Company Overview - Cracker Barrel Old Country Store (CBRL) shares increased by 13.4% to close at $62.05, supported by higher trading volume compared to normal sessions [1] - The stock has gained 5.6% over the past four weeks [1] Strategic Initiatives - The rise in shares is attributed to various strategic initiatives including menu innovations, sales-building efforts, loyalty programs, and unit expansion, which have positively influenced investor sentiment [2] Earnings Expectations - Cracker Barrel is expected to report quarterly earnings of $1 per share, reflecting a year-over-year decline of 27% [3] - Revenue is anticipated to be $941.1 million, representing a 0.6% increase from the same quarter last year [3] Earnings Estimate Trends - The consensus EPS estimate for Cracker Barrel has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold) [4] Industry Comparison - Cracker Barrel is part of the Zacks Retail - Restaurants industry, where another competitor, Cheesecake Factory (CAKE), saw a 6.2% increase in shares, closing at $51.79 [4] - Cheesecake Factory's consensus EPS estimate has increased by 0.6% over the past month to $0.91, marking a 13.8% rise from the previous year [5]

Core Insights - The company is well-positioned for sustained growth through market share expansion, enhanced guest experiences, and improved profitability, despite concerns from softness in the retail segment and elevated cost pressures [1] Growth Initiatives - Cracker Barrel is implementing a back-of-house optimization initiative to enhance menu offerings, improve profitability, and increase employee job satisfaction, with the first phase focusing on process improvements and a just-in-time approach [2] - The company has seen a 29.9% increase in shares over the past six months, outperforming the industry average of 8.6%, driven by menu innovation, digital initiatives, and strategic remodels [3] - Investments in technology are aimed at enhancing the digital store experience and revamping the app to streamline ordering and provide a personalized experience [4] Financial Performance - In the first quarter of fiscal 2025, the adjusted operating margin contracted by 60 basis points year over year to 0.8%, primarily due to rising labor and operating expenses, with commodity inflation at approximately 1.9% [5] - The company anticipates commodity inflation to be between 2% and 3% and hourly restaurant wage inflation to be around 3% to 4% for fiscal 2025 [5] Menu and Brand Strategy - Enhanced menu offerings have led to strong average check growth and increased customer traffic, supported by a barbell pricing strategy that balances value and premium options [10] - The company is redefining its brand through in-store design improvements, with 19 stores updated and 12 refreshed, aiming for 25-30 remodels and refreshes each year [11] Retail Segment Challenges - The retail segment is facing challenges, with comparable store retail sales declining by 1.6% year over year due to decreased guest traffic, influenced by macroeconomic factors such as inflation and higher interest rates [12] Conclusion - While the company shows potential for growth through various initiatives, challenges such as declining retail sales and cost pressures necessitate a cautious approach [13]

Core Insights - Cracker Barrel Old Country Store, Inc. (CBRL) reported first-quarter fiscal 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, showing growth compared to the prior-year quarter [1][3][4] Financial Performance - Adjusted earnings per share (EPS) for the first quarter were 45 cents, surpassing the Zacks Consensus Estimate of 40 cents and up from 40 cents in the prior-year quarter [3] - Quarterly revenues reached $845.1 million, exceeding the consensus mark of $824 million, and increased by 2.6% year over year [4] - Comparable-store restaurant sales rose by 2.9% year over year, while comparable-store retail sales declined by 1.6% [5] Cost and Expenses - The cost of goods sold (excluding depreciation and rent) was $258.9 million, down 1% year over year, and represented 30.6% of total revenues, a decrease of 40 basis points from the previous year [6] - General and administrative expenses totaled $59.6 million, reflecting a 22% increase year over year [6] Net Income and Balance Sheet - Adjusted net income for the quarter was $10.2 million, compared to $8.8 million in the year-ago quarter [7] - As of November 1, 2024, cash and cash equivalents were $11.5 million, down from $13.9 million as of October 27, 2023, while inventory decreased to $201.9 million from $207.7 million [8] Debt and Dividends - Long-term debt increased to $527 million from $475.3 million as of October 27, 2023 [9] - CBRL declared a cash dividend of 25 cents per share, payable on February 12, 2025, to shareholders on record as of January 17 [9] Future Guidance - For fiscal 2025, CBRL expects revenues between $3.4 billion and $3.5 billion, with adjusted EBITDA anticipated to be between $200 million and $215 million [10] - Management projects commodity inflation of 2% to 3% and hourly wage inflation of 3% to 4% year over year [10] - The company plans to open three to four new Maple Street Biscuit company units, with capital expenditures projected between $160 million and $180 million [11]

Financial Data and Key Metrics - Total revenue for Q1 2025 was $845.1 million, up 2.6% YoY [34] - Restaurant revenues increased 3.4% to $683.3 million, while retail revenues decreased 0.8% to $161.8 million [34] - Comparable store restaurant sales increased 2.9% YoY, with pricing contributing approximately 4.7% [35] - Adjusted EBITDA was $45.8 million, or 5.4% of total revenue, compared to $43.9 million, or 5.3% of total revenue in the prior year quarter [47] - Hourly turnover improved by 17 percentage points [13] Business Line Performance - Off-premise sales accounted for 18.4% of restaurant sales [36] - Comparable store retail sales decreased 1.6% YoY, with declines in decor and toys categories partially offset by increases in kitchen food and bed and bath categories [37] - Retail cost of goods sold decreased by 70 basis points to 49.7% of retail sales, driven by higher vendor allowances and initial margin [39] Market Performance - The company outperformed the Black Box Casual Dining Industry by 290 basis points in comparable store sales [11] - Dinner traffic improved by over 600 basis points compared to the prior year quarter and 200 basis points compared to Q4 [20] - The Northeast and Midwest regions showed stronger performance, while Texas was relatively softer [141] Strategic Direction and Industry Competition - The company's transformation plan focuses on five pillars: refining the brand, enhancing the menu, evolving the store and guest experience, winning in digital and off-premise, and elevating the employee experience [15] - Menu innovation, including new items like Hashbrown Casserole Shepherd's Pie and Pot Roast, has driven traffic growth, particularly at dinner [17][20] - The company is testing and learning with remodels, with 25 to 30 remodels and 25 to 30 refreshes expected in FY 2025 [29] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the progress of the transformation plan, with initiatives gaining traction and momentum [32] - The company expects total revenue of $3.4 billion to $3.5 billion for FY 2025, with pricing contributing approximately 5% [51] - Adjusted EBITDA for FY 2025 is expected to be between $200 million and $250 million, excluding consulting fees and proxy contest expenses [53] Other Important Information - The company declared a quarterly dividend of $0.25 per share, payable on February 12, 2025 [49] - Capital expenditures for FY 2025 are expected to be between $160 million and $180 million [55] Q&A Session Summary Question: Thanksgiving Week Performance and Q2 Momentum [57] - Thanksgiving week results were in line with expectations, with a focus on improving the guest and employee experience [58][59] - The company is pleased with Q2 performance so far, with a focus on dine-in occasions [60] Question: Loyalty Program Performance [62] - The loyalty program has over 6 million members, with members visiting more frequently and spending more than non-members [63] - The program has shown success in driving incremental retail sales through targeted offers [64] Question: Efficiency Efforts and Back-of-House Optimization [67] - Initial efficiency efforts are focused on labor productivity and job satisfaction, with potential benefits in waste reduction and employee experience [69] - The company expects $50 million to $60 million in structural cost savings over three years [69] Question: Retail Business Outlook and Gross Margins [71] - The retail business faces industry headwinds but remains a key differentiator for the brand [72] - Retail margins were strong in Q1 but are expected to be slightly unfavorable for the full year due to industry challenges [77] Question: Gift Card Breakage and Atypical Items [80] - The $6 million gift card breakage benefit is a timing impact and will largely be offset in Q2 [83] - Atypical items, including reserve increases and legal settlements, resulted in a net drag of $3.3 million to EBITDA [86] Question: Remodel Program and Performance [93] - The company is testing different remodel tiers and refreshes, with 25 to 30 remodels and 25 to 30 refreshes planned for FY 2025 [96] - The company is focused on understanding the economics and efficacy of the remodel spend before making final decisions on the program's scope [97] Question: Menu Innovation and Marketing [103] - Menu innovation is driven by guest feedback and culinary team efforts, with new items like Pot Roast and Hashbrown Casserole Shepherd's Pie resonating strongly [104][108] - Marketing efforts are being refined under a new CMO, with a focus on targeted communication and loyalty program integration [114][115] Question: Average Check Growth and Value Perception [121] - Average check growth was 5.8% in Q1, with 4.7% from pricing and 1.1% from favorable mix [123] - The company's value proposition is supported by menu abundance and loyalty program benefits, with value scores improving [131][134] Question: Regional Performance and Remodel Initiatives [140] - Regional performance was steady, with stronger results in the Northeast and Midwest [141] - The company is in the early stages of its transformation plan, with some initiatives moving from "transform" to "run" status, such as pricing and loyalty [145][146]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended November 01, 2024 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 001-25225 Cracker Barrel Old Country Store, Inc. (Exact name of registrant as specified in its charter) Tennes ...

Exhibit 99.1 Post Office Box 787 Lebanon, Tennessee 37088-0787 Investor Contact: Adam Hanan (615) 443-9887 Media Contact: Heidi Pearce (615) 235-4135 CRACKER BARREL REPORTS PRELIMINARY FIRST QUARTER FISCAL 2025 RESULTS AND REAFFIRMS FISCAL 2025 OUTLOOK Strategic Transformation Plan on Track LEBANON, Tenn. – November 14, 2024 – 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 20 ...

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]