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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.
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.
Cracker Barrel (NASDAQ: CBRL) has released an investor presentation highlighting its strategic transformation plan ahead of its November 21, 2024 Annual Meeting. The company emphasizes the appointment of new CEO Julie Masino and implementation of a transformation plan showing early success. The presentation addresses the proxy contest initiated by Sardar Biglari, marking his seventh attempt in 13 years. The Board recommends voting for their 10 nominees on the WHITE proxy card, including Biglari's nominee Michael Goodwin, while warning against electing Biglari and Milena Alberti-Perez. The transformation plan includes menu updates, pricing optimization, and a new loyalty program, targeting specific financial goals for FY 2027.
Cracker Barrel Old Country Store® has unveiled its holiday season offerings, featuring new menu items, returning favorites, and festive gifts. The lineup includes:
1. New menu items: Cinnamon Swirl French Toast Breakfast, DIY Hot Chocolate Bar, and Sparkling Plum Mimosa.
2. Returning favorites: Country Fried Turkey, Broccoli Cheese Casserole, Sugar Plum Tea, and Homestyle Holiday Pies.
3. Heat n' Serve options for Thanksgiving and December holidays, including Family Dinners and Feasts.
4. A transformed retail store offering festive home decor, toys, gourmet food items, and country-inspired clothing.
Cracker Barrel aims to provide a complete holiday experience for guests, whether dining in, hosting at home, or shopping for gifts.
KB Home (NYSE: KBH) has announced the election of Cheryl J. Henry to its Board of Directors on October 10, 2024. Henry, the former President, CEO, and Chairwoman of Ruth's Hospitality Group, Inc., will also serve on the Board's Nominating and Corporate Governance Committee. Her initial term will conclude at KB Home's 2025 Annual Meeting of Stockholders, where she will be up for shareholder vote.
Henry brings extensive operational and marketing experience from her various senior roles at Ruth's Chris Steak House, including Chief Operating Officer before becoming CEO. She previously served as Chief of Staff for the Mayor of Orlando and currently sits on the board of directors of Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL).
Jeffrey Mezger, Chairman and CEO of KB Home, expressed enthusiasm about Henry's addition to the board, citing her executive-level experience in the consumer sector and her strong network in Florida, particularly in Orlando, which is an important market for the company.
Cracker Barrel Old Country Store (Nasdaq: CBRL) has filed definitive proxy materials for its upcoming Annual Meeting on November 21, 2024. The Board urges shareholders to vote the white card "FOR ONLY" Cracker Barrel's 10 recommended nominees, rejecting Sardar Biglari's proxy contest.
The letter highlights:
- Appointment of new CEO Julie Masino and implementation of a strategic transformation plan
- Board refreshment with 7 new independent directors since 2019
- Concerns about Biglari's motives and track record
- Recommendation of Michael Goodwin, one of Biglari's nominees
- Rejection of Biglari and Milena Alberti-Perez as nominees
The Board believes its recommended slate has the necessary experience to oversee the Company's transformation and deliver enhanced shareholder value.
Biglari Capital Corp. issued a letter to Cracker Barrel (CBRL) shareholders, criticizing the company's leadership and strategic decisions. Since 2019, Cracker Barrel's market value has fallen by $2.9 billion, with a 50.9% drop since CEO Julie Masino's appointment. The letter highlights the company's poor performance, citing a 70.2% decline in total shareholder returns over five years. Biglari Capital attributes these losses to board and management failures, including misguided capital expenditures and unprofitable new store openings. The letter calls for a board overhaul and a focus on core business operations to restore value. Biglari Capital proposes a low-capex plan, including divesting Maple Street Biscuit, halting new store openings, improving store-level economics, and returning cash to shareholders. The letter emphasizes the need for experienced turnaround leadership to address Cracker Barrel's challenges.
Cracker Barrel Old Country Store® is celebrating its 55th birthday with special promotions from September 19 to 22, 2024. Cracker Barrel Rewards™ Members can enjoy a free slice of Double Chocolate Fudge Coca-Cola® Cake and complimentary beverages from the original 1969 menu with a minimum dine-in purchase of $10.
The promotion includes free bottomless Premium Blend Coffee and Iced Tea, both available since the restaurant's inception. This celebration honors Cracker Barrel's traditions while looking towards the future. The popular cake, introduced in 1997, now serves over 1.2 million slices annually. The company also highlighted its commitment to fostering human connections and conversations around the table, serving nearly 44 million cups of coffee and tea each year.
Cracker Barrel Old Country Store (CBRL) reported its Q4 fiscal 2024 results, including a 53rd week. Key highlights:
- Total revenue increased 6.9% to $894.4 million, including a $62.8 million benefit from the 53rd week
- Comparable store restaurant sales up 0.4%, retail sales down 4.2%
- GAAP earnings per diluted share: $0.81; Adjusted EPS: $0.98
- GAAP net income: $18.1 million (2.0% of revenue)
- Adjusted EBITDA: $57.4 million (6.4% of revenue)
For fiscal 2024:
- Total revenue up 0.8% to $3.47 billion
- GAAP EPS: $1.83; Adjusted EPS: $3.52
- Adjusted EBITDA: $211.6 million (6.1% of revenue)
The company declared a quarterly dividend of $0.25 per share and provided fiscal 2025 outlook.
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