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]

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 ...