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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 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.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) will host a third quarter earnings conference call on June 7, 2022 at 11:00 a.m. ET. This call will discuss financial results for the fiscal third quarter ended April 29, 2022. The live webcast will be accessible via the company's website, with a replay available until June 21, 2022.
Cracker Barrel operates over 660 locations and owns Maple Street Biscuit Company.
Cracker Barrel Old Country Store launches a new Homestyle Chicken Sandwich under its virtual brand Chicken n' Biscuits, available at 400 locations nationwide through delivery services like DoorDash, Uber Eats, and Grubhub. This new sandwich features hand-breaded fried chicken, pickles, and a brioche bun, accompanied by steak fries. The brand aims to compete in the growing chicken sandwich market, offering various comfort food options for customers. Chicken n' Biscuits has recently expanded its presence and rebranded since its introduction in May 2021.
Cracker Barrel Old Country Store has announced the return of its popular Easter Heat n' Serve meals, perfect for hassle-free family gatherings this spring. Notable offerings include the Easter Prime Rib Heat n' Serve Family Dinner starting at $124.99, serving 4-6 people, and the Easter Ham Heat n' Serve Feast for 8-10 guests, starting at $149.99. Customers can pre-order these meals online for pickup from April 14-17. The menu aims to cater to budget-conscious families while delivering quality, homestyle options.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) has announced a quarterly dividend of $1.30 per share. This dividend is payable on May 3, 2022, to shareholders recorded on April 18, 2022. Established in 1969, Cracker Barrel operates over 660 locations across 45 states, alongside the Maple Street Biscuit Company. This regular dividend highlights the company's commitment to returning value to shareholders and reflects its ongoing operational stability.
Cracker Barrel Old Country Store is expanding its breakfast brand, The Pancake Kitchen, to nearly 200 locations in 2022, with the aim of enhancing convenience for customers. The menu will feature a range of pancakes, available for delivery through DoorDash and Uber Eats. To celebrate this expansion, starting Feb. 26, customers spending $20 on pancakes will receive a complimentary order of Biscuit Beignets. The expansion aligns with a growing trend in online ordering and delivery services.
Cracker Barrel Old Country Store reported a strong second quarter for fiscal 2022, with total revenue of $862.3 million, up 27.3% year-over-year. Comparable store restaurant sales increased 1.9%, while retail sales rose 13.7%. GAAP net income was $37.6 million with an EPS of $1.60, a 171% increase from last year. The company anticipates challenges from inflation and reduced demand, expecting approximately $800 million in revenue for the third quarter. However, strong sales momentum and future margin recovery are expected in Q4.
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