Cracker Barrel Old Ctry Store Stock Price, News & Analysis

Cracker Barrel Old Country Store reported its fiscal 2021 fourth quarter results, with revenue of $784.4 million, stable compared to 2019. Comparable restaurant sales decreased 6.8%, while retail sales surged 18.2%. Off-premise restaurant sales grew 108.6%, contributing 19% of total sales. GAAP net income was $36.4 million, or $1.53 per diluted share. The board declared a $1.30 dividend and authorized a $100 million share repurchase. Due to COVID-19 uncertainties, the company did not provide earnings guidance for fiscal 2022, expecting commodity and wage inflation and plans to open new locations.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) will host a webcast of its fourth quarter earnings conference call on September 21, 2021, at 11:00 a.m. Eastern Time. The call will cover the financial results for the fiscal fourth quarter ended July 30, 2021. A replay will be available starting at 2:00 p.m. Eastern Time on the same day until October 5, 2021. The company operates over 660 locations and owns Maple Street Biscuit Company, reflecting its extensive reach in the hospitality industry.

On August 17, 2021, Cracker Barrel Old Country Store surprised patrons at its 663 locations by providing free breakfast as part of its Care It Forward initiative. Guests dining between 7-8 a.m. received a note informing them that their meal was complimentary, encouraging them to perform acts of kindness. Rising country artist Brittney Spencer participated by surprising fans in Nashville. Cracker Barrel aims to inspire goodwill and connection within communities through various acts of kindness and partnerships with musicians.

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Cracker Barrel Old Country Store has launched its Care It Forward initiative on June 22, 2021, aimed at fostering care and connection post-pandemic. The initiative includes acts of care for guests, such as in-store surprises and a musical content series featuring artists like Shane McAnally and CeCe Winans. Additionally, the company surprised guests with over $30,000 in gift cards to promote acts of kindness. This campaign emphasizes the importance of community care and invites participants to share their stories using #CareItForward.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) announced a private offering of $275 million in 0.625% convertible senior notes due 2026, with an option for initial purchasers to acquire an additional $25 million. The notes mature on June 15, 2026, with interest payable semi-annually beginning December 15, 2021. Proceeds are estimated at $266.8 million for debt repayment and corporate purposes, including a $35 million stock repurchase. The conversion price is set at about $188.14, reflecting a 25% premium over the last closing price.

Cracker Barrel Old Country Store (CBRL) plans to offer $275 million in convertible senior notes due June 15, 2026. The notes will be offered to qualified institutional buyers and may allow an additional $25 million in notes. Proceeds will fund entering into hedge transactions and repaying some of its revolving credit facility. Concurrently, up to $35 million of common stock is expected to be repurchased. These transactions may impact the trading price of Cracker Barrel's common stock. The offering is subject to market conditions and regulatory compliance.

Cracker Barrel reported strong financial results for Q3 FY2021, with total revenue of $713.4 million, up 64.9% year-over-year. Comparable store restaurant sales decreased 8.6% while retail sales increased 10.8%. Off-premise sales surged 144%, contributing 23% to total restaurant sales. Operating income was $52.5 million (7.4% of revenue) and GAAP net income reached $33.5 million. The company declared a quarterly dividend of $1.00 per share. For Q4, Cracker Barrel expects revenues to remain flat compared to Q4 FY2019 amid inflationary pressures.

Cracker Barrel Old Country Store will host an online, real-time webcast of its fiscal third quarter earnings conference call on May 25, 2021, at 11:00 a.m. ET. The call will cover financial results for the quarter ending April 30, 2021. Investors can access the live broadcast on the company’s website, with a replay available from 2:00 p.m. ET on the same day until June 8, 2021. Founded in 1969, Cracker Barrel operates over 660 locations and owns the fast-casual Maple Street Biscuit Company.