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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 reported Q1 fiscal 2023 revenue of $839.5 million, up 7.0% from the previous year. Comparable store restaurant sales rose 7.1%, while retail sales increased 4.3%. GAAP net income dropped 48.7% to $17.1 million, with GAAP EPS at $0.77, a 45.4% decline. The Board declared a quarterly dividend of $1.30 per share. Outlook for fiscal 2023 is cautious, with revenue growth projected at 6% to 8% amid inflation and consumer uncertainty. The company appointed William Moreton to the Board, enhancing strategic capabilities.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) will hold a first-quarter earnings conference call on December 2, 2022, at 11:00 a.m. Eastern Time. This call will cover financial results for the fiscal first quarter ended October 28, 2022. The live broadcast can be accessed via the Company’s website, with a replay available starting at 2:00 p.m. Eastern Time on the same day until December 16, 2022. Cracker Barrel operates more than 660 locations and owns Maple Street Biscuit Company.
Cracker Barrel Old Country Store is introducing its Thanksgiving Heat n' Serve Meals designed for families looking to simplify holiday preparations. Starting at $14.99 per person, these meals serve 8-10 and include roasted turkey, sides, and dessert. The seasonal menu features the Cinnamon Roll Pie Breakfast and a new Glitter Globe Spritzer cocktail, available from November 19-26. Guests can pre-order for pickup and receive a bonus card with orders scheduled for November 21 or 22. Cracker Barrel is focused on enhancing the holiday experience with affordable and convenient dining options.
Cracker Barrel (Nasdaq: CBRL) announced the appointment of Jody L. Bilney to its Board of Directors following a Nomination and Cooperation Agreement with Biglari Capital Corp. As part of the Agreement, the Board will expand to eleven directors. Bilney brings extensive experience, having served in senior roles at companies like Humana and Verizon. The Agreement includes provisions for reimbursement of up to $500,000 for Biglari's expenses and outlines standstill obligations until February 29, 2024. Shareholder approval for Bilney's appointment will be sought in upcoming annual meetings.
Cracker Barrel (CBRL) reported fourth quarter fiscal 2022 results with total revenue of $830.4 million, a 5.9% increase year-over-year. Comparable store restaurant sales rose 6.1% while retail sales increased 3.0%. GAAP net income was $33.4 million, an 8.2% decrease from the prior year. The company declared a quarterly dividend of $1.30 per share, payable on November 8, 2022. For fiscal 2023, Cracker Barrel anticipates revenue growth of 7% to 8% and expects commodity inflation of approximately 8%.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) will host a webcast of its fourth quarter earnings call on September 27, 2022, at 11:00 a.m. Eastern Time. Management will discuss financial results for the fiscal fourth quarter and year ending July 29, 2022. The call will be available online at investor.crackerbarrel.com with a replay starting at 2:00 p.m. the same day, continuing until October 11, 2022. Cracker Barrel operates over 660 locations and owns Maple Street Biscuit Company.
Cracker Barrel Old Country Store announced new menu additions for fall, featuring limited-time items like Kick'n Ranch Fried Chicken, Broccoli Cheese Casserole, and new shareable options, including Country Fried Pickles and White Cheddar Cheese Bites. The Kick'n Ranch Fried Chicken, available until Oct. 9, offers bold flavors with ranch seasoning. Pair with new Peach Mimosa and seasonal desserts. The menu aims to provide guests with diverse, flavorful choices at competitive prices, enhancing the overall dining experience.
Cracker Barrel Old Country Store expands its all-day breakfast menu with the introduction of a Build Your Own Homestyle Breakfast option, allowing greater customization. New offerings include the plant-based Impossible Sausage and a Stuffed Cheesecake Pancake Breakfast. The menu encourages personalization with various meat and side upgrades starting at $8.99. Cracker Barrel aims to enhance guest experience by catering to diverse preferences. New beverage pairings are also available, including a summer-themed Rocket Pop Mimosa.
Cracker Barrel reported third quarter fiscal 2022 total revenue of $790.2 million, a 10.8% increase year-over-year. Comparable store restaurant sales rose 10.9%, while retail sales increased 9.7%. The company's GAAP net income was $27.5 million, a 17.8% decrease from the prior year. The board declared a quarterly dividend of $1.30 per share and approved a $200 million share repurchase program. Despite a challenging macro environment, the company remains optimistic for future growth with new strategic initiatives.
Biglari Capital Corp. released a letter to Cracker Barrel Old Country Store shareholders, expressing concerns over the company's ongoing underperformance, with a 33.2% decline in total shareholder return over the past year compared to peers. The letter criticizes management's failure to address customer traffic issues and the expansion plans despite existing operational inefficiencies. It calls for leadership change, specifically replacing CEO Sandy Cochran, and suggests implementing a substantial share repurchase program or special dividend to enhance shareholder value.
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