Revenue Performance - Total revenue for the second quarter of 2025 increased by 1.5% compared to the same period in the prior year, while revenue for the first six months increased by 2.0%[88] - Total revenue for the second quarter of 2025 was $949,439, an increase of 1.1% from $935,401 in the same period of 2024[1] - Comparable restaurant sales increased by 4.7% in the second quarter of 2025, driven by an average check increase of 7.4%[1][2] - Retail sales decreased by 2.8% in the first six months of 2025, primarily due to a decline in guest traffic[2][3] Cost and Expenses - Cost of goods sold as a percentage of total revenue decreased from 33.7% in Q2 2024 to 32.6% in Q2 2025[84] - Cost of Goods Sold (COGS) for restaurants decreased to 27.1% of restaurant revenue in the second quarter of 2025, down from 28.2% in the prior year[1][4] - Labor and other related expenses as a percentage of total revenue remained relatively stable, decreasing slightly from 34.5% in Q2 2024 to 34.4% in Q2 2025[84] - Labor and related expenses accounted for 34.4% of total revenue in the second quarter of 2025, a slight decrease from 34.5% in the same period of 2024[1][5] - General and administrative expenses increased to 6.5% of total revenue in the second quarter of 2025, up from 5.6% in the prior year, due to higher professional fees[1][6] Operating Performance - Operating income for the second quarter of 2025 was 3.1% of total revenue, compared to 3.3% in the same quarter of the previous year[84] - The effective tax rate for the second quarter of 2025 was 8.0%, compared to a benefit of (3.3)% in the same period of 2024[1][7] - The company recorded impairment charges of $2,163 in the second quarter of 2025 due to the deterioration in operating performance at certain locations[1][8] - Interest expense for the second quarter of 2025 was $4,978, remaining relatively constant compared to $5,067 in the same period of 2024[1][9] Strategic Initiatives - The company plans to complete 25-30 store remodels and refreshes in 2025 to enhance the guest experience[79] - The strategic transformation plan focuses on five pillars, including refining the brand and enhancing the menu to drive profitability[78] - Comparable store restaurant sales metrics are used to evaluate sales growth, excluding new store openings and sales related to MSBC[82] - The average check per guest is monitored to identify trends in guest preferences and the effectiveness of menu changes[83] Financial Outlook - The company anticipates challenges in the macroeconomic outlook, including inflation and high consumer debt levels, but remains focused on long-term growth[78] - The company expects commodity inflation to be approximately 2% to 3% in 2025[1][10] Cash Flow and Capital Expenditures - Cash generated from operations for the first six months of 2025 was $93,693, an increase of 51.3% compared to $61,879 in the same period of 2024[113] - Capital expenditures for the first six months of 2025 were $76,986, up 50.5% from $51,080 in the prior year, primarily for maintenance and remodel initiatives[114] - The company expects to increase capital expenditures to approximately $600,000 to $700,000 from 2025 to 2027, with $160,000 to $180,000 planned for 2025[115] Debt and Financing - As of January 31, 2025, the company had $491,996 available for borrowing under the 2022 Revolving Credit Facility after outstanding borrowings of $174,000[117] - The company has a $700,000 revolving credit facility with an option to increase by $200,000, which is subject to financial covenants[116] - A one-percentage point change in the $174,000 outstanding borrowings would impact pre-tax annualized interest costs by approximately $1,759[133] - The company issued $300,000 of 0.625% Convertible Senior Notes, maturing on June 15, 2026[119] - The company remains in compliance with the financial covenants of the 2022 Revolving Credit Facility as of January 31, 2025[118] Store Operations - As of January 31, 2025, the company operated 657 Cracker Barrel stores and 69 Maple Street Biscuit Company locations, totaling 726 units[72][87] - Negative working capital was $173,982 as of January 31, 2025, slightly improved from $175,993 on August 2, 2024[124]

Core Insights - Cracker Barrel Old Country Store (CBRL) reported revenue of $949.44 million for the quarter ended January 2025, reflecting a 1.5% increase year-over-year and a surprise of +0.80% over the Zacks Consensus Estimate of $941.93 million [1] - The earnings per share (EPS) for the quarter was $1.38, up from $1.37 in the same quarter last year, with a significant surprise of +36.63% compared to the consensus EPS estimate of $1.01 [1] Financial Performance Metrics - Comparable-store sales for the restaurant segment increased by 4.7%, outperforming the four-analyst average estimate of 2.2% [4] - Comparable-store sales for the retail segment showed a slight increase of 0.2%, compared to the average estimate of -0.9% from four analysts [4] - Company-owned units totaled 657, slightly below the three-analyst average estimate of 659 [4] - Retail revenues were reported at $198.76 million, which is a decrease of 2.8% year-over-year and below the average estimate of $203.12 million [4] - Restaurant revenues reached $733.30 million, reflecting a 2.7% year-over-year increase, but also fell short of the average estimate of $738.81 million [4] Stock Performance - Over the past month, Cracker Barrel's shares have returned -32.8%, contrasting with the Zacks S&P 500 composite's -3.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Performance - Total revenue for Q2 fiscal 2025 was $949.4 million, a 1.5% increase compared to Q2 fiscal 2024[5] - GAAP net income for Q2 was $22.2 million, a 16.3% decrease from $26.5 million in the prior year quarter[6] - Adjusted EBITDA for Q2 was $74.6 million, reflecting a 19.6% increase from $62.4 million in the prior year quarter[6] - Adjusted earnings per diluted share were $1.38, a 9.5% increase compared to $1.26 in the prior year quarter[7] - Total revenue for the second quarter ended January 31, 2025, was $949,439,000, representing a 2% increase compared to $935,401,000 for the same period last year[17] - Net income decreased by 16% to $22,207,000 for the second quarter, down from $26,534,000 in the prior year[17] - Earnings per share (EPS) on a diluted basis was $0.99, a decrease of 17% from $1.19 in the same quarter last year[17] - Operating income for the second quarter was $29,123,000, down 5% from $30,762,000 in the previous year[17] - Adjusted net income for the second quarter was $30,921 thousand, representing a 10.0% increase from $28,067 thousand in the prior year[25] - EBITDA for the second quarter was $59,357 thousand, with an EBITDA margin of 6.3%[27] - Adjusted EBITDA for the second quarter was $74,628 thousand, reflecting a margin of 7.9%[27] Revenue Guidance - The company expects fiscal 2025 total revenue to be between $3.45 billion and $3.50 billion, up from the previous outlook of $3.4 billion to $3.5 billion[11] - Adjusted EBITDA guidance for fiscal 2025 is now set at $210 million to $220 million, increased from the previous range of $200 million to $215 million[11] Store Operations - Comparable store restaurant sales increased by 4.7%, driven by total menu pricing increases of 6.0%[5] - The company plans to open 1 to 2 new Cracker Barrel stores, revised from the previous outlook of 2 stores[11] - The company-owned units for Cracker Barrel decreased by 1 unit to 657, while Maple Street Biscuit Company units increased to 69 from 63[23] Costs and Expenses - The company anticipates commodity inflation of 2% to 3% compared to the prior year, with hourly wage inflation around 3%[11] - Total cost of goods sold for the second quarter was $305,465,000, a decrease of 2% from $310,522,000 in the prior year[23] - The company incurred $5,263 thousand in proxy contest expenses during the second quarter[27] - Strategic transformation initiative expenses amounted to $3,965 thousand in the second quarter[27] Cash and Assets - Cash and cash equivalents at the end of the period were $10,346,000, down from $12,602,000 at the end of the previous year[20] - The company reported a net cash provided by operating activities of $93,693,000 for the six months ended January 31, 2025, compared to $61,879,000 for the same period last year[21] - Total assets decreased to $2,149,557,000 from $2,185,059,000 year-over-year[20] Dividends - The quarterly dividend declared is $0.25 per share, payable on May 14, 2025[8] Financial Reporting Changes - The company plans to enhance comparability of its financial measures by no longer adjusting for store closing costs starting from the second quarter of fiscal 2025[26]

Core Viewpoint - Cracker Barrel Old Country Store, Inc. (CBRL) is set to report its second-quarter fiscal 2025 results on March 6, with expectations of a significant decline in earnings per share (EPS) compared to the previous year, while revenues are projected to show a slight increase [1][2]. Financial Estimates - The Zacks Consensus Estimate for CBRL's fiscal second-quarter EPS is $1, reflecting a 27% decrease from $1.37 in the same quarter last year [2]. - Revenue estimates are set at $0.9 billion, indicating a 0.6% increase from the prior year's figure [2]. Factors Influencing Performance - The company's performance is expected to benefit from ongoing menu innovation and operational improvements, which are likely to enhance customer engagement [3]. - Store remodels and refreshes are anticipated to improve the overall dining experience, contributing to increased traffic and sales momentum [3]. Off-Premise Business Growth - The expansion of Cracker Barrel's off-premise business, including takeout and delivery services, is expected to positively impact second-quarter revenues [4]. - Digital initiatives, such as the Cracker Barrel Rewards program, are likely to enhance customer loyalty and drive incremental sales [4]. Retail Segment Challenges - The retail segment may face challenges, particularly in categories like decor and toys, which could offset gains in kitchen food and bed & bath products [5]. - Retail revenues are predicted to decline by 1.7% year over year to $200.9 million [5]. Cost Pressures - The company is navigating cost pressures, especially in key commodities like dairy, beef, and pork, which may affect margins [6]. - Inflationary trends and food cost volatility are expected to weigh on profitability, with adjusted EBITDA projected to fall 4.1% year over year to $59.9 million [6]. Earnings Prediction - Current models do not predict an earnings beat for Cracker Barrel, as the company has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell) [7][8].

Core Viewpoint - Analysts expect Cracker Barrel Old Country Store (CBRL) to report quarterly earnings of $1 per share, reflecting a year-over-year decline of 27% with revenues projected at $941.1 million, a slight increase of 0.6% from the previous year [1] Group 1: Earnings and Revenue Estimates - The consensus EPS estimate for the upcoming quarter has not changed over the past 30 days, indicating stability in analysts' projections [1] - Analysts predict 'Revenues- Retail' to be $202.77 million, showing a decrease of 0.9% from the prior-year quarter [4] - The consensus estimate for 'Revenues- Restaurant' is $738.36 million, indicating an increase of 3.4% from the prior-year quarter [4] Group 2: Store Metrics and Market Performance - The estimated total number of stores at the end of the period is projected to be 728, up from 725 a year ago [4] - Over the past month, Cracker Barrel shares have declined by 30.3%, contrasting with the Zacks S&P 500 composite's decline of 1.3% [5] - Based on its Zacks Rank 4 (Sell), CBRL is expected to underperform the overall market in the near future [5]

Core Insights - Cracker Barrel is undergoing a brand refresh to strengthen its connection with both loyal and new guests, guided by extensive guest research and data-driven insights [1][2] - The brand refresh includes visual elements, reimagined restaurant spaces, and innovative food and retail offerings while maintaining the brand's authentic charm [2][3] - The strategic transformation launched in May 2024 focuses on five key areas: brand identity, menu optimization, store execution, digital capabilities, and employee experience [3] Brand Refresh Details - The brand refresh is a collaborative effort involving industry-leading agencies to define Cracker Barrel's evolved identity [2][6] - Prophet is partnering with Cracker Barrel to shape a new brand vision that enhances market share while preserving the company's heritage [6] - Viral Nation will support social media transformation, focusing on engagement and ROI through advanced strategies and AI technology [6] - Blue Engine will enhance storytelling and public relations, ensuring consistent messaging and elevating the brand's narrative [6] Company Overview - Cracker Barrel Old Country Store, Inc. operates approximately 660 locations across 43 states and owns the fast-casual Maple Street Biscuit Company [4]

Core Viewpoint - Cracker Barrel Old Country Store, Inc. will hold a second quarter earnings conference call on March 6, 2025, to discuss financial results for the fiscal second quarter ended January 31, 2025 [1][2]. Company Overview - Cracker Barrel was established in 1969 in Lebanon, Tennessee, and operates approximately 660 locations [3]. - The company also owns the fast-casual Maple Street Biscuit Company [3]. Event Details - The live webcast of the earnings conference call will begin at 11:00 a.m. Eastern Time on March 6, 2025, and will be available online [2]. - An online replay of the conference call will be accessible starting at 2:00 p.m. Eastern Time on the same day and will continue through March 20, 2025 [2].

Group 1 - The company specializes in analyzing restaurant stocks in the U.S. market, covering various segments such as QSR, fast casual, casual dining, fine dining, and family dining [1] - Advanced analytical models and specialized valuation techniques are employed to provide detailed insights and actionable strategies for investors [1] - The founder actively engages in academic and journalistic initiatives, contributing to institutions that promote individual and economic freedom [1] Group 2 - The company has a solid foundation in Business Administration and Accounting, complemented by an MBA in Forensic Accounting and Controllership [1] - Previous experience includes being a columnist discussing topics like monetary policy, financial education, and financial modeling [1]

Group 1 - The article discusses different trading strategies, emphasizing short-term momentum trading and long-term contrarian and deep value plays [1] - It highlights the importance of using mathematical equations and technical analysis for making trading decisions [1] - The author advises traders to act quickly on opportunities, cut losses rapidly, and maintain a low-risk profile [1] Group 2 - The article mentions that the author has a beneficial long position in CBRL shares, indicating a personal investment interest [2] - It clarifies that the opinions expressed are solely those of the author and not influenced by any compensation or business relationships [2] - The disclosure emphasizes that the author's investment position may change at any time for any reason [2]

Core Insights - Cracker Barrel is launching a new spring menu featuring a variety of pancake dishes and other flavorful items to attract customers [1][2][4] Pancake Offerings - The new menu includes OREO® Stuffed Cheesecake Pancakes and Strawberry Cheesecake Pancakes, both served with eggs and a choice of bacon or sausage [1] - Signature Pancake Platters are introduced with six flavor options: Blueberry, Pecan, Chocolate Chip, Fresh Strawberry, Cinnamon Spiced Apples, and Country Peach, also served with eggs and a choice of bacon or sausage [2] Additional Menu Items - New dishes include the Louisiana-Style Shrimp Skillet with grilled shrimp and seasoned rice, and Shrimp n' Grits featuring shrimp in a creole sauce served over creamy grits [3][4] - Other new items include Onion Petals with Country Comeback Sauce, Strawberry Icebox Pie, Pancake Latte, and Strawberry Peach Lemonade [8] Company Overview - Cracker Barrel Old Country Store, Inc. operates approximately 660 locations across 43 states and also owns the Maple Street Biscuit Company [6]