[Preliminary Q1 FY2025 Results and FY2025 Outlook](index=1&type=section&id=Preliminary%20First%20Quarter%20Fiscal%202025%20Results%20and%20Fiscal%202025%20Outlook) The company reported strong preliminary Q1 FY2025 financial results, including increased revenue and adjusted EBITDA, and reaffirmed its positive full-year fiscal 2025 guidance [Preliminary Q1 FY2025 Financial Highlights](index=1&type=section&id=Preliminary%20First%20Quarter%20Fiscal%202025%20Financial%20Highlights) Cracker Barrel reported preliminary Q1 FY2025 total revenue of approximately $845.1 million, a 2.6% increase year-over-year, driven by a 2.9% rise in comparable store restaurant sales which outperformed the casual dining industry index. However, comparable store retail sales declined by 1.6%. The company expects GAAP EPS of $0.22 and adjusted EPS of $0.45, with adjusted EBITDA growing 4.3% to $45.8 million Preliminary Q1 FY2025 Financial Highlights | Metric | Value | YoY Change/Comment | | :--- | :--- | :--- | | Total Revenue | ~$845.1 million | +2.6% | | Comparable Restaurant Sales | +2.9% | Outperformed Casual Dining Index by 290 bps | | Comparable Retail Sales | -1.6% | N/A | | GAAP Net Income | ~$4.8 million | -11.2% (vs. $5.46M in Q1 FY24) | | Adjusted EBITDA | ~$45.8 million | +4.3% | | GAAP EPS (diluted) | ~$0.22 | -12.0% (vs. $0.25 in Q1 FY24) | | Adjusted EPS (diluted) | ~$0.45 | +12.5% (vs. $0.40 in Q1 FY24) | [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Julie Masino stated that the fiscal year began strongly, with financial results meeting expectations and comparable store sales and traffic outperforming the casual dining industry. She expressed confidence that the company's strategic transformation plan is gaining momentum and is on the right path to drive growth and shareholder value - The company's strategic transformation plan is showing early positive results, contributing to a **strong start to the fiscal year**[4](index=4&type=chunk) - Comparable store sales and traffic results **outperformed the Casual Dining industry**, indicating positive momentum[4](index=4&type=chunk) - Management is confident that current strategic initiatives will **drive growth and create significant shareholder value**[4](index=4&type=chunk) [Fiscal 2025 Outlook](index=2&type=section&id=Fiscal%202025%20Outlook) The company reaffirmed its full-year fiscal 2025 guidance, expecting total revenue between $3.4 billion and $3.5 billion and adjusted EBITDA of $200 million to $215 million. The outlook includes plans for new store openings, anticipated commodity and wage inflation, and capital expenditures of $160 million to $180 million Reaffirmed Fiscal 2025 Outlook | Metric | Guidance | | :--- | :--- | | Total Revenue | $3.4 billion to $3.5 billion | | New Stores | 2 Cracker Barrel, 3-4 Maple Street Biscuit Co. | | Commodity Inflation | 2% to 3% | | Hourly Wage Inflation | 3% to 4% | | Adjusted EBITDA | $200 million to $215 million | | Capital Expenditures | $160 million to $180 million | - The company's outlook is subject to risks from macroeconomic conditions such as ongoing inflation, low consumer confidence, and high interest rates[5](index=5&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=4&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP financial metrics to non-GAAP measures like Adjusted Net Income and Adjusted EBITDA, providing a clearer view of operational performance [Adjusted Net Income and Earnings Per Share](index=4&type=section&id=Adjusted%20Net%20Income%20and%20Earnings%20Per%20Share) The company provides a reconciliation of GAAP Net Income to Adjusted Net Income. For Q1 FY2025, GAAP Net Income of $4.8 million was adjusted for items such as strategic transformation expenses ($3.3M) and proxy contest costs ($3.0M), resulting in an Adjusted Net Income of $10.2 million. This translates to a GAAP diluted EPS of $0.22 and an Adjusted diluted EPS of $0.45 - **Adjusted Net Income** is calculated by excluding specific items from GAAP Net Income, such as impairment charges, proxy contest expenses, CEO transition costs, and strategic transformation initiative expenses, to provide investors with an enhanced understanding of financial results and comparability[11](index=11&type=chunk) Q1 Net Income & EPS Reconciliation (GAAP vs. Adjusted) | Metric (in thousands, except per share) | Q1 FY2025 (preliminary) | Q1 FY2024 | | :--- | :--- | :--- | | GAAP Net Income | $4,844 | $5,456 | | **Adjusted Net Income** | **$10,165** | **$8,837** | | GAAP Diluted EPS | $0.22 | $0.25 | | **Adjusted Diluted EPS** | **$0.45** | **$0.40** | [EBITDA and Adjusted EBITDA](index=5&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) The report details the calculation of EBITDA and Adjusted EBITDA from GAAP Net Income. For Q1 FY2025, GAAP Net Income of $4.8 million was reconciled to an Adjusted EBITDA of $45.8 million by adding back depreciation, interest, taxes, and other specific expenses. This represents a 4.3% year-over-year increase from the prior year's Adjusted EBITDA of $43.9 million - **Adjusted EBITDA** is presented to provide an enhanced understanding of operating performance and debt leverage metrics. It is calculated by taking GAAP Net Income and adding back depreciation, amortization, interest, taxes, and other specific items like share-based compensation and strategic initiative expenses[13](index=13&type=chunk) Q1 EBITDA Reconciliation (in thousands) | Metric | Q1 FY2025 (preliminary) | Q1 FY2024 | | :--- | :--- | :--- | | GAAP Net Income | $4,844 | $5,456 | | EBITDA | $36,225 | $38,082 | | **Adjusted EBITDA** | **$45,806** | **$43,897** | | Adjusted EBITDA Margin | 5.4% | 5.3% | [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines the inherent risks and uncertainties associated with forward-looking projections, emphasizing that actual results may differ materially - The press release contains forward-looking statements concerning projections, plans, and future economic performance, which are subject to risks and uncertainties that could cause actual results to differ materially[10](index=10&type=chunk) - Identified risks include inflation, supply chain disruptions, competition, changes in consumer behavior, and interest rate changes[10](index=10&type=chunk) - The preliminary financial information presented is unaudited and subject to change as the company completes its financial close procedures[10](index=10&type=chunk)

Core Insights - Cracker Barrel Old Country Store, Inc. reported total revenue of $845.1 million for the first quarter of fiscal 2025, reflecting a 2.6% increase compared to the same period last year [2][4][15] - Comparable store restaurant sales rose by 2.9%, significantly outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points [2][4] - GAAP net income for the quarter was $4.8 million, representing an 11.2% decrease from the prior year, while adjusted EBITDA increased by 4.3% to $45.8 million [5][6][25] Financial Performance - Total revenue for the first quarter was $845.1 million, up from $823.8 million in the previous year [15][21] - Comparable store restaurant sales increased by 2.9%, driven by a total menu pricing increase of 4.7% [4][21] - Comparable store retail sales decreased by 1.6% compared to the prior year [2][4] Earnings and Income - GAAP earnings per diluted share were $0.22, a decrease of 12.0% from $0.25 in the prior year [6][26] - Adjusted earnings per diluted share were $0.45, reflecting a 12.5% increase from $0.40 in the previous year [6][26] - GAAP net income was $4.8 million, or 0.6% of total revenue, down from $5.5 million, or 0.7% of total revenue, in the prior year [5][26] Strategic Outlook - The company reaffirmed its fiscal 2025 outlook, expecting total revenue between $3.4 billion and $3.5 billion, with adjusted EBITDA projected at $200 million to $215 million [7][8] - Plans include opening two new Cracker Barrel stores and 3 to 4 new Maple Street Biscuit Company units [7][8] - The company anticipates commodity inflation of 2% to 3% and hourly wage inflation of 3% to 4% compared to the prior year [7][8] Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on February 12, 2025, to shareholders of record as of January 17, 2025 [7]

Core Points - Cracker Barrel's shareholders have elected all 10 recommended nominees to the Board of Directors during the 2024 Annual Meeting [1] - The Board expressed gratitude for shareholder support and engagement over recent months [2] - The company is optimistic about its strategic transformation plan and its potential to drive growth and value creation [3] Board Election Results - The preliminary vote count indicates that Carl Berquist, Jody Bilney, Meg Crofton, Gilbert Dávila, John Garratt, Michael Goodwin, Cheryl Henry, Julie Masino, Gisel Ruiz, and Darryl "Chip" Wade have been elected [1] - Sardar Biglari and Milena Alberti-Perez, nominated by entities controlled by Mr. Biglari, did not receive sufficient support [1] Strategic Outlook - The Board is encouraged by shareholder support for the company's strategic imperatives and is committed to maintaining engagement with shareholders [3] - The company welcomes Michael Goodwin to the Board, highlighting his IT and strategic leadership experience [4] - The final results of the election will be reported on a Form 8-K filed with the Securities and Exchange Commission [5]

Core Viewpoint - Cracker Barrel is urging shareholders to vote for its recommended director nominees to maintain the momentum of its strategic transformation plan and protect shareholder value [1][10]. Group 1: Strategic Transformation Plan - The strategic transformation plan is gaining momentum, as indicated by preliminary first quarter FY 2025 results and a reaffirmed outlook for FY 2025, with early favorable results in comparable store sales and traffic that outperformed the Casual Dining industry [2]. - The Board and management are implementing the long-term strategic transformation plan with urgency, pacing investments by testing initiatives and scaling those with the highest returns [3]. Group 2: Capital Spending and Investments - The company clarifies that it plans to spend $225 - $325 million in incremental capital over the next three years, contrary to claims of $600 - $700 million for store remodels, with other investments focusing on technology improvements and a successful loyalty program [4]. Group 3: Board Composition and Governance - Carl Berquist and Meg Crofton are highlighted as change agents on the Board, bringing stability and institutional knowledge, with significant changes in Board composition over the past year [5]. - Multiple proxy advisory firms recommend shareholders withhold support for Sardar Biglari and Milena Alberti-Perez due to poor corporate governance history and lack of relevant industry experience [6]. Group 4: Recommended Director Nominees - The company expresses confidence that its 10 recommended director nominees possess the necessary skills to ensure Cracker Barrel's future success and the effective implementation of the strategic transformation plan [7]. Group 5: Shareholder Meeting Information - The Annual Meeting of Shareholders is scheduled for November 21, 2024, with shareholders entitled to vote if on record as of September 27, 2024 [8].

Core Insights - Cracker Barrel Old Country Store, Inc. (CBRL) reported a strong start to fiscal 2025, with preliminary results indicating revenues of nearly $845.1 million, surpassing the Zacks Consensus Estimate of $824 million [3][4] - Comparable store sales increased by 2.9% year over year, outperforming the Black Box Intelligence Casual Dining Index by approximately 290 basis points [3] - The company anticipates GAAP earnings per share of about 22 cents and adjusted earnings per share of 45 cents, with adjusted EBITDA expected to be around $45.8 million, reflecting a 4.3% year-over-year increase [4] Financial Performance - For fiscal 2025, CBRL expects total revenues to be in the range of $3.4 billion to $3.5 billion, compared to $3.47 billion reported in fiscal 2024 [5] - Adjusted EBITDA for the fiscal year is projected to be between $200 million and $215 million [5] - The company is facing commodity inflation projected at 2% to 3% and hourly wage inflation expected to be 3% to 4% year over year [5] Strategic Initiatives - CBRL plans to open three to four new Maple Street Biscuit Company units and two new Cracker Barrel stores, with capital expenditures estimated between $160 million and $180 million [6] - The company’s stock has increased by 18.5% over the past three months, outperforming the industry growth of 8.3% [6]

Company Performance - Cracker Barrel's stock climbed as its preliminary first-quarter results exceeded analysts' expectations [1] - The company expects revenue of $845.1 million, up 2.6% year-over-year, surpassing the analyst consensus from Visible Alpha [2] - Adjusted earnings per share were 45 cents, compared to 40 cents a year ago, beating analyst estimates [2] Sales Performance - Same-store restaurant sales improved by 2.9% [2] - Same-store retail sales declined by 1.6% [2] Stock Performance - Shares of Cracker Barrel improved more than 8% intraday Thursday [2] - Despite the intraday gain, shares are down by about 33% year-to-date [1][2]

Core Insights - Cracker Barrel Old Country Store (CBRL) reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, but down from $0.51 per share a year ago, indicating an earnings surprise of 12.50% [1] - The company generated revenues of $845.09 million for the quarter ended October 2024, surpassing the Zacks Consensus Estimate by 2.52% and up from $823.84 million year-over-year [2] - Cracker Barrel shares have declined approximately 41.3% year-to-date, contrasting with the S&P 500's gain of 25.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.96 on revenues of $936 million, while the estimate for the current fiscal year is $2.94 on revenues of $3.44 billion [7] - The estimate revisions trend for Cracker Barrel is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Retail - Restaurants industry, to which Cracker Barrel belongs, is currently in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

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

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 No ...

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, 2 ...