Cracker Barrel(US:CBRL)2025-09-26 14:35Store Operations - As of September 12, 2025, Cracker Barrel operated 657 stores in 43 states and 68 Maple Street Biscuit Company stores in 10 states[18]. - The company opened one new Cracker Barrel store and closed two in 2025, with plans to open two new stores in 2026[37]. - As of September 12, 2025, the company employed approximately 76,730 people, with a significant portion in part-time roles[41]. Financial Performance - In 2025, restaurant sales accounted for approximately 81% of total revenue, with an average check per guest of $15.23, representing a 6.8% increase from the previous year[22][23]. - The average weekly guest count per typical store in 2025 was approximately 5,330[23]. - In 2025, breakfast, lunch, and dinner sales accounted for 28%, 40%, and 32% of restaurant sales, respectively[24]. - The five largest categories of retail sales in 2025 were apparel and accessories (33%), food (18%), toys (13%), décor (13%), and media (7%)[25]. - Approximately 20% of restaurant sales were generated through off-premise channels, with Individual To Go, Third-Party Delivery, and Catering accounting for 50%, 32%, and 18% of total off-premise sales, respectively[34]. Capital Investment - The average capital investment for a new store opened in 2025 was approximately $7,700, with pre-opening costs averaging $985 per store[38]. Employee Development - Employee development and training are emphasized, focusing on store managers to ensure high service quality[42]. - Cracker Barrel offers comprehensive employee benefits, including medical, dental, vision, and life insurance, as well as a 401(k) savings plan[43]. - The company maintains pay equity in its compensation and performance evaluation systems to retain a productive workforce[44]. Quality Assurance and Safety - Robust quality assurance and food safety processes are in place, including third-party audits and compliance monitoring[45]. Market Risks - The company is exposed to market risks, including interest rate and commodity price fluctuations, with a weighted average interest rate of 7.19% on outstanding borrowings[255]. - In 2025, beef accounted for 17% of food purchases, while poultry and fruits and vegetables accounted for 12% each[258]. - The company believes it can replace suppliers if necessary, minimizing adverse effects from supply disruptions[259]. Seasonal Trends - Seasonal revenue variations are noted, with higher profits typically in the second and fourth fiscal quarters due to holiday and summer travel seasons[52]. Working Capital - The company operates with negative working capital, relying on rapid product turnover and trade credit for financing[53]. Competition - Competition in the restaurant and retail industries is intense, with factors such as consumer preferences and economic conditions affecting performance[51].