Cracker Barrel Old Ctry Store Stock Price, News & Analysis

Biglari Capital Corp., a shareholder owning 8.7% of Cracker Barrel Old Country Store (CBRL), released a letter highlighting a 32% decline in operating income compared to pre-pandemic levels. The letter criticized management's lack of a credible strategy and questioned the rationale behind spending $120 million on new locations while existing stores underperform. It emphasized the need for management to focus on improving current operations instead of expansion. The letter also called for increased dividends and transparency between management and shareholders.

Cracker Barrel Old Country Store announced its holiday special, "Sounds of the Season: Together Again," featuring Pentatonix and Mickey Guyton. The 30-minute program showcases a mix of classic and new holiday songs, available for streaming on Cracker Barrel's YouTube and Facebook channels starting Dec. 15. The initiative aims to celebrate diverse holiday traditions and bring families together through music during this festive season. The collaboration coincides with Pentatonix's new holiday album, Evergreen, available at Cracker Barrel locations nationwide.

Cracker Barrel Old Country Store (CBRL) reported its Q1 fiscal 2022 results, ending October 29, 2021. Total revenue reached $784.9 million, a 21.4% increase year-over-year. Comparable restaurant sales rose 1.4%, while retail sales surged 17.6%. GAAP net income fell to $33.4 million, down 80.4% from the previous year, yielding GAAP EPS of $1.41. The Board declared a quarterly dividend of $1.30 per share, payable February 1, 2022. The company anticipates better Q2 comparable sales growth, but faces inflationary pressures affecting margins.

On November 15, 2021, Cracker Barrel Old Country Store launched the Cracker Barrel Food for Families initiative to combat food insecurity in America. In partnership with Feeding America, the program aims to provide 1 million meals over the next year, focusing on underserved communities, especially in Middle Tennessee. The initiative includes a social media campaign for additional meal donations. Cracker Barrel emphasizes the critical need for hunger relief, especially heightened by the pandemic, reinforcing its commitment to supporting families and communities in need.

Cracker Barrel Old Country Store, Inc. (CBRL) will host a live webcast of its first quarter earnings conference call on November 23, 2021, starting at 11:00 a.m. ET. This call will cover financial results for the fiscal first quarter ended October 29, 2021. The event will be accessible to the public through the investor relations section on the company's website. A replay will be available from 2:00 p.m. ET on the same day until December 7, 2021. Cracker Barrel operates over 660 locations and owns Maple Street Biscuit Company.

Cracker Barrel Old Country Store announces the appointment of Craig Pommells as the new Senior Vice President and Chief Financial Officer, starting December 6, 2021. Pommells brings over 20 years of restaurant industry experience, most recently serving as CFO at Red Lobster and previously at Darden Restaurants. President and CEO Sandra B. Cochran expressed excitement over his extensive expertise in financial leadership and strategic planning.

On November 5, 2021, Biglari Capital Corp. issued a shareholder letter addressing significant concerns about Cracker Barrel's performance and governance. With an 8.7% ownership of Cracker Barrel, Biglari criticized the company for poor capital allocation and failure to execute its 2017 plan. Notably, a $137 million loss from an investment in Punch Bowl Social highlighted management's missteps. Biglari emphasized the need for strategic focus on Cracker Barrel's core brand and called for transparency and accountability from the Board, especially after unearned bonuses were approved amidst declining performance during the pandemic.

Cracker Barrel Old Country Store will participate in the 95th Macy's Thanksgiving Day Parade on November 25, 2021, showcasing a nostalgic float designed to evoke warmth and comfort. The float will feature performances by Tauren Wells and iconic memorabilia from Cracker Barrel's history. As Thanksgiving is their busiest day, Cracker Barrel anticipates serving 1.7 million slices of pie this year. The company has over 660 locations nationwide and promotes a welcoming environment for families during the holiday season.

Cracker Barrel Old Country Store is launching Cracker Barrel Kitchen, its first West Coast ghost kitchen, in Hollywood on Oct. 26. This venture allows residents to enjoy homestyle favorites exclusively through delivery platforms like DoorDash, Uber Eats, and Grubhub. The menu includes popular dishes such as Momma's Pancake Breakfast and Country Fried Steak. This marks Cracker Barrel's first entry into the Los Angeles market, with plans for further expansion in the area. The kitchen will operate daily from 8 a.m. to 9 p.m.