Lebanon, Tenn.<\/span>, Cracker Barrel and its affiliates operate over 660 company-owned Cracker Barrel Old Country Store\u00ae locations in 45 states and own the fast-casual Maple Street Biscuit Company. For more information about the Company, visit crackerbarrel.com.<\/p>\nCBRL-F<\/p>\n
Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of items such as revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These and similar statements regarding events or results that the Company expects will or may occur in the future are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual results and performance of the Company to differ materially from those expressed or implied by such forward-looking statements. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these risks, uncertainties and other factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “trends,” “assumptions,” “target,” “guidance,” “outlook,” “opportunity,” “future,” “plans,” “goals,” “objectives,” “expectations,” “near-term,” “long-term,” “projection,” “may,” “will,” “would,” “could,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “potential,” “regular,” “should,” “projects,” “forecasts,” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology.\u00a0 The Company believes that the assumptions underlying any forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in or implied by the forward-looking statements.\u00a0 In addition to the risks of ordinary business operations, factors and risks that may result in actual results differing from this forward-looking information include, but are not limited to risks and uncertainties associated with inflationary conditions with respect to the price of commodities, transportation, distribution and labor; disruptions to the Company’s restaurant or retail supply chain; the COVID-19 pandemic, including the duration of the COVID-19 pandemic and its ultimate impact on the Company’s business the Company’s ability to identify, acquire and sell successful new lines of retail merchandise and new menu items at its restaurants; the Company’s ability to sustain or the effects of plans intended to improve operational or marketing execution and performance; the effects of increased competition at the Company’s locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of the Company’s food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease, as well as the possible effects of such events on the price or availability of ingredients used in the Company’s restaurants; the effects of the Company’s indebtedness and associated restrictions on the Company’s financial and operating flexibility and ability to execute or pursue its operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting the Company’s financing costs and ability to refinance its indebtedness, in whole or in part; the Company’s reliance on limited distribution facilities and certain significant vendors; information technology-related incidents, including data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors, or actions of third parties; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the effects of plans intended to promote or protect our brands and products; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity or the Company’s ability to manage the impact of social media associated with these activities; the impact of activist shareholders; the Company’s ability to enter successfully into new geographic markets that may be less familiar to it; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and the Company’s ability to identify those sites; the Company’s ability to retain key personnel; the ability of and cost to the Company to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that the Company may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions and the weather impact on sales and customer travel; discretionary income or personal expenditure activity of the Company’s customers; economic or psychological effects of natural disasters or other unforeseen events such as terrorist acts, social unrest or war and the military or government responses to such events; changes in foreign exchange rates affecting the Company’s future retail inventory purchases; workers’ compensation, group health and utility price changes; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America<\/span> (“GAAP”); and other factors described from time to time in our filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which made. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.<\/i><\/p>\n\n
\n
\n
\n\n\n| \n CRACKER BARREL OLD COUNTRY STORE, INC.<\/b><\/span><\/p>\nCONDENSED CONSOLIDATED INCOME STATEMENT<\/b><\/span><\/p>\n(Unaudited)<\/b><\/span><\/p>\n(In thousands, except share and per share amounts, percentages and ratios)<\/b>\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n<\/tr>\n | \n
<\/td>\n | \n First Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n | \n 10\/27\/23<\/b><\/span><\/p>\n<\/td>\n | \n 10\/28\/22<\/b><\/span><\/p>\n<\/td>\n | \n Percentage
Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Total revenue<\/span><\/p>\n<\/td>\n | \n $823,839<\/span><\/p>\n<\/td>\n | \n $839,519<\/span><\/p>\n<\/td>\n | \n (2\u00a0%)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Cost of goods sold (exclusive of depreciation & rent)<\/span><\/p>\n<\/td>\n | \n 255,559<\/span><\/p>\n<\/td>\n | \n 281,540<\/span><\/p>\n<\/td>\n | \n (9)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Labor and other related expenses<\/span><\/p>\n<\/td>\n | \n 304,447<\/span><\/p>\n<\/td>\n | \n 291,708<\/span><\/p>\n<\/td>\n | \n 4<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Other store operating expenses<\/span><\/p>\n<\/td>\n | \n 203,685<\/span><\/p>\n<\/td>\n | \n 196,704<\/span><\/p>\n<\/td>\n | \n 4<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n General and administrative expenses<\/span><\/p>\n<\/td>\n | \n 48,735<\/u><\/span><\/p>\n<\/td>\n | \n 45,948<\/u><\/span><\/p>\n<\/td>\n | \n 6<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Operating income<\/span><\/p>\n<\/td>\n | \n 11,413<\/span><\/p>\n<\/td>\n | \n 23,619<\/span><\/p>\n<\/td>\n | \n (52)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Interest expense<\/span><\/p>\n<\/td>\n | \n 4,938<\/u><\/span><\/p>\n<\/td>\n | \n 3,532<\/u><\/span><\/p>\n<\/td>\n | \n 40<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Income before income taxes<\/span><\/p>\n<\/td>\n | \n 6,475<\/span><\/p>\n<\/td>\n | \n 20,087<\/span><\/p>\n<\/td>\n | \n (68)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Provision for income taxes<\/span><\/p>\n<\/td>\n | \n 1,019<\/u><\/span><\/p>\n<\/td>\n | \n 2,958<\/u><\/span><\/p>\n<\/td>\n | \n (66)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/span><\/p>\n<\/td>\n | \n $5,456<\/u><\/span><\/p>\n<\/td>\n | \n $17,129<\/u><\/span><\/p>\n<\/td>\n | \n (68)<\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Earnings per share \u2013 Basic:<\/span><\/p>\n<\/td>\n | \n $0.25<\/u><\/span><\/p>\n<\/td>\n | \n $0.77<\/u><\/span><\/p>\n<\/td>\n | \n (68)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Earnings per share \u2013 Diluted:<\/span><\/p>\n<\/td>\n | \n $0.25<\/u><\/span><\/p>\n<\/td>\n | \n $0.77<\/u><\/span><\/p>\n<\/td>\n | \n (68)<\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Weighted average shares:<\/span><\/p>\n<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0\u00a0 Basic<\/span><\/p>\n<\/td>\n | \n 22,165,852<\/span><\/p>\n<\/td>\n | \n 22,193,774<\/span><\/p>\n<\/td>\n | \n (0)<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0\u00a0\u00a0 Diluted<\/span><\/p>\n<\/td>\n | \n 22,263,690<\/span><\/p>\n<\/td>\n | \n 22,292,654<\/span><\/p>\n<\/td>\n | \n (0)<\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Ratio Analysis<\/u><\/span><\/p>\n<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Total revenue:<\/span><\/p>\n<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0\u00a0 Restaurant<\/span><\/p>\n<\/td>\n | \n 80.2\u00a0%<\/span><\/p>\n<\/td>\n | \n 78.9\u00a0%<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0\u00a0 Retail<\/span><\/p>\n<\/td>\n | \n 19.8<\/u><\/span><\/p>\n<\/td>\n | \n 21.1<\/u><\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Total revenue<\/span><\/p>\n<\/td>\n | \n 100.0<\/span><\/p>\n<\/td>\n | \n 100.0<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Cost of goods sold (exclusive of depreciation & rent) <\/span><\/p>\n<\/td>\n | \n 31.0<\/span><\/p>\n<\/td>\n | \n 33.5<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Labor and other related expenses<\/span><\/p>\n<\/td>\n | \n 37.0<\/span><\/p>\n<\/td>\n | \n 34.8<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Other store operating expenses<\/span><\/p>\n<\/td>\n | \n 24.7<\/span><\/p>\n<\/td>\n | \n 23.4<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n General and administrative expenses<\/span><\/p>\n<\/td>\n | \n 5.9<\/u><\/span><\/p>\n<\/td>\n | \n 5.5<\/u><\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Operating income<\/span><\/p>\n<\/td>\n | \n 1.4<\/span><\/p>\n<\/td>\n | \n 2.8<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Interest expense<\/span><\/p>\n<\/td>\n | \n 0.6<\/u><\/span><\/p>\n<\/td>\n | \n 0.4<\/u><\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Income before income taxes<\/span><\/p>\n<\/td>\n | \n 0.8<\/span><\/p>\n<\/td>\n | \n 2.4<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Provision for income taxes<\/span><\/p>\n<\/td>\n | \n 0.1<\/u><\/span><\/p>\n<\/td>\n | \n 0.4<\/u><\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Net income<\/span><\/p>\n<\/td>\n | \n 0.7\u00a0%<\/u><\/span><\/p>\n<\/td>\n | \n 2.0\u00a0%<\/u><\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n\n \n \n \n\n\n| \n CRACKER BARREL OLD COUNTRY STORE, INC.<\/b><\/span><\/p>\nCONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/span><\/p>\n(Unaudited and in thousands, except share amounts)<\/b><\/span><\/p>\n\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n | \n 10\/27\/23<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 10\/28\/22<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Assets<\/span><\/p>\n<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Cash and cash equivalents<\/span><\/p>\n<\/td>\n | \n $13,914<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n $38,705<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Accounts receivable<\/span><\/p>\n<\/td>\n | \n 32,218<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 32,943<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Inventories<\/span><\/p>\n<\/td>\n | \n 207,269<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 231,010<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Prepaid expenses and other current assets<\/span><\/p>\n<\/td>\n | \n 34,288<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 28,583<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Property and equipment, net<\/span><\/p>\n<\/td>\n | \n 968,441<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 965,795<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Operating lease right-of-use assets, net<\/span><\/p>\n<\/td>\n | \n 891,371<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 918,725<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Intangible assets<\/span><\/p>\n<\/td>\n | \n 24,517<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 21,191<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Other assets<\/span><\/p>\n<\/td>\n | \n 42,923<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 45,411<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Goodwill<\/span><\/p>\n<\/td>\n | \n 4,690<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 4,690<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total assets<\/span><\/p>\n<\/td>\n | \n $2,219,631<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n $2,287,053<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Liabilities and Shareholders’ Equity<\/span><\/p>\n<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Accounts payable<\/span><\/p>\n<\/td>\n | \n $143,294<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n $135,480<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Other current liabilities<\/span><\/p>\n<\/td>\n | \n 318,604<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 334,040<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Long-term debt<\/span><\/p>\n<\/td>\n | \n 475,340<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 483,679<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Long-term operating lease liabilities<\/span><\/p>\n<\/td>\n | \n 696,871<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 714,155<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Other long-term obligations<\/span><\/p>\n<\/td>\n | \n 51,130<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 52,110<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Deferred income taxes<\/span><\/p>\n<\/td>\n | \n 74,140<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 80,076<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0 Shareholders’ equity, net<\/span><\/p>\n<\/td>\n | \n 460,252<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 487,513<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total liabilities and shareholders’ equity<\/span><\/p>\n<\/td>\n | \n $2,219,631<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n $2,287,053<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n | \n
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n Common shares issued and outstanding<\/span><\/p>\n<\/td>\n | \n 22,185,112<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 22,195,467<\/span><\/p>\n<\/td>\n |
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n\n \n \n \n\n\n| \n CRACKER BARREL OLD COUNTRY STORE, INC.<\/b><\/span><\/p>\nCONDENSED CONSOLIDATED CASH FLOW STATEMENT<\/b><\/span><\/p>\n(Unaudited and in thousands)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n | \n Three Months Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n | \n 10\/27\/23<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 10\/28\/22<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Cash flows from operating activities:<\/span><\/p>\n<\/td>\n |
<\/td>\n |
<\/td>\n |
<\/td>\n<\/tr>\n | \n| \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Net income<\/span><\/p>\n<\/td>\n | \n $5,456<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n $17,129<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Depreciation and amortization<\/span><\/p>\n<\/td>\n | \n 26,669<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 24,791<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amortization of debt issuance costs<\/span><\/p>\n<\/td>\n | \n 436<\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 431<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | |