directors at the upcoming annual meeting on November 19, 2020. Biglari criticizes Cracker Barrel's board for lacking relevant restaurant experience, particularly after its unsuccessful investment in Punch Bowl Social, which cost shareholders over $137 million. Biglari argues that the board's decisions during the pandemic and their strategy of pursuing unrelated acquisitions highlight the urgent need for knowledgeable leadership.
Cracker Barrel announced its participation in the 94th Annual Macy's Thanksgiving Day Parade, featuring Dolly Parton performing "A Holly Jolly Christmas." To celebrate, they are offering a VIP Watch Party Package for fans, which includes a limited-edition rocking chair, Dolly's new album, and gift cards totaling $250 for Macy's and Cracker Barrel. Nine winners will be selected, with entries open until Nov. 17. Cracker Barrel's float, showcasing its signature memorabilia, will also be part of the parade, airing live on Nov. 26, emphasizing their commitment to holiday traditions amidst the ongoing pandemic.
Biglari Capital, a significant shareholder of Cracker Barrel (CBRL), owning 8.7% of shares, announced that Institutional Shareholder Services (ISS) advocates for a board reshuffle to include members with relevant industry expertise. ISS's analysis highlights CBRL's stock and financial performance struggles, noting a decline in guest traffic and failure to meet financial targets since 2015. It emphasizes the need for experienced oversight, especially after the unsuccessful Punch Bowl Social investment. Biglari urges shareholders to vote for changes, including the nomination of Raymond P. Barbrick to the board.
Cracker Barrel Old Country Store (Nasdaq: CBRL) reported preliminary results for Q1 fiscal 2021, ending October 30, 2020. Comparable store restaurant sales fell 16.4% year-over-year, improving from previous quarters. Retail sales declined 8.1%. The company expects a net income between $167 million and $172 million, with adjusted EBITDA of $50 million to $55 million. Key adjustments include a $218 million non-cash gain from a sale-leaseback transaction and $5 million in proxy contest expenses. These results signal a recovery despite ongoing challenges.
Biglari Capital Corp. has issued a letter to Cracker Barrel shareholders, criticizing the board's resistance to appointing an independent director, Raymond P. "Rick" Barbrick. Despite owning 8.7% of Cracker Barrel's shares, Biglari claims the board is misusing funds to suppress Barbrick's election at the upcoming November 19 meeting. Allegations include distorted shareholder value claims, poor financial performance, and mismanagement linked to a failed $137 million investment in Punch Bowl Social. Biglari advocates for focused leadership to enhance Cracker Barrel’s brand and operations.
Cracker Barrel Old Country Store is enhancing its Thanksgiving offerings for 2020, focusing on safety and convenience amid the pandemic. The company provides options for dining in or enjoying meals at home, featuring individual plates, family dinners, and special holiday meals. Guests can pre-order meals to minimize wait times and receive gift cards with select purchases. Cracker Barrel is implementing strict safety measures at its locations, including online waitlists, enhanced cleaning, and curbside service, ensuring guests can enjoy a safe Thanksgiving experience.
Cracker Barrel Old Country Store announces its support for Military Family Appreciation Month by donating $10 gift cards to Operation Homefront for each Country Fried Turkey Family Meal Basket sold in November, up to $50,000. An additional $50,000 will be donated by the Cracker Barrel Old Country Store Foundation, totaling $100,000. On Veterans Day, military veterans will receive a complimentary slice of cake at participating locations. The initiative aims to assist military families impacted by challenges, particularly those arising from COVID-19.
Cracker Barrel Old Country Store (Nasdaq: CBRL) issued a letter from CEO Sandra B. Cochran urging shareholders to vote 'FOR ALL' director nominees using the WHITE proxy card ahead of the 2020 Annual Meeting on November 19, 2020. The letter highlights the company's 13% earnings per share growth, $1.3B returned to shareholders since 2011, and emphasizes a strong, diverse Board of Directors. The letter addresses a proxy contest by Sardar Biglari, stating that his nominee lacks the necessary experience and credibility.
Biglari Capital Corp. has nominated Raymond Barbrick to the board of Cracker Barrel Old Country Store (NASDAQ: CBRL) in a letter to shareholders. The firm is concerned about the board's spending of shareholder funds and recent losses, including a $137.1 million loss from the acquisition of Punch Bowl Social. Biglari asserts that enhancing core operations and improving guest traffic could unlock over $600 million in annual revenue. The letter underscores the need for strategic focus on the Cracker Barrel brand and questions the board's expansion strategy and financial performance.
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