Cracker Barrel Old Country Store, Inc. operates full-service restaurants with attached Old Country Store retail shops across the United States and owns the fast-casual Maple Street Biscuit Company. Company news commonly covers seasonal menu launches, returning comfort-food items, family and holiday offers, new restaurant openings, and updates tied to the Cracker Barrel dining and retail model.
Financial updates for CBRL focus on quarterly results, fiscal outlook, comparable restaurant and retail sales, operating initiatives, cost actions, and management commentary on traffic, guest metrics, and performance across its restaurant and retail operations.
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.
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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.