Cracker Barrel Old Ctry Store - CBRL STOCK NEWS

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.

Cracker Barrel Old Country Store (CBRL) reported its third quarter fiscal 2024 results, highlighting a 1.9% decrease in total revenue to $817.1 million compared to the same period last year. Comparable store restaurant sales fell by 1.5%, while retail sales saw a 3.8% decline. GAAP net loss was $9.2 million, reflecting a loss of $0.41 per diluted share, whereas adjusted earnings per share stood at $0.88, a 20.7% decrease from the prior year's adjusted EPS of $1.11.

The company attributed these results to softer than expected traffic, emphasizing the need to focus on strategic transformation. Adjusted EBITDA was $47.9 million, down from $59.6 million in the previous year. Cracker Barrel also declared a quarterly dividend of $0.25 per share, payable on August 6, 2024. For fiscal 2024, the company expects revenue between $3.47 billion and $3.51 billion, and adjusted EBITDA between $200 million and $220 million.

Cracker Barrel Old Country Store (NASDAQ: CBRL) has announced the election of Cheryl Henry to its Board of Directors, effective immediately. Henry, a former President, CEO, and Chairwoman of Ruth's Hospitality Group, brings extensive leadership experience in the restaurant industry. She is replacing William Moreton, who is stepping down for personal reasons but will continue to serve as an advisor through the end of 2024. Carl Berquist, Chairman of Cracker Barrel's Board, highlighted Henry's industry knowledge and leadership as key assets for the company's strategic transformation.

Cracker Barrel Old Country Store (Nasdaq: CBRL) announced updates on its strategic transformation plan and capital allocation. The plan focuses on refining the brand, optimizing the menu, enhancing the store and guest experience, leveraging digital and off-premise channels, and elevating employee experience. To support these initiatives, the company is reducing its quarterly dividend to $0.25 per share. The long-term outlook includes anticipated sales of $3.8-3.9 billion and adjusted EBITDA of $375-425 million by fiscal 2027. However, near-term financial results for fiscal 2024 are expected to be below prior expectations due to weaker traffic. Capital expenditures are projected to be $600-700 million over the next three years. The company aims for moderate EBITDA growth in fiscal 2025, acceleration in late fiscal 2026, and significant growth by fiscal 2027.

Cracker Barrel Old Country Store (Nasdaq: CBRL) will host a live webcast for its fiscal 2024 third quarter earnings conference call on May 30, 2024, at 11:00 a.m. ET. The call will cover financial results for the period ending April 26, 2024. The webcast will be accessible on the company's investor relations website, with a replay available from 2:00 p.m. ET on the same day through June 14, 2024. Founded in 1969, Cracker Barrel operates around 660 locations and owns Maple Street Biscuit Company.