Board declares $1.30 quarterly dividend per
share
LEBANON,
Tenn., Nov. 30, 2023 /PRNewswire/ -- Cracker
Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company")
(Nasdaq: CBRL) today reported its financial results for the
first quarter of fiscal 2024 ended October
27, 2023.
First Quarter Fiscal 2024 Highlights
- The Company reported first quarter total revenue of
$823.8 million. Compared to the prior
year first quarter, total revenue decreased 1.9%.
- Comparable store restaurant sales decreased 0.5%, while
comparable store retail sales decreased 8.1%.
- GAAP operating income for the first quarter was $11.4 million, or 1.4% of total revenue, and
adjusted1 operating income was $19.0 million, or 2.3% of total revenue.
- GAAP net income was $5.5 million,
or 0.7% of total revenue, and Adjusted EBITDA1 was
$45.7 million, or 5.5% of total
revenue.
- GAAP earnings per diluted share were $0.25, and adjusted1 earnings per
diluted share were $0.51.
Commenting on the first quarter results, Cracker Barrel
President and Chief Executive Officer Julie
Masino said,
"We were pleased that we delivered sequential monthly
improvements in our comparable store traffic performance during the
first quarter. This improved trend was largely driven by the
actions we took to improve the effectiveness of our marketing and
our emphasis on the guest experience. We will continue to focus on
these initiatives along with operational excellence, and we believe
these efforts will resonate with guests and will support improved
performance in the remainder of the fiscal year and beyond.
Additionally, during the quarter we launched our Cracker Barrel
Rewards loyalty program. Guests have embraced the program, and we
are pleased with the levels of enrollment to date, which have
exceeded expectations. We remain excited about this program and are
confident it will be a meaningful differentiator and traffic driver
over the long term."
First Quarter Fiscal 2024
Results
Revenue
The Company reported total revenue of $823.8
million for the first quarter of fiscal 2024, representing a
decrease of 1.9% compared to the first quarter of fiscal 2023.
Cracker Barrel comparable store restaurant sales decreased 0.5%,
including total menu pricing increases of 6.8%. Comparable store
retail sales decreased 8.1% from the prior year quarter.
Operating Income
GAAP operating income for the
first quarter was $11.4 million, or
1.4% of total revenue, compared to $23.6
million, or 2.8% of total revenue, in the prior year
quarter. Adjusted1 operating income for the first
quarter was $19.0 million, or 2.3% of
total revenue, compared to $30.0
million, or 3.6%, of total revenue in the prior year
quarter.
The decrease in the Company's GAAP and adjusted1
operating income as a percentage of total revenue versus the prior
year quarter is primarily the result of higher labor and related
expenses, higher other operating expenses, and higher general and
administrative expenses, partially offset by lower cost of goods
sold in the current year quarter.
Net Income, EBITDA, and Earnings per Diluted
Share
GAAP net income for the first quarter was
$5.5 million, or 0.7% of total
revenue. This represented a 68% decrease compared to prior year
quarter GAAP net income of $17.1
million, or 2.0% of total revenue. Adjusted
EBITDA1 was $45.7 million,
or 5.5% of total revenue, a 16.6% decrease compared to the prior
year quarter Adjusted EBITDA1 of $54.8 million, or 6.5% of total revenue.
GAAP earnings per diluted share for the first quarter were
$0.25, a 68% decrease compared to the
prior year quarter GAAP earnings per diluted share of $0.77. Adjusted1 earnings per
diluted share were $0.51, a
48% decrease compared to the prior year quarter
adjusted1 earnings per diluted share of $0.99.
Quarterly Dividend Declaration
The Company announced
that its Board of Directors declared a quarterly dividend of
$1.30 per share on the Company's
common stock. The quarterly dividend is payable on February 13, 2024 to shareholders of record as of
January 19, 2024.
Fiscal 2024 Outlook
The Company provided the following
outlook for fiscal 2024:
- Total revenue of $3.4 billion to
$3.5 billion
- Two new Cracker Barrel stores and 9 to 11 new Maple Street
Biscuit Company units
- Commodity inflation in the low-single digits
- Hourly wage inflation in the mid-single digits
- GAAP operating income of $95
million to $115 million and
adjusted1 operating income of $130 million to $150
million, which includes the impact from the 53rd
week in the fiscal 2024 year
- Capital expenditures of $120
million to $135 million
The Company reminds investors that its outlook reflects a number
of assumptions, many of which are outside the Company's control.
In particular, uncertainties created by macroeconomic
conditions, such as ongoing inflation, low consumer confidence and
high interest rates may adversely affect consumer behavior and
cause actual results to differ materially from those expected.
1 For Non-GAAP
reconciliations, please refer to the Reconciliation of GAAP-Basis
Operating Results to Non-GAAP Operating Results section of this
release.
|
Fiscal 2024 First Quarter Conference Call
As
previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public online at
investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The online replay will be
available at 2:00 p.m. (ET) and
continue through December 14,
2023.
About Cracker Barrel Old Country
Store®
Cracker Barrel Old Country Store,
Inc. (Nasdaq: CBRL) provides a caring and friendly
home-away-from-home experience while offering guests high-quality
homestyle food to enjoy in-store or to-go and unique shopping — all
at a fair price. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its
affiliates operate over 660 company-owned Cracker Barrel Old
Country Store® locations in 45 states and own the fast-casual Maple
Street Biscuit Company. For more information about the Company,
visit crackerbarrel.com.
CBRL-F
Except for specific historical information, certain of the
matters discussed in this press release may express or imply
projections of items such as revenues or expenditures, statements
of plans and objectives or future operations or statements of
future economic performance. These and similar statements regarding
events or results that the Company expects will or may occur in the
future are forward-looking statements concerning matters that
involve risks, uncertainties and other factors which may cause the
actual results and performance of the Company to differ materially
from those expressed or implied by such forward-looking statements.
All forward-looking information is provided pursuant to the safe
harbor established under the Private Securities Litigation Reform
Act of 1995 and should be evaluated in the context of these risks,
uncertainties and other factors. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "trends," "assumptions," "target," "guidance,"
"outlook," "opportunity," "future," "plans," "goals," "objectives,"
"expectations," "near-term," "long-term," "projection," "may,"
"will," "would," "could," "expect," "intend," "estimate,"
"anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology.
The Company believes that the assumptions underlying any
forward-looking statements are reasonable; however, any of the
assumptions could be inaccurate, and therefore, actual results may
differ materially from those projected in or implied by the
forward-looking statements. In addition to the risks of
ordinary business operations, factors and risks that may result in
actual results differing from this forward-looking information
include, but are not limited to risks and uncertainties associated
with inflationary conditions with respect to the price of
commodities, transportation, distribution and labor; disruptions to
the Company's restaurant or retail supply chain; the COVID-19
pandemic, including the duration of the COVID-19 pandemic and its
ultimate impact on the Company's business the Company's ability to
identify, acquire and sell successful new lines of retail
merchandise and new menu items at its restaurants; the Company's
ability to sustain or the effects of plans intended to improve
operational or marketing execution and performance; the effects of
increased competition at the Company's locations on sales and on
labor recruiting, cost, and retention; consumer behavior based on
negative publicity or changes in consumer health or dietary trends
or safety aspects of the Company's food or products or those of the
restaurant industry in general, including concerns about outbreaks
of infectious disease, as well as the possible effects of such
events on the price or availability of ingredients used in the
Company's restaurants; the effects of the Company's indebtedness
and associated restrictions on the Company's financial and
operating flexibility and ability to execute or pursue its
operating plans and objectives; changes in interest rates,
increases in borrowed capital or capital market conditions
affecting the Company's financing costs and ability to refinance
its indebtedness, in whole or in part; the Company's reliance on
limited distribution facilities and certain significant vendors;
information technology-related incidents, including data privacy
and information security breaches, whether as a result of
infrastructure failures, employee or vendor errors, or actions of
third parties; changes in or implementation of additional
governmental or regulatory rules, regulations and interpretations
affecting tax, wage and hour matters, health and safety, animal
welfare, pensions, insurance or other undeterminable areas; the
effects of plans intended to promote or protect our brands and
products; the actual results of pending, future or threatened
litigation or governmental investigations and the costs and effects
of negative publicity or the Company's ability to manage the impact
of social media associated with these activities; the impact of
activist shareholders; the Company's ability to enter successfully
into new geographic markets that may be less familiar to it;
changes in land, building materials and construction costs; the
availability and cost of suitable sites for restaurant development
and the Company's ability to identify those sites; the Company's
ability to retain key personnel; the ability of and cost to the
Company to recruit, train, and retain qualified hourly and
management employees; uncertain performance of acquired businesses,
strategic investments and other initiatives that the Company may
pursue from time to time; the effects of business trends on the
outlook for individual restaurant locations and the effect on the
carrying value of those locations; general or regional economic
weakness, business and societal conditions and the weather impact
on sales and customer travel; discretionary income or personal
expenditure activity of the Company's customers; economic or
psychological effects of natural disasters or other unforeseen
events such as terrorist acts, social unrest or war and the
military or government responses to such events; changes in foreign
exchange rates affecting the Company's future retail inventory
purchases; workers' compensation, group health and utility price
changes; implementation of new or changes in interpretation of
existing accounting principles generally accepted in the United States of America ("GAAP"); and
other factors described from time to time in our filings with the
Securities and Exchange Commission, press releases, and other
communications. Any forward-looking statement made by us herein, or
elsewhere, speaks only as of the date on which made. We expressly
disclaim any intent, obligation or undertaking to update or revise
any forward-looking statements made herein to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In thousands,
except share and per share amounts, percentages and
ratios)
|
|
|
First Quarter
Ended
|
|
10/27/23
|
10/28/22
|
Percentage
Change
|
Total
revenue
|
$823,839
|
$839,519
|
(2 %)
|
Cost of goods sold
(exclusive of depreciation & rent)
|
255,559
|
281,540
|
(9)
|
Labor and other related
expenses
|
304,447
|
291,708
|
4
|
Other store operating
expenses
|
203,685
|
196,704
|
4
|
General and
administrative expenses
|
48,735
|
45,948
|
6
|
Operating
income
|
11,413
|
23,619
|
(52)
|
Interest
expense
|
4,938
|
3,532
|
40
|
Income before income
taxes
|
6,475
|
20,087
|
(68)
|
Provision for income
taxes
|
1,019
|
2,958
|
(66)
|
Net income
|
$5,456
|
$17,129
|
(68)
|
|
|
|
|
Earnings per share –
Basic:
|
$0.25
|
$0.77
|
(68)
|
Earnings per share –
Diluted:
|
$0.25
|
$0.77
|
(68)
|
|
|
|
|
Weighted average
shares:
|
|
|
|
Basic
|
22,165,852
|
22,193,774
|
(0)
|
Diluted
|
22,263,690
|
22,292,654
|
(0)
|
|
|
|
|
Ratio
Analysis
|
|
|
|
Total
revenue:
|
|
|
|
Restaurant
|
80.2 %
|
78.9 %
|
|
Retail
|
19.8
|
21.1
|
|
Total
revenue
|
100.0
|
100.0
|
|
Cost of goods sold
(exclusive of depreciation & rent)
|
31.0
|
33.5
|
|
Labor and other related
expenses
|
37.0
|
34.8
|
|
Other store operating
expenses
|
24.7
|
23.4
|
|
General and
administrative expenses
|
5.9
|
5.5
|
|
Operating
income
|
1.4
|
2.8
|
|
Interest
expense
|
0.6
|
0.4
|
|
Income before income
taxes
|
0.8
|
2.4
|
|
Provision for income
taxes
|
0.1
|
0.4
|
|
Net income
|
0.7 %
|
2.0 %
|
|
|
|
|
|
|
|
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited and in
thousands, except share amounts)
|
|
10/27/23
|
|
10/28/22
|
|
Assets
|
|
|
|
|
Cash and
cash equivalents
|
$13,914
|
|
$38,705
|
|
Accounts
receivable
|
32,218
|
|
32,943
|
|
Inventories
|
207,269
|
|
231,010
|
|
Prepaid
expenses and other current assets
|
34,288
|
|
28,583
|
|
Property
and equipment, net
|
968,441
|
|
965,795
|
|
Operating
lease right-of-use assets, net
|
891,371
|
|
918,725
|
|
Intangible
assets
|
24,517
|
|
21,191
|
|
Other
assets
|
42,923
|
|
45,411
|
|
Goodwill
|
4,690
|
|
4,690
|
|
Total assets
|
$2,219,631
|
|
$2,287,053
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Accounts
payable
|
$143,294
|
|
$135,480
|
|
Other
current liabilities
|
318,604
|
|
334,040
|
|
Long-term
debt
|
475,340
|
|
483,679
|
|
Long-term
operating lease liabilities
|
696,871
|
|
714,155
|
|
Other
long-term obligations
|
51,130
|
|
52,110
|
|
Deferred
income taxes
|
74,140
|
|
80,076
|
|
Shareholders' equity, net
|
460,252
|
|
487,513
|
|
Total liabilities and shareholders' equity
|
$2,219,631
|
|
$2,287,053
|
|
|
|
|
|
|
Common shares issued
and outstanding
|
22,185,112
|
|
22,195,467
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited and in
thousands)
|
|
Three Months
Ended
|
|
10/27/23
|
|
10/28/22
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$5,456
|
|
$17,129
|
Depreciation and amortization
|
26,669
|
|
24,791
|
Amortization of debt issuance costs
|
436
|
|
431
|
Loss on disposition of property and equipment
|
1,632
|
|
683
|
Share-based compensation
|
1,622
|
|
2,422
|
Noncash lease expense
|
15,180
|
|
15,013
|
Amortization of asset recognized from gain on sale and leaseback
transaction
|
3,184
|
|
3,184
|
Increase in inventories
|
(17,905)
|
|
(17,761)
|
Decrease in accounts payable
|
(22,190)
|
|
(34,391)
|
Net changes in other assets and liabilities
|
(29,881)
|
|
(12,101)
|
Net cash used in operating activities
|
(15,797)
|
|
(600)
|
Cash flows from
investing activities:
|
|
|
|
Purchase of property and equipment, net of insurance
recoveries
|
(24,637)
|
|
(21,626)
|
Proceeds from sale of property and equipment
|
39
|
|
166
|
Net cash used in investing activities
|
(24,598)
|
|
(21,460)
|
Cash flows from
financing activities:
|
|
|
|
Net proceeds under long-term debt
|
60,000
|
|
60,000
|
Taxes withheld from issuance of share-based compensation
awards
|
(1,501)
|
|
(2,380)
|
Purchases and retirement of common stock
|
0
|
|
(12,448)
|
Dividends on common stock
|
(29,337)
|
|
(29,512)
|
Net cash provided by financing activities
|
29,162
|
|
15,660
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
(11,233)
|
|
(6,400)
|
Cash and cash
equivalents, beginning of period
|
25,147
|
|
45,105
|
Cash and cash
equivalents, end of period
|
$13,914
|
|
$38,705
|
|
First Quarter
Ended
|
|
10/27/23
|
|
10/28/22
|
Net Change in
Company-Owned Units During Quarter:
|
|
|
|
Cracker Barrel
|
1
|
|
0
|
Maple Street Biscuit
Company
|
1
|
|
3
|
Company-Owned Units in
Operation at End of Quarter:
|
|
|
|
Cracker Barrel
|
661
|
|
664
|
Maple Street Biscuit
Company
|
60
|
|
54
|
|
First Quarter
Ended
|
|
10/27/23
|
|
10/28/22
|
Total revenue*: (In
thousands)
|
|
|
|
Restaurant
|
$644,889
|
|
$647,245
|
Retail
|
163,034
|
|
177,141
|
Total
revenue
|
$807,923
|
|
$824,386
|
|
|
|
|
Cost of goods sold*
(exclusive of depreciation
and rent): (In thousands)
|
|
|
|
Restaurant
|
$169,572
|
|
$188,505
|
Retail
|
82,084
|
|
88,926
|
Total cost of goods
sold
|
$251,656
|
|
$277,431
|
|
|
|
|
Average unit
volume*: (In thousands)
|
|
|
|
Restaurant
|
$975.6
|
|
$974.9
|
Retail
|
246.7
|
|
266.8
|
Total
|
$1,222.3
|
|
$1,241.7
|
Operating
weeks*:
|
8,593
|
|
8,631
|
|
Note*: This information
is for Cracker Barrel stores only and excludes Maple Street Biscuit
Company
|
CRACKER BARREL OLD COUNTRY STORE,
INC.
Reconciliation of GAAP-Basis Operating Results to
Non-GAAP Operating Results
(Unaudited and in
thousands, except per share amounts)
Adjusted Operating Income and Earnings Per Share
In
the accompanying press release, the Company makes reference to its
first quarter fiscal 2023 and fiscal 2024 adjusted operating income
and earnings per share. In regard to fiscal 2023, this
reconciliation excludes the non-cash amortization of the asset
recognized from the gains on the sale and leaseback transactions
and expenses related to the proxy contest and settlement in
connection with the Company's 2022 annual meeting of shareholders
and the related tax impacts. In regard to fiscal 2024, this
reconciliation excludes the non-cash amortization of the asset
recognized from the gains on the sale and leaseback transactions,
expenses related to the Company's CEO transition, expenses
associated with a strategic transformation initiative, and a
corporate restructuring charge and the related tax impacts. The
Company believes excluding these items from its financial results
provides investors with an enhanced understanding of the Company's
financial results and enhances comparability across periods. This
information is not intended to be considered in isolation or as a
substitute for operating income or earnings per share information
prepared in accordance with GAAP.
|
First Quarter Ended
October 27, 2023
|
|
As
Reported
|
Adjustment
|
As
Adjusted
|
|
|
(1)
|
|
Total
Revenue
|
$823,839
|
$0
|
$823,839
|
Store operating
expense
|
763,691
|
(3,184)
|
760,507
|
General and
administrative expense
|
48,735
|
(4,419)
|
44,316
|
Operating
income
|
11,413
|
7,603
|
19,016
|
Interest
expense
|
4,938
|
0
|
4,938
|
Income before income
taxes
|
6,475
|
7,603
|
14,078
|
Provision for income
taxes
|
1,019
|
1,787
|
2,806
|
Net income
|
$5,456
|
$5,816
|
$11,272
|
Earnings per share –
basic
|
$0.25
|
$0.26
|
$0.51
|
Earnings per share –
diluted
|
$0.25
|
$0.26
|
$0.51
|
|
(1) Adjusted for
the non-cash amortization of the asset recognized from the gains on
the sale and leaseback transactions, expenses related to the
Company's CEO transition, expenses associated with a strategic
transformation initiative, and a corporate restructuring charge and
the related tax impacts.
|
|
First Quarter Ended
October 28, 2022
|
|
As
Reported
|
Adjustment
|
As
Adjusted
|
|
|
(1)
|
|
Total
Revenue
|
$839,519
|
$0
|
$839,519
|
Store operating
expense
|
769,952
|
(3,184)
|
766,768
|
General and
administrative expense
|
45,948
|
(3,198)
|
42,750
|
Operating
income
|
23,619
|
6,382
|
30,001
|
Interest
expense
|
3,532
|
0
|
3,532
|
Income before income
taxes
|
20,087
|
6,382
|
26,469
|
Provision for income
taxes
|
2,958
|
1,500
|
4,458
|
Net income
|
$17,129
|
$4,882
|
$22,011
|
Earnings per share –
basic
|
$0.77
|
$0.22
|
$0.99
|
Earnings per share –
diluted
|
$0.77
|
$0.22
|
$0.99
|
|
(1) Adjusted for the
non-cash amortization of the asset recognized from the gains on the
sale and leaseback transactions and expenses related to the proxy
contest and settlement in connection with the Company's 2022 annual
meeting of shareholders and the related tax impacts.
|
CRACKER BARREL OLD COUNTRY STORE,
INC.
Reconciliation of GAAP-Basis Operating Results to
Non-GAAP Operating Results
(Unaudited and in
thousands)
EBITDA
In the accompanying press release, the
Company makes reference to its first quarter fiscal 2023 and fiscal
2024 EBITDA. The Company defines EBITDA as net income excluding
depreciation and amortization, non-cash amortization of the asset
recognized from the gains on sale and leaseback transactions,
interest expense and tax expense. In regard to fiscal 2023, the
Company further adjusts EBITDA to exclude expenses related to the
proxy contest and settlement in connection with the Company's 2022
annual meeting of shareholders and the related tax impacts. In
regard to fiscal 2024, the Company further adjusts EBITDA to
exclude expenses related to the Company's CEO transition, expenses
associated with a strategic transformation initiative, and a
corporate restructuring charge and the related tax impacts. The
Company believes that presentation of EBITDA and Adjusted EBITDA
provides investors with an enhanced understanding of the Company's
operating performance and debt leverage metrics and enhances
comparability with the Company's historical results, and that the
presentation of this non-GAAP financial measure, when combined with
the primary presentation of net income, is beneficial to an
investor's complete understanding of the Company's operating
performance. This information is not intended to be considered in
isolation or as a substitute for net income prepared in accordance
with GAAP.
|
|
|
|
|
|
|
|
|
|
First Quarter
Ended
October 27, 2023
|
|
Net
Income
|
|
|
|
$5,456
|
|
(+) Depreciation
& amortization
|
|
|
|
26,669
|
|
(+) Amortization
of asset recognized from gain on sale and leaseback
transactions
|
|
3,184
|
|
(+) Interest
expense
|
|
|
|
4,938
|
|
(+) Tax
expense
|
|
|
|
1,019
|
|
EBITDA
|
|
|
|
$41,266
|
|
Adjustments
|
|
|
|
|
|
(+) CEO
transition expenses
|
|
|
|
1,636
|
|
(+) Strategic
transformation initiative expenses
|
|
|
|
1,141
|
|
(+) Corporate
restructuring charge
|
|
1,642
|
|
Adjusted
EBITDA
|
|
|
|
$45,685
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
Ended
October 28, 2022
|
|
Net
Income
|
|
|
|
$17,129
|
|
(+) Depreciation
& amortization
|
|
|
|
24,791
|
|
(+) Amortization
of asset recognized from gain on sale and leaseback
transactions
|
|
3,184
|
|
(+) Interest
expense
|
|
|
|
3,532
|
|
(+) Tax
expense
|
|
|
|
2,958
|
|
EBITDA
|
|
|
|
$51,594
|
|
Adjustments
|
|
|
|
|
|
(+) Proxy contest
and settlement expenses
|
|
|
|
3,198
|
|
Adjusted
EBITDA
|
|
|
|
$54,792
|
|
Reconciliation of GAAP Operating Income Outlook to Non-GAAP
Operating Income Outlook
In the accompanying press release,
the Company provides its current outlook for adjusted operating
income, a non-GAAP financial measure, for fiscal 2024. The
Company's adjusted operating income outlook excludes the non-cash
amortization of the asset recognized from the gains on the sale and
leaseback transactions, expenses related to the Company's CEO
transition, expenses associated with a strategic transformation
initiative, and a corporate restructuring charge and the related
tax impacts. The Company believes presenting its current outlook
for adjusted operating income that excludes these items provides
investors with an enhanced understanding of the Company's expected
performance and enhances comparability with the Company's
historical results. This information is not intended to be
considered in isolation or as a substitute for operating income
outlook reported in accordance with GAAP.
|
|
$
Million
|
|
Reported GAAP Operating
Income Outlook
|
$95
|
to
|
$115
|
|
Non-cash amortization
of the asset recognized from the gain on sale and leaseback
transactions
|
$13
|
|
$13
|
|
Expenses related to CEO
transition
|
$10
|
|
$10
|
|
Expenses related to
strategic transformation initiative
|
$10
|
|
$10
|
|
Corporate restructuring
charge
|
$2
|
|
$2
|
|
Adjusted Operating
Income Outlook
|
$130
|
to
|
$150
|
|
|
|
|
|
|
|
|
Investor
Contact:
|
Adam Hanan
|
|
(615)
443-9887
|
|
|
Media Contact:
|
Heidi Pearce
|
|
(615)
235-4135
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cracker-barrel-reports-first-quarter-fiscal-2024-results-302001252.html
SOURCE Cracker Barrel Old Country Store, Inc.