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.

Outlines Strategic Transformation Plan to Drive Growth and Profitability 

Highlights Risks that Sardar Biglari and Milena Alberti-Perez Pose to Shareholder Value Creation 

Urges Shareholders to Vote "FOR ONLY" Cracker Barrel's 10 Recommended Nominees on the WHITE Proxy Card Today

LEBANON, Tenn., Oct. 29, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today posted an investor presentation in connection with its Annual Meeting of Shareholders on November 21, 2024. The presentation underscores the deliberate and thoughtful actions taken by Cracker Barrel's Board and leadership team to dramatically increase the pace of change and set a clearer path toward sustainable long-term growth. This includes the recruitment of a world-class CEO, Julie Masino, and the development and implementation of a long-term strategic transformation plan, which is showing early signs of success.

With new holiday-inspired dishes, returning fan-favorites like Country Fried Turkey, and festive gifts and décor for everyone on your gift list, Cracker Barrel offers guests holiday magic at every turn

LEBANON, Tenn., Oct. 22, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store® today unveiled its lineup of festive, seasonally inspired offerings, including new menu items, convenient holiday Heat n' Serve meals, and a wide selection of gifts. Available now, guests can enjoy the introduction of both new offerings like Cinnamon Swirl French Toast and returning seasonal favorites like Country Fried Turkey, order ready-to-serve meals for home gatherings and find distinctive gifts in the retail store.

Urges Shareholders to Vote the WHITE Card Today "For Only" Cracker Barrel's 10 Recommended Nominees

Visit CrackerBarrelShareholders.com for More Information 

LEBANON, Tenn., Oct. 9, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) today filed definitive proxy materials with the Securities and Exchange Commission in connection with the Company's 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 proxy statement and other important information related to the Annual Meeting can be found at CrackerBarrelShareholders.com.

San Antonio, TX, Oct. 8, 2024 /PRNewswire/ -- Biglari Capital Corp. today issued the following letter to shareholders of Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL).  See below for the shareholder letter in its original form.

Dear Shareholders of Cracker Barrel Old Country Store Inc.:

Through affiliated entities, we have been shareholders of Cracker Barrel since 2011. We currently own 2,069,141 shares. Since 2019, the shareholders of Cracker Barrel have collectively lost over $2.9 billion in market value.1 As 9.3% owners of the stock, we have lost our proportional share.

Guests Invited to Celebrate Birthday Milestone with Complimentary Double Chocolate Fudge Coca-Cola® Cake, plus Beverages from its Original 1969 Menu

LEBANON, Tenn., Sept. 19, 2024 /PRNewswire/ -- Today, Cracker Barrel Old Country Store® announced specials for guests to celebrate its 55th birthday including free slices of its famous Double Chocolate Fudge Coca-Cola Cake accompanied by free beverages from its original 1969 menu for new and existing Cracker Barrel Rewards™ Members with a minimum dine-in purchase*. Kicking off the yearlong birthday celebrations, Cracker Barrel is committed to honoring the brand's timeless traditions and heritage while ushering in an exciting future with celebrations fueled by its food, people and community.

LEBANON, Tenn., Sept. 19, 2024  /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2024 ended August 2, 2024. In 2024, the fourth quarter and fiscal year included an additional operating week ("53rd week") compared to fiscal 2023.

Fourth Quarter Fiscal 2024 Highlights

The Company reported total revenue of $894.4 million for the fourth quarter of fiscal 2024, representing an increase of 6.9% compared to prior year quarter total revenue of $836.7 million. Total revenue for the fourth quarter of fiscal 2024 includes a benefit of $62.8 million related to the 53rd week.Comparable store restaurant sales increased 0.4% over the prior year quarter while comparable store retail sales decreased 4.2%.GAAP earnings per diluted share were $0.81, and adjusted1 earnings per diluted share were $0.98. GAAP earnings per diluted share and adjusted earnings per diluted share in the current year quarter include a benefit of $0.25 related to the 53rd week.GAAP net income for the fourth quarter was $18.1 million, or 2.0% of total revenue, and adjusted EBITDA1 was $57.4 million, or 6.4% of total revenue. GAAP net income and adjusted EBITDA1 include a benefit of $5.5 million and $5.8 million related to the 53rd week, respectively.

LEBANON, Tenn., Sept. 5, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) will provide a real-time webcast and rebroadcast of its fourth quarter earnings conference call on Thursday, September 19, 2024, beginning at 11:00 a.m. Eastern Time. Company management will discuss financial results for the fiscal fourth quarter ended August 2, 2024.

The live broadcast of Cracker Barrel's quarterly conference call will be available to the public online in the Events and Presentations section on the Company's website at investor.crackerbarrel.com on September 19, 2024 beginning at 11:00 a.m. Eastern Time. An online replay will be available at 2:00 p.m. Eastern Time and continue through October 3, 2024.

LEBANON, Tenn., Aug. 19, 2024  /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) today confirmed that The Lion Fund II, L.P., an affiliate of Biglari Holdings Inc., both of which are controlled by Sardar Biglari, has announced its intent to nominate five candidates to stand for election to the Company's Board of Directors at the Company's 2024 Annual Meeting of Shareholders.

This marks the sixth time Biglari has nominated candidates for Board seats, the fourth time nominating himself, and the seventh proxy contest overall that Biglari has launched in the last 13 years.  Each time, our shareholders have rejected Biglari's nominees and positions by significant and increasing margins.