CRACKER BARREL REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2025 RESULTS AND PROVIDES OUTLOOK
Cracker Barrel (NASDAQ: CBRL) reported its Q4 and full fiscal 2025 results, showing mixed performance. Q4 revenue was $868.0 million, with comparable store restaurant sales up 5.4% but retail sales down 0.8%. Q4 adjusted earnings per share were $0.74, down from $0.98 year-over-year.
For full fiscal 2025, the company achieved total revenue of $3.48 billion and adjusted EBITDA of $224.3 million, a 9% increase year-over-year excluding the 53rd week impact. The company announced a quarterly dividend of $0.25 per share and a new $100 million share repurchase program.
Looking ahead to fiscal 2026, Cracker Barrel expects revenue between $3.35-3.45 billion, with plans to close 14 Maple Street units and open 2 new Cracker Barrel stores. The company projects comparable store traffic decline of 4-7% and adjusted EBITDA of $150-190 million.
- Comparable store restaurant sales increased 5.4% in Q4
- Full year adjusted EBITDA grew 9% to $224.3 million
- Board authorized new $100 million share repurchase program
- Strong liquidity position with $555.6 million available
- Q4 adjusted earnings per share declined 24.8% to $0.74
- Retail sales decreased 0.8% in Q4
- Projecting 4-7% comparable store traffic decline for fiscal 2026
- Planning to close 14 Maple Street units
- Fiscal 2026 adjusted EBITDA guidance of $150-190M implies potential significant decline from 2025
Insights
Cracker Barrel reports mixed results with 9% adjusted EBITDA growth but projects significant decline for 2026 amid traffic challenges.
Cracker Barrel's Q4 and full-year fiscal 2025 results reveal a company in transition, attempting to balance tradition with modernization after apparent customer backlash. The 5.4% comparable restaurant sales increase marks five consecutive quarters of growth, showing some operational momentum. However, the projected fiscal 2026 guidance signals serious challenges ahead.
The 9% adjusted EBITDA growth for fiscal 2025 (when accounting for the extra week in 2024) demonstrates effective cost management and pricing strategy. Their revenue growth came primarily from strategic pricing increases and favorable menu mix rather than increased traffic, indicating potential vulnerability in their customer base.
Most concerning is the fiscal 2026 outlook, projecting comparable store traffic declines of 4-7% and adjusted EBITDA between
The company is clearly pulling back on expansion and innovation, with plans to close 14 Maple Street units while opening just 2 new Cracker Barrel stores. They've also paused remodels and returned to their "Old Timer" logo, indicating a strategic retreat to their traditional identity after apparent customer resistance to changes.
From a balance sheet perspective, the company maintains reasonable leverage with a 2.0x consolidated total leverage ratio and
The dramatic reset in expectations for fiscal 2026 indicates deeper structural challenges in their business model that strategic pricing and menu mix optimization can't fully address. While management frames their return to tradition positively, the financial outlook suggests this shift is born more from necessity than strategic choice.
Cracker Barrel President and Chief Executive Officer Julie Masino said, "We thank our guests for sharing their voices and their passion for Cracker Barrel in recent weeks, and we've listened, switching back to our 'Old Timer' logo, hitting pause on remodels, and placing an even bigger emphasis in the kitchen and other areas that enhance the guest experience. Many elements of our plan are working well and delivering results, as evidenced by five consecutive quarters of comparable store restaurant sales increases and
Fourth Quarter Fiscal 2025 Highlights
- Total revenue was
$868.0 million $62.8 million 2.9% . Adjusting for the impact of the 53rd week in the prior year quarter, current year quarter revenue increased4.4% .- Comparable store restaurant sales increased
5.4% over the prior year quarter, and comparable store retail sales decreased0.8% .
- Comparable store restaurant sales increased
- GAAP earnings per diluted share were
$0.30 $0.74 - GAAP net income was
$6.8 million $18.1 million $5.5 million 46.6% . - Adjusted EBITDA1 was
$55.7 million $57.4 million $5.8 million 8.0% primarily due to higher sales driven by strategic pricing increases and favorable menu mix as well as lower labor and related expenses driven by improved labor productivity, partially offset by higher advertising expense and general and administrative expenses.
Fourth Quarter Ended | ||||||
(In thousands, except per share amounts) | 8/1/25 | 8/2/24 | Percentage | 2024 53rd | Percentage Change Adjusting | |
Revenue | -2.9 % | 4.4 % | ||||
GAAP net income | -62.8 % | -46.6 % | ||||
Adjusted net income1 | -24.1 % | 1.2 % | ||||
Adjusted EBITDA1 | -2.9 % | 8.0 % | ||||
GAAP earnings per share – diluted | -63.0 % | -46.4 % | ||||
Adjusted1 earnings per share – diluted | -24.8 % | 0.8 % | ||||
Full Year Fiscal 2025 Highlights
- Total revenue was
$3.48 billion $62.8 million 0.4% . Adjusting for the impact of the 53rd week in the prior year, current year revenue increased2.2% . - GAAP earnings per diluted share were
$2.06 $3.16 - GAAP net income was
$46.4 million $40.9 million $5.5 million 30.9% . - Adjusted EBITDA1 was
$224.3 million $211.6 million $5.8 million 9.0% , primarily due to higher sales driven by strategic pricing increases and favorable menu mix as well as lower labor and related expenses driven by improved productivity, partially offset by a decrease in comparable store traffic and higher advertising expense and general and administrative expenses.
Twelve Months Ended | ||||||
(In thousands, except per share amounts) | 8/1/25 | 8/2/24 | Percentage | 2024 53rd | Percentage Change Adjusting | |
Revenue | 0.4 % | 2.2 % | ||||
GAAP net income | 13.3 % | 30.9 % | ||||
Adjusted net income1 | -9.7 % | -2.9 % | ||||
Adjusted EBITDA1 | 6.0 % | 9.0 % | ||||
GAAP earnings per share - diluted | 12.6 % | 30.4 % | ||||
Adjusted1 earnings per share - diluted | -10.3 % | -3.4 % | ||||
Balance Sheet & Capital Allocation
- In fiscal 2025, the Company invested
$158.6 million $105 million $20 million $19 million $15 million - As previously disclosed, during the fourth quarter of fiscal 2025 the Company completed the issuance and sale of
$345 million 1.75% Convertible Senior Notes due in 2030. - The Company ended fiscal 2025 with total debt of
$484.6 million $149.2 million 0.625% Convertible Senior Notes due 2026 and$335.4 million 1.75% Convertible Senior Notes due 2030. - The Company ended fiscal 2025 with a consolidated total leverage ratio3 of 2.0x and available liquidity3 of
$555.6 million - The Company announced that its Board of Directors declared a quarterly dividend of
$0.25 - The Company also today announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase up to
$100 million
Outlook
The Company provided the following outlook for fiscal 2026, which reflects current business trends as of the date of this release and replaces all previous guidance or projections, including with respect to fiscal 2027:
- Total revenue of
$3.35 billion $3.45 billion 4% to7% - Adjusted EBITDA1 of
$150 million $190 million - Commodity inflation of
2.5% to3.5% - Hourly wage inflation of
3.0% to4.0% - Capital expenditures of
$135 million $150 million - 2 new Cracker Barrel stores
- The closure of 14 Maple Street units
1 Adjusted net income, adjusted EBITDA, and adjusted earnings per diluted share are non-GAAP financial measures. For definitions of these non-GAAP measures and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release.
2 The Company has determined to provide guidance focused on adjusted EBITDA because the Company believes it will be more useful to investors to evaluate the Company's performance prior to the impact of depreciation (given the expected increase in investments and the resulting higher expected depreciation expense), taxes, impairment charges, and other items that management believes are not reflective of the Company's current operations. The Company is not able to reconcile the forward-looking estimate of adjusted EBITDA set forth above to a forward-looking estimate of net income, the most directly comparable estimated measure calculated in accordance with GAAP, without unreasonable efforts because the Company is unable to predict, forecast or determine the probable significance of certain items impacting these estimates, including interest expense, taxes, impairment charges and share-based compensation, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.
3 Consolidated total leverage is defined as total debt divided by adjusted EBITDA1 (as defined under our revolving credit facility). Available liquidity is defined as cash and cash equivalents on hand plus revolving credit facility capacity less amount drawn on revolving credit facility and standby letters of credit.
Fiscal 2025 Fourth Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public online at investor.crackerbarrel.com today beginning at 5:00 p.m. (ET). The online replay will be available tomorrow and through October 2, 2025.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. – rooted in a rich legacy of warmth, generosity, and tradition – is on a mission to bring the goodness of country hospitality to life. Since 1969, when the first store opened in
CBRL-F
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. 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. 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, ingredients, transportation, distribution and labor; disruptions to the Company's restaurant or retail supply chain; effects of changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on our business; the Company's ability to manage retail inventory and merchandise mix; the Company's ability to sustain or the effects of plans intended to improve operational or marketing execution and performance, including the Company's strategic transformation plan; 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 our restaurants; the effects of the Company's indebtedness, [including under our credit facility and our convertible senior notes,] 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 a single distribution facility and certain significant vendors, particularly for foreign-sourced retail products; information technology disruptions and data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors or actions of third parties; the Company's compliance with privacy and data protection laws; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the actual results of pending, future or threatened litigation or governmental investigations; or the Company's ability to manage the impact of negative social media attention and the costs and effects of negative publicity; the impact of activist shareholders; the Company's ability to achieve aspirations, goals and projections related to its environmental, social and governance initiatives; 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; implementation of new or changes in interpretation of existing accounting principles generally accepted in
CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (In thousands, except share and per share amounts, percentages and ratios) | ||||||||
Fourth Quarter Ended | Twelve Months Ended | |||||||
8/1/25 | 8/2/24 | Percentage | 8/1/25 | 8/2/24 | Percentage | |||
Total revenue | (3 %) | 0 % | ||||||
Cost of goods sold (exclusive of depreciation & rent) | 265,016 | 272,151 | (3) | 1,081,029 | 1,087,631 | (1) | ||
Labor and other related expenses | 316,326 | 335,121 | (6) | 1,254,668 | 1,271,555 | (1) | ||
Other store operating expenses | 216,330 | 213,632 | 1 | 855,389 | 831,763 | 3 | ||
General and administrative expenses | 50,169 | 51,267 | (2) | 217,510 | 207,062 | 5 | ||
Impairment and store closing costs | 16,190 | 0 | 20,059 | 22,942 | (13) | |||
Goodwill impairment | 0 | 0 | 0 | 4,690 | (100) | |||
Operating income | 3,978 | 22,216 | (82) | 55,029 | 45,119 | 22 | ||
Gain on extinguishment of debt | (3,186) | 0 | (3,186) | 0 | ||||
Interest expense | 4,705 | 5,741 | (18) | 20,489 | 20,933 | (2) | ||
Income before income taxes | 2,459 | 16,475 | (85) | 37,726 | 24,186 | 56 | ||
Income tax benefit | (4,295) | (1,664) | (158) | (8,653) | (16,744) | 48 | ||
Net income | (63) | 13 | ||||||
Earnings per share – basic: | (63) | 13 | ||||||
Earnings per share – diluted: | (63) | 13 | ||||||
Weighted average shares: | ||||||||
Basic | 22,267,328 | 22,202,464 | 0 | 22,252,034 | 22,191,961 | 0 | ||
Diluted | 22,549,821 | 22,354,013 | 1 | 22,463,943 | 22,319,894 | 1 | ||
Ratio Analysis | ||||||||
Total revenue: | ||||||||
Restaurant | 82.7 % | 81.8 % | 81.3 % | 80.5 % | ||||
Retail | 17.3 | 18.2 | 18.7 | 19.5 | ||||
Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | ||||
Cost of goods sold (exclusive of depreciation & rent) | 30.5 | 30.4 | 31.0 | 31.3 | ||||
Labor and other related expenses | 36.5 | 37.5 | 36.0 | 36.6 | ||||
Other store operating expenses | 24.9 | 23.9 | 24.6 | 24.0 | ||||
General and administrative expenses | 5.8 | 5.7 | 6.2 | 6.0 | ||||
Impairment and store closing costs | 1.8 | 0.0 | 0.6 | 0.7 | ||||
Goodwill impairment | 0.0 | 0.0 | 0.0 | 0.1 | ||||
Operating income | 0.5 | 2.5 | 1.6 | 1.3 | ||||
Gain on extinguishment of debt | (0.4) | 0.0 | (0.1) | 0.0 | ||||
Interest expense | 0.6 | 0.7 | 0.6 | 0.6 | ||||
Income before income taxes | 0.3 | 1.8 | 1.1 | 0.7 | ||||
Income tax benefit | (0.5) | (0.2) | (0.2) | (0.5) | ||||
Net income | 0.8 % | 2.0 % | 1.3 % | 1.2 % | ||||
CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share amounts)
| ||||
8/1/25 | 8/2/24 | |||
Assets | ||||
Cash and cash equivalents | ||||
Accounts receivable | 35,070 | 39,204 | ||
Inventories | 180,585 | 180,958 | ||
Prepaid expenses and other current assets | 57,814 | 46,017 | ||
Property and equipment, net | 966,976 | 959,821 | ||
Operating lease right-of-use assets, net | 806,084 | 850,835 | ||
Intangible assets | 24,350 | 24,425 | ||
Other assets | 51,362 | 48,199 | ||
Total assets | ||||
Liabilities and Shareholders' Equity | ||||
Accounts payable | ||||
Current portion of long-term debt | 149,178 | 75 | ||
Other current liabilities | 306,577 | 291,844 | ||
Long-term debt | 335,457 | 476,581 | ||
Long-term operating lease liabilities | 644,026 | 675,993 | ||
Other long-term obligations | 95,109 | 114,564 | ||
Shareholders' equity, net | 461,689 | 440,149 | ||
Total liabilities and shareholders' equity | ||||
Common shares issued and outstanding | 22,267,724 | 22,203,043 | ||
CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Unaudited and in thousands) | |||
Twelve Months Ended | |||
8/1/25 | 8/2/24 | ||
Cash flows from operating activities: | |||
Net income | |||
Depreciation and amortization | 122,238 | 111,746 | |
Amortization of debt issuance costs | 1,877 | 1,752 | |
Gain on extinguishment of debt | (3,186) | 0 | |
Loss on disposition of property and equipment | 8,591 | 9,143 | |
Impairment | 19,772 | 17,448 | |
Goodwill impairment | 0 | 4,690 | |
Share-based compensation | 11,742 | 10,298 | |
Noncash lease expense | 60,712 | 59,523 | |
Amortization of asset recognized from gain on sale and leaseback transaction | 12,735 | 12,735 | |
Decrease in inventories | 373 | 8,406 | |
Increase (decrease) in accounts payable | 7,560 | (3,196) | |
Net changes in other assets and liabilities | (69,894) | (104,495) | |
Net cash provided by operating activities | 218,899 | 168,980 | |
Cash flows from investing activities: | |||
Purchase of property and equipment, net of insurance recoveries | (158,647) | (127,461) | |
Proceeds from sale of property and equipment | 1,945 | 3,134 | |
Net cash used in investing activities | (156,702) | (124,327) | |
Cash flows from financing activities: | |||
Net (payments) proceeds from long-term debt | (180,075) | 59,925 | |
Proceeds from issuance of convertible senior notes | 335,238 | 0 | |
Net proceeds from settlement of bond hedge and warrants | 52 | 0 | |
Repayment of convertible senior notes | (145,875) | 0 | |
Payment for capped call option related to convertible senior notes | (16,491) | 0 | |
Taxes withheld from issuance of share-based compensation awards | (1,448) | (1,608) | |
Deferred financing costs | (2,892) | 0 | |
Dividends on common stock | (23,098) | (116,082) | |
Net cash used in financing activities | (34,589) | (57,765) | |
Net increase (decrease) in cash and cash equivalents | 27,608 | (13,112) | |
Cash and cash equivalents, beginning of period | 12,035 | 25,147 | |
Cash and cash equivalents, end of period | |||
Fourth Quarter Ended | ||||||||
8/1/25 | 8/2/24 | |||||||
Company-owned units opened during quarter: | ||||||||
Cracker Barrel | 0 | 0 | ||||||
Maple Street Biscuit Company | 0 | 3 | ||||||
Company-owned units closed during quarter: | ||||||||
Cracker Barrel | (1) | 0 | ||||||
Maple Street Biscuit Company | (2) | 0 | ||||||
Company-owned units in operation at end of quarter: | ||||||||
Cracker Barrel | 657 | 658 | ||||||
Maple Street Biscuit Company | 68 | 66 | ||||||
Total stores at end of period | 725 | 724 | ||||||
Fourth Quarter Ended |
Twelve Months Ended | |||||||
8/1/25 | 8/2/24 | 8/1/25 | 8/2/24 | |||||
Total revenue*: (In thousands) | ||||||||
Restaurant | 699,990 | 713,018 | 2,761,671 | 2,726,627 | ||||
Retail | 149,739 | 162,728 | 651,791 | 675,709 | ||||
Total revenue | 849,729 | 875,746 | 3,413,462 | 3,402,336 | ||||
Cost of goods sold* (exclusive of depreciation and rent): (In thousands) | ||||||||
Restaurant | 184,067 | 185,917 | 730,824 | 726,470 | ||||
Retail | 76,379 | 81,568 | 332,394 | 343,998 | ||||
Total cost of goods sold | 260,446 | 267,485 | 1,063,218 | 1,070,468 | ||||
Average unit volume*: (In thousands) | ||||||||
Restaurant | 1,064.3 | 1,083.6 | 4,199.1 | 4,133.0 | ||||
Retail | 227.7 | 247.3 | 991.1 | 1,024.3 | ||||
Total | 1,292.0 | 1,330.9 | 5,190.2 | 5,157.3 | ||||
Operating weeks*: | 8,550 | 9,212 | 34,199 | 34,965 | ||||
Note*: This information is for Cracker Barrel stores only and excludes Maple Street Biscuit Company. The fourth quarter and twelve months ended 8/2/24 include a 14th and 53rd week, respectively.
|
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands, except per share amounts)
Adjusted Net Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its fourth quarter fiscal 2024 and fiscal 2025 adjusted net income and earnings per share, as well as the impact of the 53rd week to fourth quarter fiscal 2024. The Company defines adjusted net income as net income, calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges, and, for periods prior to the second quarter of fiscal 2025, store closing costs, (ii) expenses related to the proxy contest in connection with the Company's 2024 annual meeting of shareholders, (iii) expenses related to the Company's CEO transition, (iv) expenses associated with the Company's strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, (viii) a gain on extinguishment of debt related to the Company's repurchase of
Fourth Quarter Ended | ||||||||
8/1/25 | Margin | 8/2/24 | Margin | 53rd Week | ||||
Revenue | 100 % | 100 % | ||||||
GAAP net income | 6,754 | 0.8 | 18,139 | 2.0 | ||||
Strategic transformation initiative expenses | 0 | 0.0 | 5,057 | 0.6 | 0 | |||
Impairment and store closing costs | 16,190 | 1.9 | 0 | 0.0 | 0 | |||
Gain on extinguishment of debt | (3,186) | (0.4) | 0 | 0.0 | 0 | |||
Tax impacts of the foregoing | (3,056) | (0.4) | (1,188) | (0.1) | 0 | |||
Adjusted net income | 1.9 % | 2.5 % | ||||||
GAAP earnings per share - basic | ||||||||
GAAP earnings per share - diluted | ||||||||
Adjusted earnings per share - basic | ||||||||
Adjusted earnings per share - diluted | ||||||||
Weighted average shares - basic | 22,267,328 | 22,202,464 | 22,202,464 | |||||
Weighted average shares - diluted | 22,549,821 | 22,354,013 | 22,354,013 | |||||
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands, except per share amounts)
Adjusted Net Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its fiscal 2024 and fiscal 2025 adjusted net income and earnings per share, as well as the impact of the 53rd week to fourth quarter fiscal 2024. The Company defines adjusted net income as net income, calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges, and, for periods prior to the second quarter of fiscal 2025, store closing costs, (ii) expenses related to the proxy contest in connection with the Company's 2024 annual meeting of shareholders, (iii) expenses related to the Company's CEO transition, (iv) expenses associated with the Company's strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, (viii) a gain on extinguishment of debt related to the Company's repurchase of
Twelve Months Ended | |||||||||
8/1/25 | Margin | 8/2/24 | Margin | 53rd Week | |||||
Revenue | 100.0 % | 100.0 % | |||||||
GAAP net income | 46,379 | 1.3 | 40,930 | 1.2 | |||||
CEO transition expenses | 0 | 0.0 | 8,574 | 0.2 | 0 | ||||
Strategic transformation initiative expenses | 7,263 | 0.2 | 16,603 | 0.5 | 0 | ||||
Employee benefit adjustment | 0 | 0.0 | (5,284) | (0.2) | 0 | ||||
Corporate restructuring charge | 0 | 0.0 | 1,643 | 0.0 | 0 | ||||
Proxy contest expenses | 8,220 | 0.2 | 0 | 0.0 | 0 | ||||
Impairment and store closing costs | 19,772 | 0.6 | 22,942 | 0.7 | 0 | ||||
Goodwill impairment | 0 | 0.0 | 4,690 | 0.1 | 0 | ||||
Gain on extinguishment of debt | (3,186) | (0.1) | 0 | 0.0 | 0 | ||||
Tax impacts of the foregoing | (7,536) | (0.2) | (11,554) | (0.3) | 0 | ||||
Adjusted net income | 2.0 % | 2.3 % | |||||||
GAAP earnings per share - basic | |||||||||
GAAP earnings per share - diluted | |||||||||
Adjusted earnings per share - basic | |||||||||
Adjusted earnings per share - diluted | |||||||||
Weighted average shares - basic | 22,252,034 | 22,191,961 | 22,191,961 | ||||||
Weighted average shares - diluted | 22,463,943 | 22,319,894 | 22,319,894 | ||||||
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands)
EBITDA/Adjusted EBITDA
In the accompanying press release and the below reconciliation tables, the Company makes reference to EBITDA and adjusted EBITDA, as well as the impact of the 53rd week to fourth quarter fiscal 2024. The Company defines EBITDA as net income, calculated in accordance with GAAP, excluding depreciation and amortization, interest expense and tax expense. The Company further adjusts EBITDA to exclude, to the extent the following items occurred during the periods presented: (i) expenses related to share-based compensation, (ii) impairment charges, and, for periods prior to the second quarter of fiscal 2025, store closing costs, (iii) the proxy contest in connection with the Company's 2024 annual meeting of shareholders, (iv) goodwill impairment charges, (v) expenses related to the Company's CEO transition, (vi) expenses associated with the Company's strategic transformation initiative, (vii) a corporate restructuring charge, (viii) an employee benefits policy change, and (ix) a gain on extinguishment of debt related to the Company's repurchase of
Fourth Quarter Ended 8/1/25 | Margin | Twelve Months | Margin | ||
Revenue | 100.0 % | 100.0 % | |||
GAAP Net income | 6,754 | 0.8 | 46,379 | 1.3 | |
(+) Depreciation & amortization | 31,859 | 3.7 | 122,238 | 3.5 | |
(+) Interest expense | 4,705 | 0.5 | 20,489 | 0.6 | |
(+) Tax expense (tax benefit) | (4,295) | (0.5) | (8,653) | (0.2) | |
EBITDA | 4.5 % | 5.2 % | |||
Adjustments | |||||
(+) Share-based compensation, net | 3,686 | 0.4 | 11,742 | 0.3 | |
(+) Strategic transformation initiative expenses | 0 | 0.0 | 7,263 | 0.2 | |
(+) Impairment and store closing costs | 16,190 | 1.9 | 19,772 | 0.6 | |
(+) Proxy contest expenses | 0 | 0.0 | 8,220 | 0.2 | |
(-) Gain on extinguishment of debt | (3,186) | (0.4) | (3,186) | (0.1) | |
Adjusted EBITDA | 6.4 % | 6.4 % |
Fourth Quarter Ended 8/2/24 | Margin | 53rd Week | Twelve Months | Margin | 53rd Week | ||||||||
Revenue | 100.0 % | 100.0 % | |||||||||||
GAAP Net income | 18,139 | 2.0 | 5,498 | 40,930 | 1.2 | 5,498 | |||||||
(+) Depreciation & amortization | 28,981 | 3.2 | 0 | 111,746 | 3.2 | 0 | |||||||
(+) Interest expense | 5,741 | 0.6 | 402 | 20,933 | 0.6 | 402 | |||||||
(+) Tax expense (tax benefit) | (1,664) | (0.2) | (119) | (16,744) | (0.5) | (119) | |||||||
EBITDA | 5.7 % | 4.5 % | |||||||||||
Adjustments | |||||||||||||
(+) Share-based compensation, net | 1,109 | 0.1 | 0 | 5,584 | 0.2 | 0 | |||||||
(+) Strategic transformation initiative expenses | 5,057 | 0.6 | 0 | 16,603 | 0.5 | 0 | |||||||
(+) Impairment and store closing costs | 0 | 0.0 | 0 | 22,942 | 0.7 | 0 | |||||||
(+) Goodwill impairment | 0 | 0.0 | 0 | 4,690 | 0.1 | 0 | |||||||
(+) CEO transition expenses | 0 | 0.0 | 0 | 8,574 | 0.2 | 0 | |||||||
(+) Corporate restructuring charge | 0 | 0.0 | 0 | 1,643 | 0.0 | 0 | |||||||
(-) Employee benefit adjustment | 0 | 0.0 | 0 | (5,284) | (0.2) | 0 | |||||||
Adjusted EBITDA | 6.4 % | 6.1 % | |||||||||||
Investor Contact: | Adam Hanan |
(615) 443-9887 | |
Media Contact: | Heidi Pearce |
(615) 235-4135 | |
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SOURCE Cracker Barrel Old Country Store, Inc.
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