Cracker Barrel Old Ctry Store Stock Price, News & Analysis

Cracker Barrel Old Country Store (NASDAQ: CBRL) has issued an open letter to shareholders regarding the upcoming Annual Meeting on November 21, 2024. The Board urges shareholders to vote the WHITE card 'FOR ONLY' their 10 recommended nominees, opposing Sardar Biglari's seventh proxy contest in 13 years. The company emphasizes its strategic transformation plan under new CEO Julie Masino, focusing on brand refinement, menu optimization, and improved guest experience. The Board warns against Biglari's approach, citing his track record at Steak 'n Shake and Western Sizzlin' where his cost-cutting and cash extraction strategies led to significant business decline.

Cracker Barrel (NASDAQ: CBRL) has released an investor presentation highlighting its strategic transformation plan ahead of its November 21, 2024 Annual Meeting. The company emphasizes the appointment of new CEO Julie Masino and implementation of a transformation plan showing early success. The presentation addresses the proxy contest initiated by Sardar Biglari, marking his seventh attempt in 13 years. The Board recommends voting for their 10 nominees on the WHITE proxy card, including Biglari's nominee Michael Goodwin, while warning against electing Biglari and Milena Alberti-Perez. The transformation plan includes menu updates, pricing optimization, and a new loyalty program, targeting specific financial goals for FY 2027.

Cracker Barrel Old Country Store® has unveiled its holiday season offerings, featuring new menu items, returning favorites, and festive gifts. The lineup includes:

1. New menu items: Cinnamon Swirl French Toast Breakfast, DIY Hot Chocolate Bar, and Sparkling Plum Mimosa.

2. Returning favorites: Country Fried Turkey, Broccoli Cheese Casserole, Sugar Plum Tea, and Homestyle Holiday Pies.

3. Heat n' Serve options for Thanksgiving and December holidays, including Family Dinners and Feasts.

4. A transformed retail store offering festive home decor, toys, gourmet food items, and country-inspired clothing.

Cracker Barrel aims to provide a complete holiday experience for guests, whether dining in, hosting at home, or shopping for gifts.

KB Home (NYSE: KBH) has announced the election of Cheryl J. Henry to its Board of Directors on October 10, 2024. Henry, the former President, CEO, and Chairwoman of Ruth's Hospitality Group, Inc., will also serve on the Board's Nominating and Corporate Governance Committee. Her initial term will conclude at KB Home's 2025 Annual Meeting of Stockholders, where she will be up for shareholder vote.

Henry brings extensive operational and marketing experience from her various senior roles at Ruth's Chris Steak House, including Chief Operating Officer before becoming CEO. She previously served as Chief of Staff for the Mayor of Orlando and currently sits on the board of directors of Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL).

Jeffrey Mezger, Chairman and CEO of KB Home, expressed enthusiasm about Henry's addition to the board, citing her executive-level experience in the consumer sector and her strong network in Florida, particularly in Orlando, which is an important market for the company.

Cracker Barrel Old Country Store (Nasdaq: CBRL) has filed definitive proxy materials for its upcoming Annual Meeting on November 21, 2024. The Board urges shareholders to vote the white card "FOR ONLY" Cracker Barrel's 10 recommended nominees, rejecting Sardar Biglari's proxy contest.

The letter highlights:

• Appointment of new CEO Julie Masino and implementation of a strategic transformation plan
• Board refreshment with 7 new independent directors since 2019
• Concerns about Biglari's motives and track record
• Recommendation of Michael Goodwin, one of Biglari's nominees
• Rejection of Biglari and Milena Alberti-Perez as nominees

The Board believes its recommended slate has the necessary experience to oversee the Company's transformation and deliver enhanced shareholder value.

Biglari Capital Corp. issued a letter to Cracker Barrel (CBRL) shareholders, criticizing the company's leadership and strategic decisions. Since 2019, Cracker Barrel's market value has fallen by $2.9 billion, with a 50.9% drop since CEO Julie Masino's appointment. The letter highlights the company's poor performance, citing a 70.2% decline in total shareholder returns over five years. Biglari Capital attributes these losses to board and management failures, including misguided capital expenditures and unprofitable new store openings. The letter calls for a board overhaul and a focus on core business operations to restore value. Biglari Capital proposes a low-capex plan, including divesting Maple Street Biscuit, halting new store openings, improving store-level economics, and returning cash to shareholders. The letter emphasizes the need for experienced turnaround leadership to address Cracker Barrel's challenges.

Cracker Barrel Old Country Store® is celebrating its 55th birthday with special promotions from September 19 to 22, 2024. Cracker Barrel Rewards™ Members can enjoy a free slice of Double Chocolate Fudge Coca-Cola® Cake and complimentary beverages from the original 1969 menu with a minimum dine-in purchase of $10.

The promotion includes free bottomless Premium Blend Coffee and Iced Tea, both available since the restaurant's inception. This celebration honors Cracker Barrel's traditions while looking towards the future. The popular cake, introduced in 1997, now serves over 1.2 million slices annually. The company also highlighted its commitment to fostering human connections and conversations around the table, serving nearly 44 million cups of coffee and tea each year.

Cracker Barrel Old Country Store (CBRL) reported its Q4 fiscal 2024 results, including a 53rd week. Key highlights:

- Total revenue increased 6.9% to $894.4 million, including a $62.8 million benefit from the 53rd week
- Comparable store restaurant sales up 0.4%, retail sales down 4.2%
- GAAP earnings per diluted share: $0.81; Adjusted EPS: $0.98
- GAAP net income: $18.1 million (2.0% of revenue)
- Adjusted EBITDA: $57.4 million (6.4% of revenue)

For fiscal 2024:
- Total revenue up 0.8% to $3.47 billion
- GAAP EPS: $1.83; Adjusted EPS: $3.52
- Adjusted EBITDA: $211.6 million (6.1% of revenue)

The company declared a quarterly dividend of $0.25 per share and provided fiscal 2025 outlook.

Cracker Barrel Old Country Store (Nasdaq: CBRL) has announced its fiscal 2024 fourth quarter earnings conference call, scheduled for Thursday, September 19, 2024, at 11:00 a.m. Eastern Time. The company will provide a real-time webcast and rebroadcast of the call, where management will discuss financial results for the quarter ended August 2, 2024.

The live broadcast will be available in the Events and Presentations section on the company's website at investor.crackerbarrel.com. An online replay will be accessible from 2:00 p.m. Eastern Time and continue through October 3, 2024. Cracker Barrel, established in 1969, operates approximately 660 locations and owns the fast-casual Maple Street Biscuit Company.