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The X-News Explorer is the ultimate source of information for investors with an affinity for the stock market who want to get a quick and convenient overview of the current news situation of a listed company. Various newswire services are available here. If a news alert is displayed, you will find company news that may be of interest to you. This service is provided by PR-Newswire.
LEBANON, Tenn., Dec. 4, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the first quarter of fiscal 2025 ended November 1, 2024.
First Quarter Fiscal 2025 Highlights
First quarter total revenue was $845.1 million. Compared to the prior year first quarter, total revenue increased 2.6%.Comparable store restaurant sales increased 2.9%, outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points.Comparable store retail sales decreased 1.6%.GAAP earnings per diluted share were $0.22, and adjusted1 earnings per diluted share were $0.45.GAAP net income for the first quarter was $4.8 million. Adjusted EBITDA1 was $45.8 million, a 4.3% increase compared to the prior year quarter adjusted EBITDA1 of $43.9 million.LEBANON, Tenn., Nov. 21, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today announced that the preliminary vote count from the Company's proxy solicitor indicates that its shareholders have voted to elect all 10 of Cracker Barrel's recommended nominees to the Company's Board of Directors at the 2024 Annual Meeting of Shareholders ("Annual Meeting"): Carl Berquist, Jody Bilney, Meg Crofton, Gilbert Dávila, John Garratt, Michael Goodwin, Cheryl Henry, Julie Masino, Gisel Ruiz, and Darryl "Chip" Wade. Sardar Biglari and Milena Alberti-Perez – who were nominated by entities Mr. Biglari controls and not recommended by the Board – did not receive sufficient shareholder support to be elected.
San Antonio, TX, Nov. 19, 2024 /PRNewswire/ -- Biglari Capital Corp. today issued the following news release regarding Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL)
As we quickly approach the 2024 Annual Meeting on Thursday, November 21st, Cracker Barrel continues to mislead investors. Stockholders do not need to read between the lines, they only need to read the Company's actual lines.
What Cracker Barrel says about its $700 million plan on the Eve of the Annual Meeting:
"Sardar Biglari continues to misrepresent Cracker Barrel's capital spending plan. We are NOT spending $600 - $700 million on store remodels over the next three years as Mr. Biglari falsely claims. Our strategic plan contemplates spending $225 - $325 million in incremental capital (i.e., over and above our normal rates of capital spending). Store remodels are only a part of this incremental amount. Other investments include improvements to our technology and highly successful loyalty program in order to drive traffic." (November 19, 2024 Press Release)
San Antonio, TX, Nov. 19, 2024 /PRNewswire/ -- Biglari Capital Corp. today issued the following news release.
As we quickly approach the 2024 Annual Meeting on Thursday, November 21st, Cracker Barrel continues to mislead investors. Stockholders do not need to read between the lines, they only need to read the Company's actual lines.
What Cracker Barrel Says about its $700 million plan on the Eve of the Annual Meeting
What Cracker Barrel Previously Said about its $700 million plan
"Sardar Biglari continues to misrepresent Cracker Barrel's capital spending plan. We are NOT spending $600 - $700 million on store remodels over the next three years as Mr. Biglari falsely claims. Our strategic plan contemplates spending $225 - $325 million in incremental capital (i.e., over and above our normal rates of capital spending). Store remodels are only a part of this incremental amount. Other investments include improvements to our technology and highly successful loyalty program in order to drive traffic."
(November 19, 2024 Press Release)
"Capital expenditures over the three-year period of fiscal 2025 through fiscal 2027 of approximately $600 million to $700 million, which assumes the Company's store remodel initiative accelerates significantly following the test of 25-30 stores in fiscal 2025."
(May 16 Cracker Barrel Press release)
"For the three-year period, we anticipate total capital expenditures of $600 million to $700 million. This comprises the following amounts per year, approximately $160 million to $180 million in fiscal 2025, approximately $180 million to $220 million in fiscal 2026, and approximately $260 million to $300 million in fiscal 2027."
(May 16 Cracker Barrel Call – Craig Pommells, CFO Cracker Barrel)
The Company's Strategic Transformation Plan Is Taking Hold and Showing Results
Carl Berquist and Meg Crofton Have Been Change Agents and Bring Valuable Experience and Skillsets to Cracker Barrel's Board
Election of Sardar Biglari and Milena Albert-Perez Would Jeopardize the Company's Momentum
2024 Annual Meeting of Shareholders Scheduled for November 21, 2024; For Additional Information on How to Vote Visit CrackerBarrelShareholders.com
LEBANON, Tenn., Nov. 18, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reminds all shareholders to vote the universal WHITE proxy card "FOR ONLY" Cracker Barrel's 10 Recommended Director Nominees to protect the value of their investment; continue the momentum of the Company's strategic transformation plan; and ensure Cracker Barrel remains a beloved and relevant restaurant brand for many years to come.
San Antonio, TX, Nov. 14, 2024 /PRNewswire/ -- Biglari Capital Corp. today issued the following response to Cracker Barrel Old Country Store, Inc.'s (NASDAQ: CBRL) first quarter 2025 earnings announcement.
Cracker Barrel's preliminary Q1 2025 earnings announcement reinforces our concerns that the Company is on the wrong track.
The Company did not disclose the change in guest traffic, which continued to decline during the quarter.
The adjusted EBITDA margin in Q1 2025 was 5.4%, 70 bps lower than in Q1 2023, and similar to that in Q1 2024. Considering FY 2024 was the worst year in Cracker Barrel's history, the fact that Q1 2025 results are comparable to Q1 2024 performance suggests that the transformation plan is not working.
Strategic Transformation Plan on Track
LEBANON, Tenn., Nov. 14, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its preliminary unaudited financial results for the first quarter of fiscal 2025 ended November 1, 2024 and reaffirmed its fiscal 2025 outlook. The Company plans to report final first quarter fiscal 2025 financial results on December 4, 2024.
Preliminary First Quarter Fiscal 2025 Financial Highlights
First quarter total revenue is expected to be approximately $845.1 million. Compared to the prior year first quarter, total revenue increased 2.6%.Comparable store restaurant sales increased 2.9%, outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points.Comparable store retail sales decreased 1.6%.GAAP earnings per diluted share are expected to be approximately $0.22, and adjusted1 earnings per diluted share are expected to be approximately $0.45.GAAP net income for the first quarter is expected to be approximately $4.8 million. Adjusted EBITDA1 is expected to be approximately $45.8 million, a 4.3% increase compared to the prior year quarter adjusted EBITDA1 of $43.9 million, or 5.3% of total revenue.Glass Lewis Recommends that Shareholders Vote FOR Two of Biglari Capital's Nominees and ISS Recommends Shareholders Vote FOR One of Biglari Capital's Nominees
Incumbent Directors Carl Berquist and Meg Crofton Have Overseen Observably Poor Performance and Significant Shareholder Value Destruction
ISS and Glass Lewis Both Cite Substantial Analyst Concern Over the Company's Costly Transformation Plan
Biglari Capital Urges Shareholders to Vote the GOLD Proxy Card for All Three of Its Director Nominees.
ISS Cites Alberti-Perez's Lack of Relevant Experience and Biglari's Poor Governance Track Record; Has Recommended Against Biglari Every Time He Has Nominated Himself at Cracker Barrel
Glass Lewis Also Recommends Shareholders "WITHHOLD" on Sardar Biglari
Cracker Barrel Urges Shareholders to Vote "FOR ONLY" its 10 Recommended Nominees on the WHITE Proxy Card
LEBANON, Tenn., Nov. 11, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy advisory firm, has recommended that Cracker Barrel shareholders vote on the Company's WHITE proxy card and "WITHHOLD" support for Milena Alberti-Perez and Sardar Biglari in connection with the Company's 2024 Annual Meeting of Shareholders ("Annual Meeting"), scheduled to be held on November 21, 2024. The Company urges stockholders to vote "FOR ALL" 10 of Cracker Barrel's recommended director nominees.
Urges Shareholders to Vote the WHITE Card Today "For Only" Cracker Barrel's 10 Recommended Nominees
Visit CrackerBarrelShareholders.com for More Information
LEBANON, Tenn., Nov. 4, 2024 /PRNewswire/ -- The Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) Board of Directors (the "Board") today mailed a letter to the Company's shareholders in connection with the upcoming Annual Meeting of Shareholders (the "Annual Meeting") to be held on November 21, 2024. Shareholders of record as of September 27, 2024 will be entitled to vote at the meeting. The letter and other important information related to the Annual Meeting can be found at CrackerBarrelShareholders.com.
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