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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.
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.
Cracker Barrel launches a flavor-packed summer menu with exclusive new Bee Sting Fried Chicken items, including Bee Sting Chicken Tenders and Sandwich, available until Aug. 4. The menu features a new house-made sauce with a delightful blend of heat and honey sweetness, along with other new items like Watermelon Lemonade and New York Strip Steak. The company aims to provide craveable homestyle meals for breakfast, lunch, and dinner throughout the summer.
Cracker Barrel Old Country Store, Inc. announces a strategic transformation plan update conference call scheduled for May 16, 2024. The company will provide a live webcast and a replay for public viewing. Established in 1969, Cracker Barrel operates 660 locations and owns Maple Street Biscuit Company.
Cracker Barrel celebrates National Buttermilk Biscuit Day by offering free biscuits to guests at their stores. A recent survey by Cracker Barrel reveals interesting state-by-state data on biscuit preferences, with butter and gravy being the top choices, but some states preferring bacon, sausage, eggs, or jelly/jam toppings. The survey also highlights that most Americans enjoy biscuits at any time of the day, with a preference for both sweet and savory toppings. Cracker Barrel's handmade buttermilk biscuits are made fresh daily and can be enjoyed in-store or made at home using their Homemade Biscuit + Dumpling Mix. The survey found that the South has a strong love for buttermilk biscuits, while Massachusetts had the lowest percentage of people claiming they could eat biscuits every day. Overall, the survey shows that buttermilk biscuits are well-loved across all 50 states.
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