UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 OR Cracker Barrel Old Country Store, Inc. (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code: (615) 444-5533 CBRL The Nasdaq Stock Market LLC (Nasdaq Global Select Market) Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large ac ...

Investor Contact: Adam Hanan (615) 443-9887 Media Contact: Heidi Pearce (615) 235-4135 Exhibit 99.1 POST OFFICE BOX 787 LEBANON, TENNESSEE 3708B-0787 CRACKER BARREL REPORTS SECOND QUARTER FISCAL 2024 RESULTS Board declares $1.30 quarterly dividend per share LEBANON, Tenn. – February 27, 2024 – Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2024 ended January 26, 2024. Second Quarter Fiscal 2024 H ...

Wall Street analysts expect Cracker Barrel Old Country Store (CBRL) to post quarterly earnings of $1.29 per share in its upcoming report, which indicates a year-over-year decline of 12.8%. Revenues are expected to be $915.84 million, down 1.9% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company reveals its earnings, ...

Cracker Barrel Old Country Store, Inc. (CBRL) is slated to report its second-quarter fiscal 2024 results on Feb 27 before the opening bell.In the last reported quarter, the company’s earnings and revenues missed the Zacks Consensus Estimate by 34.6% and 0.3%, respectively. Also, the top and the bottom lines declined on a year-over-year basis by 1.9% and 48.5%, respectively.CBRL’s earnings surpassed expectations in two out of the trailing four quarters and missed on the other two occasions, the average negat ...

U.S. restaurant businesses thrived in 2023 after an impressive turnaround in 2022. Sales at U.S. restaurants were not impacted much despite severe inflationary pressure. The momentum is likely to continue in 2024.Restaurant sales increased for the 11th successive month in January. The Department of Commerce's latest report indicates sustained growth, with sales at U.S. bars and restaurants reaching $95.1 billion in January, marking a 0.7% increase from December.Year over year, spending on restaurants and ba ...

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I went hunting for income earlier this week, somewhat out of necessity. Allow me a chance to explain.Over the past couple of years, I haven't had a problem parking my idle cash in a money market fund. With current yields above 5% -- and until recently rising -- it was a logical place to ride out the market volatility beyond my highest conviction stocks.However, with fixed income rates starting to head lower and likely to continue, I was looking to move some of that allocation back into income-generating sto ...

Financial Data and Key Metrics Changes - Total revenue for Q1 was $823.8 million, with adjusted operating income margin at 2.3% [12][20] - GAAP earnings per diluted share were $0.25, while adjusted earnings per diluted share were $0.51 [7][20] - Adjusted EBITDA was $45.7 million, representing 5.5% of total revenue [7] Business Line Data and Key Metrics Changes - Restaurant revenue decreased by 0.2% to $660.8 million, while retail revenue decreased by 8% to $163 million compared to the prior year [20] - Comparable store sales declined by 0.5% year-over-year, with retail comparable store sales down by 8.1% [20] - Off-premise sales accounted for approximately 17.5% of restaurant sales, with catering business growing over 50% year-over-year [20] Market Data and Key Metrics Changes - The retail environment remains challenging, with sales declines across most categories, attributed to lower restaurant traffic and price-conscious guests [13] - Labor and related expenses were 37% of revenue, up from 34.8% in the prior year, driven by investments in additional labor hours [21] Company Strategy and Development Direction - The company is focused on enhancing guest experience and operational efficiency, with investments in marketing and labor to drive traffic [8][17] - A strategic transformation initiative is underway to refine brand strategies and improve profitability, with a focus on evolving the business model [28][51] - The Cracker Barrel Rewards loyalty program is expected to be a key differentiator and traffic driver, with positive guest response and enrollment exceeding expectations [6][19] Management's Comments on Operating Environment and Future Outlook - The operating environment is described as uncertain and mixed, with some positives such as moderating inflation and resilient consumer behavior, but also caution due to declining consumer sentiment [9] - The company anticipates full-year revenue of $3.4 billion to $3.5 billion, with pricing expected to moderate sequentially throughout the year [47] Other Important Information - The company declared a quarterly dividend of $1.30 per share, payable on February 13, 2024 [46] - The effective tax rate for the first quarter was 15.7% GAAP and 19.9% adjusted [7] Q&A Session Summary Question: Can you provide context around expectations for the consumer and the macro environment? - Management noted that while the consumer is pressured, they are still dining out and making choices, with a focus on effective communication to remain top of mind [32] Question: What are the traffic trends and expectations for the rest of the year? - Traffic for Q1 was negative 7.1%, but there are signs of improvement with sequential monthly increases noted [66] Question: How is the company managing its retail inventory and sales performance? - The company is managing inventory levels effectively, focusing on profitability rather than top-line growth in the retail segment [63] Question: What are the expectations for commodity inflation and its impact on margins? - The company expects mild commodity inflation for the rest of the year, with some cost pressures anticipated [88] Question: Can you elaborate on the marketing strategies and their effectiveness? - Increased media spend and refined messaging have resulted in positive returns, particularly in local TV and sports advertising [85]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited financial statements, management's discussion, market risk, and controls [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) This section presents the company's unaudited condensed consolidated financial statements for the quarter [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This statement details the company's revenues, costs, and net income for the specified quarterly periods Condensed Consolidated Statements of Income (Unaudited, in thousands, except per share data) | Metric | Quarter Ended Oct 27, 2023 | Quarter Ended Oct 28, 2022 | | :--- | :--- | :--- | | **Total revenue** | **$823,839** | **$839,519** | | Cost of goods sold | $255,559 | $281,540 | | Operating income | $11,413 | $23,619 | | Income before income taxes | $6,475 | $20,087 | | **Net income** | **$5,456** | **$17,129** | | **Diluted EPS** | **$0.25** | **$0.77** | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and equity at specific balance sheet dates Condensed Consolidated Balance Sheets (Unaudited, in thousands) | Metric | October 27, 2023 | July 28, 2023 | | :--- | :--- | :--- | | Total current assets | $287,689 | $282,287 | | Property and equipment – net | $968,441 | $971,945 | | **Total assets** | **$2,219,631** | **$2,218,094** | | Total current liabilities | $461,898 | $488,966 | | Long-term debt | $475,340 | $414,904 | | **Total liabilities** | **$1,759,379** | **$1,734,269** | | **Total shareholders' equity** | **$460,252** | **$483,825** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) | Metric | Three Months Ended Oct 27, 2023 | Three Months Ended Oct 28, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($15,797) | ($600) | | Net cash used in investing activities | ($24,598) | ($21,460) | | Net cash provided by financing activities | $29,162 | $15,660 | | **Net decrease in cash and cash equivalents** | **($11,233)** | **($6,400)** | | Cash and cash equivalents, end of period | $13,914 | $38,705 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide additional details and explanations for the figures presented in the financial statements - The company's debt includes a **$700 million** revolving credit facility, with **$180 million** outstanding as of October 27, 2023, and **$300 million** in 0.625% Convertible Senior Notes due in 2026[60](index=60&type=chunk)[64](index=64&type=chunk) Revenue by Source (in thousands) | Revenue Source | Quarter Ended Oct 27, 2023 | Quarter Ended Oct 28, 2022 | | :--- | :--- | :--- | | Restaurant | $660,793 | $662,234 | | Retail | $163,046 | $177,285 | | **Total revenue** | **$823,839** | **$839,519** | - The company launched its 'Cracker Barrel Rewards' loyalty program in the first quarter of fiscal 2024. As of October 27, 2023, deferred revenue related to the program was **$419 thousand**[96](index=96&type=chunk)[76](index=76&type=chunk) - Total future minimum lease payments under operating leases amount to **$1.137 billion**, with a present value of **$754.3 million** as of October 27, 2023[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance, liquidity, capital resources, and critical accounting estimates [Results of Operations](index=19&type=section&id=Results%20of%20Operations) This section details the company's revenue, cost of goods sold, and expense trends for the reporting period Comparable Store Sales Increase (Decrease) vs. Prior Year | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Restaurant | (0.5%) | 7.1% | | Retail | (8.1%) | 4.3% | | **Restaurant and retail** | **(2.1%)** | **6.5%** | | Average check increase | 6.6% | 8.9% | | Comparable restaurant guest traffic decrease | (7.1%) | (1.8%) | - The decrease in guest traffic reflects lower consumer demand due to macroeconomic factors such as inflation, higher interest rates, and lower savings rates[115](index=115&type=chunk) - Cost of goods sold as a percentage of total revenue decreased from **33.5%** to **31.0%**, primarily due to **2.3%** commodity deflation in the restaurant segment[113](index=113&type=chunk)[116](index=116&type=chunk) - Labor and related expenses increased to **37.0%** of total revenue from **34.8%** in the prior year, driven by higher staffing levels and investments to improve the guest experience[117](index=117&type=chunk)[118](index=118&type=chunk) - Other store operating expenses rose to **24.7%** of revenue from **23.4%**, mainly due to higher advertising spending for the new loyalty program and a shift in holiday marketing timing[121](index=121&type=chunk)[123](index=123&type=chunk) - General and administrative expenses increased to **5.9%** of revenue from **5.5%**, primarily due to severance costs from corporate restructuring[151](index=151&type=chunk)[125](index=125&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash flow, debt, and capital expenditure plans - Primary liquidity sources are cash from operations and a **$700 million** revolving credit facility. As of October 27, 2023, the company had **$487.5 million** in borrowing availability[153](index=153&type=chunk)[154](index=154&type=chunk) - Net cash used in operating activities was **$15.8 million** for the first three months of 2024, compared to **$0.6 million** in the prior year, mainly due to lower net income and higher bonus payments[129](index=129&type=chunk) - Capital expenditures for fiscal 2024 are estimated to be between **$120 million** and **$135 million**[181](index=181&type=chunk) - The company paid a regular quarterly dividend of **$1.30 per share** during the first three months of 2024. No shares were repurchased during this period[158](index=158&type=chunk)[183](index=183&type=chunk) [Critical Accounting Estimates](index=25&type=section&id=Critical%20Accounting%20Estimates) This section outlines key accounting policies requiring significant management judgment and estimation - Management identifies four critical accounting estimates that involve significant judgments and uncertainties: Impairment of Long-Lived Assets, Insurance Reserves, Retail Inventory Valuation, and Lease Accounting[190](index=190&type=chunk)[163](index=163&type=chunk) - The company self-insures a significant portion of its workers' compensation and general liability programs, with reserves based on annual actuarial studies[193](index=193&type=chunk) - Retail inventory is valued using the retail inventory method (RIM), which requires estimates for markons, markdowns, and shrinkage[167](index=167&type=chunk)[204](index=204&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risks, primarily from interest rate fluctuations on variable-rate debt - The company is exposed to interest rate risk on its outstanding borrowings under the revolving credit facility, which bear interest based on rates like SOFR or a base rate[3](index=3&type=chunk) - A one-percentage point change in interest rates would impact pre-tax annualized earnings by approximately **$1.8 million** based on the **$180 million** of outstanding borrowings[3](index=3&type=chunk) - There have been no material changes in the company's market risks since July 28, 2023[206](index=206&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control - Based on an evaluation as of the end of the period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[207](index=207&type=chunk) - There were no changes during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[199](index=199&type=chunk) [PART II. OTHER INFORMATION](index=28&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers additional disclosures including risk factors, other information, and a list of exhibits [Item 1A. Risk Factors](index=28&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the company's 2023 Form 10-K have been reported - There have been no material changes in the risk factors previously disclosed in the company's 2023 Form 10-K[173](index=173&type=chunk) [Item 5. Other Information](index=28&type=section&id=ITEM%205.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the quarter[208](index=208&type=chunk) [Item 6. Exhibits](index=28&type=section&id=ITEM%206.%20Exhibits) This section provides an index of exhibits, including corporate governance documents and CEO/CFO certifications - The report includes an index of exhibits, such as the company's charter and bylaws, a separation agreement, and CEO/CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[209](index=209&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended July 28, 2023 OR Cracker Barrel Old Country Store, Inc. (Exact name of registrant as specified in its charter) 305 Hartmann Drive 37087-4779 Lebanon, Tennessee (Address of principal executive offices) (Zip code) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ( ...