Cracker Barrel Old Ctry Store Stock Price, News & Analysis

Cracker Barrel Old Country Store announces its support for Military Family Appreciation Month by donating $10 gift cards to Operation Homefront for each Country Fried Turkey Family Meal Basket sold in November, up to $50,000. An additional $50,000 will be donated by the Cracker Barrel Old Country Store Foundation, totaling $100,000. On Veterans Day, military veterans will receive a complimentary slice of cake at participating locations. The initiative aims to assist military families impacted by challenges, particularly those arising from COVID-19.

Cracker Barrel Old Country Store (Nasdaq: CBRL) issued a letter from CEO Sandra B. Cochran urging shareholders to vote 'FOR ALL' director nominees using the WHITE proxy card ahead of the 2020 Annual Meeting on November 19, 2020. The letter highlights the company's 13% earnings per share growth, $1.3B returned to shareholders since 2011, and emphasizes a strong, diverse Board of Directors. The letter addresses a proxy contest by Sardar Biglari, stating that his nominee lacks the necessary experience and credibility.

Biglari Capital Corp. has nominated Raymond Barbrick to the board of Cracker Barrel Old Country Store (NASDAQ: CBRL) in a letter to shareholders. The firm is concerned about the board's spending of shareholder funds and recent losses, including a $137.1 million loss from the acquisition of Punch Bowl Social. Biglari asserts that enhancing core operations and improving guest traffic could unlock over $600 million in annual revenue. The letter underscores the need for strategic focus on the Cracker Barrel brand and questions the board's expansion strategy and financial performance.

Cracker Barrel filed definitive proxy materials with the SEC for its Annual Meeting on November 19, 2020. Shareholders as of September 18, 2020 are eligible to vote. CEO Sandra B. Cochran emphasized operational adjustments during the pandemic, achieving positive operating income of over $103 million in fiscal 2020 and maintaining a strong track record of shareholder returns. The board urges support for its nominees against Sardar Biglari's influence. Cracker Barrel aims for long-term growth with strategic initiatives despite challenges posed by the pandemic.

On September 16, 2020, Cracker Barrel announced the launch of holiday-inspired virtual backgrounds to celebrate the 100-day countdown to Christmas. Guests can download these backgrounds for video conferencing applications, such as Zoom, reflecting four unique Christmas Collections. Alongside the backgrounds, a limited-time 20% discount on holiday décor items purchased online is available until October 16, 2020. This initiative aims to uplift spirits during the COVID-19 pandemic, allowing families to connect while preparing for the holiday season.

Biglari Capital Corp., a major shareholder in Cracker Barrel Old Country Store (NASDAQ: CBRL), issued a letter expressing dissatisfaction with the company's management and board decisions. Owning 8.7% of shares, they criticized the board's strategy, particularly the failed investment in Punch Bowl Social which led to a $133 million loss. Biglari Capital aims to enhance transparency and capital allocation by seeking board representation. They propose to nominate Raymond P. Barbrick for the board, emphasizing the need for a focus on Cracker Barrel's core business.

Cracker Barrel (Nasdaq: CBRL) reported its fiscal 2020 fourth quarter results, showing a 37.1% revenue decline to $495.1 million. Comparable store restaurant sales fell 39.2%, with off-premise sales rising 145%. GAAP earnings per diluted share decreased to $1.05 from $2.70 year-over-year, while adjusted earnings were (0.85). The fiscal year total revenue was $2.52 billion, a 17.9% decrease. Despite challenges, management expressed optimism about recovery and plans for future growth.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) will host a live webcast of its fourth quarter earnings conference call on September 15, 2020, at 11:00 a.m. Eastern Time. The call will discuss financial results for the fiscal quarter that ended on July 31, 2020. A replay of the call will be available from 2:00 p.m. Eastern Time the same day, continuing until September 29, 2020. The conference call can be accessed via the company's investor relations website.