Cracker Barrel Old Country Store, Inc,. - CBRL STOCK NEWS

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.

Cracker Barrel Old Country Store (Nasdaq: CBRL) has announced its fiscal 2024 fourth quarter earnings conference call, scheduled for Thursday, September 19, 2024, at 11:00 a.m. Eastern Time. The company will provide a real-time webcast and rebroadcast of the call, where management will discuss financial results for the quarter ended August 2, 2024.

The live broadcast will be available in the Events and Presentations section on the company's website at investor.crackerbarrel.com. An online replay will be accessible from 2:00 p.m. Eastern Time and continue through October 3, 2024. Cracker Barrel, established in 1969, operates approximately 660 locations and owns the fast-casual Maple Street Biscuit Company.

Cracker Barrel Old Country Store (Nasdaq: CBRL) has confirmed that The Lion Fund II, L.P., an affiliate of Biglari Holdings Inc., intends to nominate five candidates for the company's Board of Directors at the 2024 Annual Meeting. This marks Biglari's sixth attempt to nominate candidates and seventh proxy contest in 13 years. Cracker Barrel's shareholders have consistently rejected Biglari's nominees by significant margins.

The company's Board currently consists of ten highly qualified directors, with nine being independent and six appointed in the last four years. Cracker Barrel remains committed to its strategic transformation plans, led by newly appointed CEO Julie Masino. The company will consider Biglari's nominations through its Nominating and Corporate Governance Committee and present formal recommendations to shareholders in due course.

Cracker Barrel Old Country Store® (CBRL) is introducing new apple-inspired menu additions for the fall season, moving away from the traditional pumpkin spice trend. The star of the menu is the Signature Fried Apple French Toast Bake, featuring thick-cut country bread, cheesecake filling, and signature fried apples. Other new items include a Southern Apple Cobbler, Granny Smith Apple Mimosa, and Granny Smith Apple Tea.

Additionally, Cracker Barrel is launching a savory Hashbrown Casserole Shepherd's Pie. The company is also updating its Daily Dish Lineup with new options like Chicken n' Rice on Mondays and Southern BBQ Ribs on Saturdays. These menu additions aim to provide guests with comforting and flavorful options for the upcoming fall season.

Cracker Barrel Old Country Store (Nasdaq: CBRL) has appointed Sarah Moore as its new Chief Marketing Officer, effective July 22, 2024. Moore brings nearly 20 years of hospitality experience, most recently serving as Senior Vice President of Marketing at MGM Resorts International. Her expertise includes brand building, digital marketing, customer loyalty programs, and innovative marketing strategies.

CEO Julie Felss Masino highlighted Moore's potential to drive strategic transformation and brand love. Moore expressed enthusiasm for joining the iconic American brand, aiming to enhance experiences for loyal guests and attract new ones. Her background includes over 16 years with MGM Resorts International, where she led global brand marketing strategy and integrated media efforts.

Cracker Barrel Old Country Store's Endless Summer Sweepstakes offers Rewards Members a chance to win $2,500 in gift cards from July 1-31, 2024. Participants can enter weekly and grand prize drawings, with bonus entries for qualifying purchases. The July Fourth Double Pegs promotion and National Fried Chicken Day on July 6 offer additional rewards, including free Barrel Bite Bonus Rewards. New menu items, such as Bee Sting Chicken Tenders, add to the excitement. For more details, visit crackerbarrel.com/rewards/summer-sweepstakes.

Cracker Barrel Old Country Store has announced its largest menu test in the brand's history, aimed at enhancing guest and employee experiences. This test introduces 20 new menu items, including Cinnamon Bread French Toast and Hashbrown Casserole Shepherd's Pie, at 14 select locations in Texas from June 25 to August 5, 2024. The new menu design is intended to simplify navigation and reduce recipe complexities for staff. The company is gathering feedback to refine these innovations further.