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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.
On November 5, 2021, Biglari Capital Corp. issued a shareholder letter addressing significant concerns about Cracker Barrel's performance and governance. With an 8.7% ownership of Cracker Barrel, Biglari criticized the company for poor capital allocation and failure to execute its 2017 plan. Notably, a $137 million loss from an investment in Punch Bowl Social highlighted management's missteps. Biglari emphasized the need for strategic focus on Cracker Barrel's core brand and called for transparency and accountability from the Board, especially after unearned bonuses were approved amidst declining performance during the pandemic.
Cracker Barrel Old Country Store will participate in the 95th Macy's Thanksgiving Day Parade on November 25, 2021, showcasing a nostalgic float designed to evoke warmth and comfort. The float will feature performances by Tauren Wells and iconic memorabilia from Cracker Barrel's history. As Thanksgiving is their busiest day, Cracker Barrel anticipates serving 1.7 million slices of pie this year. The company has over 660 locations nationwide and promotes a welcoming environment for families during the holiday season.
Cracker Barrel Old Country Store is launching Cracker Barrel Kitchen, its first West Coast ghost kitchen, in Hollywood on Oct. 26. This venture allows residents to enjoy homestyle favorites exclusively through delivery platforms like DoorDash, Uber Eats, and Grubhub. The menu includes popular dishes such as Momma's Pancake Breakfast and Country Fried Steak. This marks Cracker Barrel's first entry into the Los Angeles market, with plans for further expansion in the area. The kitchen will operate daily from 8 a.m. to 9 p.m.
Cracker Barrel Old Country Store reported its fiscal 2021 fourth quarter results, with revenue of $784.4 million, stable compared to 2019. Comparable restaurant sales decreased 6.8%, while retail sales surged 18.2%. Off-premise restaurant sales grew 108.6%, contributing 19% of total sales. GAAP net income was $36.4 million, or $1.53 per diluted share. The board declared a $1.30 dividend and authorized a $100 million share repurchase. Due to COVID-19 uncertainties, the company did not provide earnings guidance for fiscal 2022, expecting commodity and wage inflation and plans to open new locations.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) will host a webcast of its fourth quarter earnings conference call on September 21, 2021, at 11:00 a.m. Eastern Time. The call will cover the financial results for the fiscal fourth quarter ended July 30, 2021. A replay will be available starting at 2:00 p.m. Eastern Time on the same day until October 5, 2021. The company operates over 660 locations and owns Maple Street Biscuit Company, reflecting its extensive reach in the hospitality industry.
On August 17, 2021, Cracker Barrel Old Country Store surprised patrons at its 663 locations by providing free breakfast as part of its Care It Forward initiative. Guests dining between 7-8 a.m. received a note informing them that their meal was complimentary, encouraging them to perform acts of kindness. Rising country artist Brittney Spencer participated by surprising fans in Nashville. Cracker Barrel aims to inspire goodwill and connection within communities through various acts of kindness and partnerships with musicians.
Cracker Barrel Old Country Store has launched its Care It Forward initiative on June 22, 2021, aimed at fostering care and connection post-pandemic. The initiative includes acts of care for guests, such as in-store surprises and a musical content series featuring artists like Shane McAnally and CeCe Winans. Additionally, the company surprised guests with over $30,000 in gift cards to promote acts of kindness. This campaign emphasizes the importance of community care and invites participants to share their stories using #CareItForward.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) announced a private offering of $275 million in 0.625% convertible senior notes due 2026, with an option for initial purchasers to acquire an additional $25 million. The notes mature on June 15, 2026, with interest payable semi-annually beginning December 15, 2021. Proceeds are estimated at $266.8 million for debt repayment and corporate purposes, including a $35 million stock repurchase. The conversion price is set at about $188.14, reflecting a 25% premium over the last closing price.
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