| ITEM 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Cracker Barrel Old Country Store, Inc., and its subsidiaries (collectively, the “Company,” “our” or “we”) are principally engaged in the operation and development in the United States of the
Cracker Barrel Old Country Store® (“Cracker Barrel”) concept. As of April 26, 2024, we operated 658 Cracker Barrel stores in 44 states and 63 Maple Street Biscuit Company (“MSBC”) locations in ten states.
All dollar amounts reported or discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) are shown in thousands, except per share amounts
and certain statistical information (e.g., number of stores). References to years in MD&A are to our fiscal year unless otherwise noted.
MD&A provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. MD&A should be read in
conjunction with the (i) condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q and (ii) audited consolidated financial statements and the notes thereto included in the Company’s Annual Report
on Form 10-K for the fiscal year ended July 28, 2023 (the “2023 Form 10-K”). Except for specific historical information, many of the matters discussed in this report may express or imply projections of items such as revenues or expenditures,
estimated capital expenditures, compliance with debt covenants, plans and objectives for future operations, store economics, inventory shrinkage, growth or initiatives, expected future economic performance or the expected outcome or impact of
pending or threatened litigation. These and similar statements regarding events or results which we expect will or may occur in the future are forward-looking statements that, by their nature, involve risks, uncertainties and other factors which
may cause our actual results and performance to differ materially from those expressed or implied by such 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,” “should,”
“projects,” “forecasts” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology. We believe 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, and those discussed or described in this report or
in information incorporated by reference into this report, 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 our restaurant or retail supply chain; our ability to identify, acquire and sell successful new lines of retail merchandise and new menu
items at our restaurants; our ability to sustain or the effects of plans intended to improve operational or marketing execution and performance; the effects of increased competition at our 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 our 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 our restaurants; the effects of our indebtedness and associated restrictions on our financial and operating flexibility and ability to
execute or pursue our operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting our financing costs and ability to refinance our indebtedness, in whole or in part; our 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 our
ability to manage the impact of social media associated with these activities; the impact of activist shareholders; our ability to enter successfully into new geographic markets that may be less familiar to us; changes in land, building materials
and construction costs; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; our ability to retain key personnel; the ability of and cost to us to recruit, train, and retain qualified
hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that we 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 our
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 our
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
those factors contained in Part I, Item 1A of the 2023 Form 10-K, as well as the factors described under “Critical Accounting Estimates” on pages 29-31 of this report or, from time to time, in our filings with the Securities and Exchange Commission
(“SEC”), press releases and other communications.
Readers are cautioned not to place undue reliance on forward-looking statements made in this report because the statements speak only as of the report’s date. Except as may be required by law, we
have no obligation or intention to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this report or to reflect the occurrence of unanticipated events. Readers are advised,
however, to consult any future public disclosures that we may make on related subjects in reports that we file with or furnish to the SEC or in our other public disclosures.
Overview
Management believes that Cracker Barrel’s brand remains one of the strongest and most differentiated brands in the restaurant industry, and we plan to continue to leverage and build on that
strength as a core competitive component of our business strategy. Our long-term strategy is anchored on three overarching business imperatives: driving relevancy, delivering food and experiences guests love, and growing profitability.
We believe there are significant challenges in the macroeconomic outlook for the coming quarters, including continued inflationary pressures, higher interest rates, higher consumer debt levels and
lower savings rates, as well as the potential uncertainty associated with the geopolitical environment and the U.S. presidential election, among other factors. However, despite these challenges, we remain focused on delivering long-term growth and
returns for shareholders. On May 16, 2024, we announced details of our strategic transformation plan, which was already underway during the third quarter of 2024, is built on the following five pillars of our strategy:
|
• |
Refining the brand: evolving the brand across all touchpoints including refining and strengthening our positioning to best reach existing and new
guests.
|
|
• |
Enhancing the menu: introducing menu innovation focused on craveability and traffic drivers, streamlining processes to improve execution, and
optimizing strategic pricing to protect value and improve profitability.
|
|
• |
Evolving the store and guest experience: delivering an exceptional guest experience through operational excellence and improved store design and
atmosphere. We are in the process of testing remodel prototypes and expect to complete 25-30 remodels in fiscal 2025.
|
|
• |
Winning in digital and off-premise: growing the off-premise business and leveraging technology such as Cracker Barrel Rewards loyalty program. We
continue to leverage guest data to better understand consumer behavior and identify ways to drive frequency and engagement.
|
|
• |
Elevating the employee experience: upgrading training and development programs and tools and simplifying job roles and utilizing technology to improve
the employee experience.
|
Key Performance Indicators
Management uses a number of key performance measures to evaluate our operational and financial performance, including the following:
|
• |
Comparable store restaurant sales increase/(decrease): To calculate comparable store restaurant sales increase/(decrease), we determine total restaurant sales of stores open at least six full quarters before the beginning of the
applicable period, measured on comparable calendar weeks. We then subtract total comparable store restaurant sales for the current year period from total comparable store restaurant sales for the applicable historical period to calculate
the absolute dollar change. To calculate comparable store restaurant sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store restaurant sales for the historical period.
|
|
• |
Comparable store average restaurant sales: To calculate comparable store average restaurant sales, we determine total restaurant sales of stores open at least six full quarters before the beginning of the applicable period,
measured on comparable calendar weeks, and divide by the number of comparable stores for the applicable period.
|
|
• |
Comparable store retail sales increase/(decrease): To calculate comparable store retail sales increase/(decrease), we determine total retail sales of stores open at least six full quarters before the beginning of the applicable
period, measured on comparable calendar weeks. We then subtract total comparable store retail sales for the current year period from total comparable store retail sales for the applicable historical period to calculate the absolute dollar
change. To calculate comparable store retail sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store retail sales for the historical period.
|
|
• |
Comparable store retail average weekly sales: To calculate comparable store average retail sales, we determine total retail sales of stores open at least six full quarters before the beginning of the applicable period, measured on
comparable calendar weeks, and divide by the number of comparable stores for the applicable period.
|
|
• |
Comparable restaurant guest traffic increase/(decrease): To calculate comparable restaurant guest traffic increase/(decrease), we determine the number of entrees sold in our dine-in and off-premise business from stores open at
least six full quarters at the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total entrees sold for the current year period from total entrees sold for the applicable historical period to
calculate the absolute numerical change. To calculate comparable restaurant guest traffic increase/(decrease), which we express as a percentage, we divide the absolute numerical change by the total entrees sold for the historical period.
|
|
• |
Average check increase per guest: To calculate average check per guest, we determine comparable store restaurant sales, as described above, and divide by comparable guest traffic (as described above). We then subtract average
check per guest for the current year period from average check per guest for the applicable historical period to calculate the absolute dollar change. The absolute dollar change is divided by the prior year average check number to
calculate average check increase per guest, which we express as a percentage.
|
These performance indicators exclude the impact of new store openings and sales related to MSBC.
We use comparable store sales metrics as indicators of sales growth to evaluate how our established stores have performed over time. We use comparable restaurant guest traffic
increase/(decrease) to evaluate how established stores have performed over time, excluding growth achieved through menu price and sales mix change. Finally, we use average check per guest to identify trends in guest preferences, as well as the
effectiveness of menu changes. We believe these performance indicators are useful for investors by providing a consistent comparison of sales results and trends across comparable periods within our core, established store base, unaffected by
results of store openings, closings, and other transitional changes.
Results of Operations
The following table highlights our operating results by percentage relationships to total revenue for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
|
|
|
April 28,
|
|
|
April 26,
|
|
|
April 28,
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Total revenue
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
Cost of goods sold (exclusive of depreciation and rent)
|
|
|
30.0
|
|
|
|
31.5
|
|
|
|
31.7
|
|
|
|
33.4
|
|
|
Labor and other related expenses
|
|
|
37.8
|
|
|
|
35.8
|
|
|
|
36.3
|
|
|
|
34.7
|
|
|
Other store operating expenses
|
|
|
24.5
|
|
|
|
23.6
|
|
|
|
24.0
|
|
|
|
23.1
|
|
|
General and administrative expenses
|
|
|
6.7
|
|
|
|
5.4
|
|
|
|
6.0
|
|
|
|
5.3
|
|
|
Impairment and store closing costs
|
|
|
2.8
|
|
|
|
1.7
|
|
|
|
0.9
|
|
|
|
0.5
|
|
|
Goodwill impairment
|
|
|
0.6
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
—
|
|
|
Operating income (loss)
|
|
|
(2.4
|
)
|
|
|
2.0
|
|
|
|
0.9
|
|
|
|
3.0
|
|
|
Interest expense, net
|
|
|
0.6
|
|
|
|
0.5
|
|
|
|
0.6
|
|
|
|
0.4
|
|
|
Income (loss) before income taxes
|
|
|
(3.0
|
)
|
|
|
1.5
|
|
|
|
0.3
|
|
|
|
2.6
|
|
|
Provision for income taxes (income tax benefit)
|
|
|
(1.9
|
)
|
|
|
(0.2
|
)
|
|
|
(0.6
|
)
|
|
|
0.2
|
|
|
Net income (loss)
|
|
|
(1.1
|
%)
|
|
|
1.7
|
%
|
|
|
0.9
|
%
|
|
|
2.4
|
%
|
The following table sets forth the change in the number of units in operation for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
|
|
|
April 28,
|
|
|
April 26,
|
|
|
April 28,
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Net change in units:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cracker Barrel
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
|
(2
|
)
|
|
|
(3
|
)
|
|
MSBC
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
5
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units in operation at end of the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cracker Barrel
|
|
|
658
|
|
|
|
661
|
|
|
|
658
|
|
|
|
661
|
|
|
MSBC
|
|
|
63
|
|
|
|
56
|
|
|
|
63
|
|
|
|
56
|
|
|
Total units at end of the period
|
|
|
721
|
|
|
|
717
|
|
|
|
721
|
|
|
|
717
|
|
Total Revenue
Total revenue for the third quarter and the first nine months of 2024 decreased 1.9% and 1.1%, respectively, as compared to the same periods in the prior year.
The following table highlights the key components of revenue for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
Revenue in dollars:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
$
|
671,328
|
|
|
$
|
681,315
|
|
|
$
|
2,062,790
|
|
|
$
|
2,061,551
|
|
|
Retail
|
|
|
145,807
|
|
|
|
151,374
|
|
|
|
513,585
|
|
|
|
544,525
|
|
|
Total revenue
|
|
$
|
817,135
|
|
|
$
|
832,389
|
|
|
$
|
2,576,375
|
|
|
$
|
2,606,076
|
|
|
Total revenue by percentage relationships:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
|
82.2
|
%
|
|
|
81.8
|
%
|
|
|
80.1
|
%
|
|
|
79.1
|
%
|
|
Retail
|
|
|
17.8
|
%
|
|
|
18.2
|
%
|
|
|
19.9
|
%
|
|
|
20.9
|
%
|
|
Average unit volumes(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
$
|
994.6
|
|
|
$
|
1,003.0
|
|
|
$
|
3,049.4
|
|
|
$
|
3,035.3
|
|
|
Retail
|
|
|
221.0
|
|
|
|
228.0
|
|
|
|
776.8
|
|
|
|
819.5
|
|
|
Total revenue
|
|
$
|
1,215.6
|
|
|
$
|
1,231.0
|
|
|
$
|
3,826.2
|
|
|
$
|
3,854.8
|
|
|
Comparable store sales increase (decrease) (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
|
(1.5
|
%)
|
|
|
7.4
|
%
|
|
|
(0.2
|
%)
|
|
|
7.7
|
%
|
|
Retail
|
|
|
(3.8
|
%)
|
|
|
(4.6
|
%)
|
|
|
(5.8
|
%)
|
|
|
1.6
|
%
|
|
Restaurant and retail
|
|
|
(1.9
|
%)
|
|
|
5.0
|
%
|
|
|
(1.4
|
%)
|
|
|
6.3
|
%
|
|
Average check increase
|
|
|
3.4
|
%
|
|
|
10.6
|
%
|
|
|
5.1
|
%
|
|
|
9.9
|
%
|
|
Comparable restaurant guest traffic decrease(2):
|
|
|
(4.9
|
%)
|
|
|
(3.2
|
%)
|
|
|
(5.3
|
%)
|
|
|
(2.2
|
%)
|
(1) Average unit volumes include sales of all stores except for MSBC.
(2) Comparable store sales and traffic consist of sales of stores open at least six full quarters at the beginning
of the period and are measured on comparable calendar weeks. Comparable store sales and traffic exclude MSBC.
For the third quarter and first nine months of 2024, our comparable store restaurant sales decreases resulted primarily from the guest traffic decreases partially offset by the average check
increases as compared to the prior year periods. For the third quarter and first nine months of 2024, the average check increases included average menu price increases of 4.0% and 5.2%, respectively.
Our retail sales are made substantially to our restaurant guests. For the third quarter and the first nine months of 2024, our comparable store retail sales decreases resulted primarily from the
guest traffic decreases during these periods.
The decreases in guest traffic are primarily the result of lower consumer demand arising from multiple macroeconomic factors, including inflationary pressures, higher interest rates, higher
consumer debt levels and lower savings rates.
Cost of Goods Sold (Exclusive of Depreciation and Rent)
The following table highlights the components of cost of goods sold (exclusive of depreciation and rent) in dollar amounts and as percentages of revenues for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
Cost of Goods Sold in dollars:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
$
|
173,593
|
|
|
$
|
186,157
|
|
|
$
|
552,904
|
|
|
$
|
588,743
|
|
|
Retail
|
|
|
71,477
|
|
|
|
76,034
|
|
|
|
262,576
|
|
|
|
281,543
|
|
|
Total Cost of Goods Sold
|
|
$
|
245,070
|
|
|
$
|
262,191
|
|
|
$
|
815,480
|
|
|
$
|
870,286
|
|
|
Cost of Goods Sold by percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
|
25.9
|
%
|
|
|
27.3
|
%
|
|
|
26.8
|
%
|
|
|
28.6
|
%
|
|
Retail
|
|
|
49.0
|
%
|
|
|
50.2
|
%
|
|
|
51.1
|
%
|
|
|
51.7
|
%
|
The decreases in restaurant cost of goods sold as a percentage of restaurant revenue in the third quarter and first nine months of 2024 as compared to the same periods in the prior year were
primarily the result of lower commodity inflation and our menu price increases referenced above. Commodity deflation was 0.6% and 0.5% in the third quarter and first nine months of 2024, respectively, as compared to significant commodity inflation
of 4.3% and 11.0% in the third quarter and first nine months of 2023, respectively.
We presently expect the rate of commodity inflation to be flat in 2024.
The decrease in retail cost of goods sold as a percentage of retail revenue in the third quarter of 2024 as compared to the same period in the prior year resulted primarily from higher initial
margin partially offset by higher discounts, the change in the provision for obsolete inventory and higher inventory shrinkage.
| |
|
Third Quarter
(Decrease) Increase
as a Percentage of
Total Retail Revenue
|
|
|
Higher initial margin
|
|
|
(2.6
|
%)
|
|
Discounts
|
|
|
0.5
|
%
|
|
Provision for obsolete inventory
|
|
|
0.4
|
%
|
|
Inventory shrinkage
|
|
|
0.3
|
%
|
The decrease in retail cost of goods sold as a percentage of retail revenue in the first nine months of 2024 as compared to the same period in the prior year resulted primarily from higher initial
margin partially offset by higher discounts, higher markdowns and higher freight expense.
| |
|
First Nine Months
(Decrease) Increase
as a Percentage
of Total Revenue
|
|
|
Higher initial margin
|
|
|
(1.3
|
%)
|
|
Discounts
|
|
|
0.4
|
%
|
|
Markdowns
|
|
|
0.2
|
%
|
|
Freight expense
|
|
|
0.2
|
%
|
Labor and Related Expenses
Labor and related expenses include all direct and indirect labor and related costs incurred in store operations. The following table highlights labor and related expenses as a percentage of
total revenue for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
Labor and related expenses
|
|
|
37.8
|
%
|
|
|
35.8
|
%
|
|
|
36.3
|
%
|
|
|
34.7
|
%
|
This percentage change for the third quarter of 2024 as compared to the same period in the prior year resulted primarily from the following:
| |
|
Third Quarter Increase
as a Percentage of
Total Revenue
|
|
|
Store hourly labor
|
|
|
1.3
|
%
|
|
Store management compensation
|
|
|
0.5
|
%
|
|
Employee health care expense
|
|
|
0.2
|
%
|
This percentage change for the first nine months of 2024 as compared to the same period in the prior year resulted from the following:
| |
|
First Nine Months
Increase (Decrease)
as a Percentage
of Total Revenue
|
|
|
Store hourly labor
|
|
|
1.3
|
%
|
|
Store management compensation
|
|
|
0.3
|
%
|
|
Payroll taxes
|
|
|
0.2
|
%
|
|
Employee health care expense
|
|
|
0.1
|
%
|
|
Other wages
|
|
|
(0.2
|
%)
|
The increases in store hourly labor and store management compensation as a percentage of total revenue for the third quarter and first nine months of 2024 as compared to the same periods in the
prior year resulted primarily from higher staffing levels and the investment of additional labor hours to improve the guest experience as well as wage inflation partially offset by higher average check.
We presently expect the rate of wage inflation to be approximately 5% in 2024.
The increases in employee health care expenses as a percentage of total revenue for the third quarter and first nine months of 2024 as compared to the same periods in the prior year resulted
primarily from higher claims.
The increase in payroll taxes as a percentage of total revenue for the first nine months of 2024 as compared to the same period in the prior year resulted primarily from the increases in store
hourly labor and store management compensation as compared to the same period in the prior year.
During 2024, we revised our employee benefits policy which resulted in a one-time reduction in other wages expense for the first nine months of 2024 as compared to the same period in the prior
year.
Other Store Operating Expenses
Other store operating expenses include all store-level operating costs, the major components of which are occupancy costs, operating supplies, advertising, third-party delivery fees, credit and
gift card fees, real and personal property taxes and general insurance. Occupancy costs include maintenance, utilities, depreciation and rent.
The following table highlights other store operating expenses as a percentage of total revenue for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
Other store operating expenses
|
|
|
24.5
|
%
|
|
|
23.6
|
%
|
|
|
24.0
|
%
|
|
|
23.1
|
%
|
This percentage changes for the third quarter and first nine months of 2024 as compared to the same periods in the prior year resulted primarily from the following:
| |
|
Third Quarter
Increase as a Percentage
of Total Revenue
|
|
|
First Nine Months
Increase as a Percentage
of Total Revenue
|
|
|
Advertising expense
|
|
|
0.5
|
%
|
|
|
0.7
|
%
|
|
Store occupancy costs
|
|
|
0.2
|
%
|
|
|
0.1
|
%
|
The increases in advertising expense as a percentage of total revenue for the third quarter and first nine months of 2024 as compared to the same periods in the prior year resulted primarily from
higher media spending and costs associated with our new customer loyalty program, Cracker Barrel Rewards.
The increases in store occupancy costs as a percentage of total revenue for the third quarter and the first nine months of 2024 as compared to the same periods in the prior year resulted primarily
from higher depreciation expense partially offset by lower utilities expense. The increases in depreciation expense for the third quarter and first nine months of 2024 as compared to the prior year periods resulted primarily from higher capital
expenditures with accelerated depreciation methods. The decreases in utilities expense for the third quarter and first nine months of 2024 as compared to the prior year periods resulted primarily from general rate deflation for natural gas and
lower electricity usage attributable to cost savings initiatives and guest traffic decreases. Additionally, the decrease in utilities expense for the first nine months of 2024 as compared to the prior year period benefited from general rate
deflation for electricity.
General and Administrative Expenses
The following table highlights general and administrative expenses as a percentage of total revenue for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
General and administrative expenses
|
|
|
6.7
|
%
|
|
|
5.4
|
%
|
|
|
6.0
|
%
|
|
|
5.3
|
%
|
This percentage change for the third quarter of 2024 as compared to the same period in the prior year resulted primarily from the following:
| |
|
Third Quarter
Increase as a Percentage
of Total Revenue
|
|
|
Professional fees
|
|
|
0.8
|
%
|
|
Incentive compensation expense
|
|
|
0.2
|
%
|
|
Payroll and related expense
|
|
|
0.1
|
%
|
This percentage change for the first nine months of 2024 as compared to the same period in the prior year resulted primarily from the following:
| |
|
First Nine Months
Increase as a Percentage
of Total Revenue
|
|
|
Professional fees
|
|
|
0.5
|
%
|
|
Payroll and related expense
|
|
|
0.2
|
%
|
|
Incentive compensation expense
|
|
|
0.1
|
%
|
The increases in professional fees as a percentage of total revenue in the third quarter and first nine months of 2024 as compared to the same periods in the prior year resulted primarily from
costs associated with the Company’s strategic transformation plan.
The increases in incentive compensation as a percentage of total revenue in the third quarter and first nine months of 2024 as compared to the same periods in the prior year resulted primarily from
Chief Executive Officer transition costs incurred in 2024.
The increases in payroll and related expense as a percentage of total revenue in the first nine months of 2024 as compared to the same periods in the prior year resulted primarily from severance
costs related to corporate restructuring and Chief Executive Officer transition costs incurred in 2024.
Impairment and Store Closing Costs
During the third quarter of 2024, we recorded impairment charges of $17,448 due to the deterioration in operating performance of six Cracker Barrel and thirteen MSBC locations. Additionally,
during the third quarter of 2024, we incurred costs of $5,494 in connection with the closure of four Cracker Barrel and two MSBC locations because of poor operating performance.
During the third quarter of 2023, we recorded impairment charges of $11,692 due to the deterioration in operating performance of six Cracker Barrel locations. Additionally, during the third
quarter of 2023, we incurred costs of $2,198 in connection with the closure of four Cracker Barrel and three MSBC locations because of poor operating performance.
Goodwill Impairment
In the third quarter of 2024, we recorded a goodwill impairment of $4,690 related to MSBC because of declining financial trends and changes in the macroeconomic environment, including interest rate
and inflationary pressures. This amount is recorded in the goodwill impairment line on the Condensed Consolidated Statement of Income (Loss).
Interest Expense, Net
The following table highlights interest expense in dollars for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
Interest expense, net
|
|
$
|
5,187
|
|
|
$
|
4,536
|
|
|
$
|
15,192
|
|
|
$
|
12,476
|
|
The increases in interest expense for the third quarter and the first nine months of 2024 as compared to the same periods in the prior year resulted primarily from higher average weighted interest
rates and higher weighted average debt levels under our 2022 Revolving Credit Facility (as defined below).
Provision for Income Taxes (Income Tax Benefit)
The following table highlights the provision for income taxes as a percentage of income (loss) before income taxes (“effective tax rate”) for the specified periods:
| |
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
| |
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
April 26,
2024
|
|
|
April 28,
2023
|
|
|
Effective tax rate
|
|
|
62.4
|
%
|
|
|
(14.0
|
%)
|
|
|
(195.6
|
%)
|
|
|
7.9
|
%
|
The increase in the effective tax rate from the third quarter of 2023 to the third quarter of 2024 and the decrease from the first nine months of 2023 to the first nine months of 2024 are primarily
due to the disproportionate benefit of employment credits in relation to income (loss) before taxes in the current year periods.
The Company’s quarterly provision (benefit) for income taxes has historically been calculated using the annualized effective tax rate method (“AETR method”) which applies an estimated annual
effective tax rate to pre-tax income or loss. However, the Company recorded its interim income tax provision (benefit) using the discrete-period computation method as of April 26, 2024, as allowed under Accounting Standards Codification 740-240, Accounting for Income Taxes – Interim Reporting. Use of the AETR method would have resulted in an unreliable tax rate as small changes in the projected ordinary annual
income would have resulted in significant changes in the AETR.
We presently expect our effective tax rate for 2024 to be approximately (55%) to (60%).
Liquidity and Capital Resources
Our primary sources of liquidity are cash generated from our operations and our borrowing capacity under our 2022 Revolving Credit Facility. Our internally generated cash, along with cash on hand
at July 28, 2023 and borrowings under our revolving credit facility, were sufficient to finance all of our growth, dividend payments, working capital needs, interest payments under our revolving credit facility and other cash payment obligations in
the first nine months of 2024. We believe that cash on hand at April 26, 2024, along with cash expected to be generated from our operating activities and the borrowing capacity under our revolving credit facility, will be sufficient to finance our
continuing operations, our continuing expansion plans and working capital needs over the next twelve months. We believe that cash expected to be generated from our operating activities and the borrowing capacity under our revolving credit facility
will be sufficient to finance our continuing operations, dividend payments, capital expenditures, interest expense on long-term debt obligations, operating lease obligations, continuing expansion plans and working capital needs beyond the next
twelve months. Our ability to draw on our 2022 Revolving Credit Facility is subject to the satisfaction of the provisions of the credit facility, as amended, and we believe we will be able to refinance our 2022 Revolving Credit Facility and other
debt instruments prior to their maturity.
Cash Provided By Operations
Our operating activities provided net cash of $99,456 for the first nine months of 2024 as compared to $151,236 net cash provided during the first nine months of 2023. This decrease resulted
primarily from lower net income and lower decrease in retail inventory levels partially offset by the timing of payments for accounts payable and higher bonus payments made in the first quarter of 2024 as a result of the prior year’s performance.
Borrowing Capacity, Debt Covenants and Notes
On June 17, 2022, we entered into a five-year $700,000 revolving credit facility (the “2022 Revolving Credit Facility”). The 2022 Revolving Credit Facility contains an option for the Company to
increase the revolving credit facility by $200,000.
At April 26, 2024, we had $176,000 of outstanding borrowings under the 2022 Revolving Credit Facility and $32,466 of standby letters of credit related to securing reserved claims under our workers’
compensation insurance and certain sale and leaseback transactions, which reduce our borrowing availability under the 2022 Revolving Credit Facility. At April 26, 2024, we had $491,534 in borrowing availability under our 2022 Revolving Credit
Facility. During the first nine months of 2024, we borrowed $326,500 and repaid $270,500 under the 2022 Revolving Credit Facility. See Note 4 to our Condensed Consolidated Financial Statements for further information on our long-term debt.
Our 2022 Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total senior secured leverage ratio and a minimum consolidated
interest coverage ratio. We were in compliance with the 2022 Revolving Credit Facility’s financial covenants at April 26, 2024, and we expect to be in compliance with the 2022 Revolving Credit Facility’s financial covenants for the remaining term
of the facility.
On June 18, 2021, the Company entered into an issuance and sale of $300,000 aggregate principal amount of 0.625% Convertible Senior Notes due 2026. The Notes are senior, unsecured obligations of
the Company and bear cash interest at a rate of 0.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, which initiated on December 15, 2021. The Notes mature on June 15, 2026, unless earlier converted,
repurchased or redeemed.
Capital Expenditures and Proceeds from Sale of Property and Equipment
Capital expenditures (purchase of property and equipment) net of proceeds from insurance recoveries were $80,081 for the first nine months of 2024 as compared to $86,898 for the same period in the
prior year. Our capital expenditures consisted primarily of capital investments for existing stores, new store locations and capital expenditures for strategic initiatives. The decrease in capital expenditures in the first nine months of 2024 as
compared to the first nine months of 2023 resulted primarily from the timing of capital expenditures for new store openings as compared to the prior year. We estimate that our capital expenditures during 2024 will be approximately $120,000 to
$125,000. This estimate includes the acquisition of sites and construction costs of new Cracker Barrel and MSBC locations that have opened or that we expect to open during 2024, as well as for acquisition and construction costs for new Cracker
Barrel and MSBC locations that we plan to open in 2025. As part of our strategic transformation plan, we are modifying our capital allocation policy and currently expect to increase our capital expenditures over the three-year period from 2025 to
2027 to approximately $600,000 to $700,000. This increase includes the expansion of our maintenance and remodel initiatives as well as additional technology investments. We intend to fund our capital expenditures with cash generated by operations
and borrowings under our 2022 Revolving Credit Facility, as necessary.
Dividends, Share Repurchases and Share-Based Compensation Awards
Our 2022 Revolving Credit Facility imposes restrictions on the amount of dividends we are permitted to pay and the amount of shares we are permitted to repurchase. Under the 2022 Revolving Credit
Facility, provided there is no default existing and the total of our availability under the 2022 Revolving Credit Facility plus our cash and cash equivalents on hand is at least $100,000 (the “Cash Availability”), we may declare and pay cash
dividends on shares of our common stock and repurchase shares of our common stock (1) in an unlimited amount if at the time the dividend or the repurchase is made our consolidated total senior secured leverage ratio is 2.75 to 1.00 or less and (2)
in an aggregate amount not to exceed $100,000 in any fiscal year if our consolidated total leverage ratio is greater than 2.75 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1) and (2), so long as immediately after giving
effect to the payment of any such dividends, Cash Availability is at least $100,000, we may declare and pay cash dividends on shares of our common stock in an aggregate amount not to exceed in any fiscal year the product of the aggregate amount of
dividends declared in the fourth quarter of the immediately preceding fiscal year multiplied by four.
During the first nine months of 2024, we paid a regular dividend of $3.90 per share and declared a dividend of $1.30 per share that was subsequently paid on May 7, 2024, to shareholders of record
on April 12, 2024. In conjunction with our strategic transformation program, we are modifying our capital allocation policy to support increased investments in our business to drive organic growth. As part of this shift to increase investment in
our business, we are reducing our quarterly dividend. During the fourth quarter of 2024, our Board of Directors approved a regular dividend payable on August 6, 2024 to the shareholders of recorded as of July 19, 2024 of $0.25 per share.
On June 2, 2023, our Board of Directors renewed our authorization to repurchase shares of the Company’s outstanding common stock at management’s discretion up to a total value of $200,000, of which
approximately $138,000 is remaining. We did not repurchase any shares of our common stock in the first nine months of 2024.
During the first nine months of 2024, we issued 48,671 shares of our common stock resulting from the vesting of share-based compensation awards. Related tax withholding payments on these
share-based compensation awards resulted in a net use of cash of $1,597.
Working Capital
In the restaurant industry, substantially all payments received on sales are made by credit card, debit card or cash. Restaurant inventories purchased through our principal food distributor are
on terms of net zero days, while restaurant inventories purchased locally are generally financed from normal trade credit. Because of our retail gift shops, which have a lower product turnover than the restaurant business, we carry larger
inventories than many other companies in the restaurant industry. Retail inventories purchased domestically are generally financed from normal trade credit, while imported retail inventories are generally purchased through wire transfers. These
various trade terms are aided by the rapid turnover of the restaurant inventory. Employees generally are paid on weekly or semi-monthly schedules in arrears for hours worked except for bonuses that are paid either quarterly or annually in
arrears. Many other operating expenses have normal trade terms and certain expenses, such as certain taxes and some benefits, are deferred for longer periods of time.
We had negative working capital of $167,204 at April 26, 2024 as compared to negative working capital of $206,679 at July 28, 2023. The change in working capital at April 26, 2024 as compared to
July 28, 2023 primarily resulted from the timing of payments for accounts payable and certain taxes partially offset by the decrease in retail inventory levels.
Off-Balance Sheet Arrangements
We have no material off-balance sheet arrangements.
Material Commitments
There have been no material changes in our material commitments other than in the ordinary course of business since the end of 2023. Refer to the sub-section entitled “Material Commitments” under
the section entitled “Liquidity and Capital Resources” presented in the MD&A of our 2023 Form 10-K for additional information regarding our material commitments.
Recent Accounting Pronouncements Not Yet Adopted
See Note 1 to the accompanying Condensed Consolidated Financial Statements for a discussion of recent accounting guidance not yet adopted. We are currently evaluating the impact of adopting the
accounting guidance.
Critical Accounting Estimates
We prepare our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make
estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We base our estimates and judgments on historical experience, current trends,
outside advice from parties believed to be experts in such matters, and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of
assets and liabilities that are not readily apparent from other sources. However, because future events and their effects cannot be determined with certainty, actual results could differ from those assumptions and estimates, and such differences
could be material.
Our significant accounting policies are discussed in Note 1 to the Consolidated Financial Statements contained in the 2023 Form 10-K. Judgments and uncertainties affecting the application of those
policies may result in materially different amounts being reported under different conditions or using different assumptions.
Critical accounting estimates are those that:
|
• |
management believes are most important to the accurate portrayal of both our financial condition and operating results, and
|
|
• |
require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.
|
We consider the following accounting estimates to be most critical in understanding the judgments that are involved in preparing our Consolidated Financial Statements:
|
• |
Impairment of Long-Lived Assets
|
|
• |
Retail Inventory Valuation
|
Management has reviewed these critical accounting estimates and related disclosures with the Audit Committee of our Board of Directors.
Impairment of Long-Lived Assets
We assess the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured
by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying amount of the asset, the carrying value is written down,
for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. Judgments and
estimates that we make related to the expected useful lives of long-lived assets and future cash flows are affected by factors such as changes in economic conditions and changes in operating performance. The accuracy of such provisions can vary
materially from original estimates and management regularly monitors the adequacy of the provisions until final disposition occurs.
We have not made any material changes in our methodology for assessing impairments during the first nine months of 2024, and we do not believe that there is a reasonable likelihood that there will
be a material change in the estimates or assumptions used by us in the future to assess impairment of long-lived assets. However, if actual results are not consistent with our estimates and assumptions used in estimating future cash flows and fair
values of long-lived assets, we may be exposed to losses that could be material. In the third quarter of 2024, we recorded impairment charges of $15,616 for long-lived assets due to the deterioration in operating performance of certain Cracker
Barrel and MSBC locations. This amount is included in the Impairment and store closing costs line item on the Condensed Consolidated Statement of Income (Loss). See the Lease Accounting section below for information related to an impairment
charge related to a right-of-use asset recorded in the third quarter of 2024.
Insurance Reserves
We self-insure a significant portion of our expected workers’ compensation and general liability insurance programs. We purchase insurance for individual workers’ compensation claims that exceed
$750 or $1,000 depending on the state in which the claim originated. We purchase insurance for individual general liability claims that exceed $500. We record a reserve for workers’ compensation and general liability for all unresolved claims and
for an estimate of incurred but not reported (“IBNR”) claims. These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually at the end of our first quarter and is adjusted by the actuarially
determined losses and actual claims payments for the fourth quarter. Additionally, we perform limited scope actuarial studies on a quarterly basis to verify and/or modify our reserves. The reserves and losses in the actuarial study represent a
range of possible outcomes within which no given estimate is more likely than any other estimate. As such, we record the losses in the lower half of that range and discount them to present value using a risk-free interest rate based on projected
timing of payments. We also monitor actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of our reserves.
Our group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured group health program are limited. We
record a liability for the self-insured portion of our group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. Additionally, we record a liability for unpaid
prescription drug claims based on historical experience.
Our accounting policies regarding insurance reserves include certain actuarial assumptions and management judgments regarding economic conditions, the frequency and severity of claims and claim
development history and settlement practices. We have not made any material changes in the methodology used to establish our insurance reserves during the first nine months of 2024 and do not believe there is a reasonable likelihood that there
will be a material change in the estimates or assumptions used to calculate the insurance reserves. However, changes in these actuarial assumptions, management judgments or claims experience in the future may produce materially different amounts
of expense that would be reported under these insurance programs.
Retail Inventory Valuation
Cost of goods sold includes the cost of retail merchandise sold at our stores utilizing the retail inventory method (“RIM”). Under RIM, the valuation of our retail inventories is determined by
applying a cost-to-retail ratio to the retail value of our inventories. Inherent in the RIM calculation are certain inputs, including initial markons, markups, markdowns and shrinkage, which may significantly impact the gross margin calculation as
well as the ending inventory valuation.
Inventory valuation provisions are included for retail inventory obsolescence and retail inventory shrinkage. Retail inventory is reviewed on a quarterly basis for obsolescence and adjusted as
appropriate based on assumptions made by management and judgment regarding inventory aging and future promotional activities. Retail inventory also includes an estimate of shrinkage that is adjusted upon physical inventory counts. Annual physical
inventory counts are conducted based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a two-year average of the physical inventories’ results on a
store-by-store basis.
We have not made any material changes in the methodologies, estimates or assumptions related to our merchandise inventories during the first nine months of 2024 and do not believe there is a
reasonable likelihood that there will be a material change in the estimates or assumptions in the future. However, actual obsolescence or shrinkage recorded may produce materially different amounts than we have estimated.
Lease Accounting
We have ground leases for our leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases.
Additionally, we lease our retail distribution center, advertising billboards, vehicle fleets, and certain equipment under various non-cancellable operating leases.
We evaluate our leases at contract inception to determine whether we have the right to control use of the identified asset for a period of time in exchange for consideration. If we determine that
we have the right to obtain substantially all of the economic benefit from use of the identified asset and the right to direct the use of the identified asset, we recognize a right-of-use asset and lease liability. Also, at contract inception, we
evaluate our leases to estimate their expected term which includes renewal options that we are reasonably assured that we will exercise, and the classification of the lease as either an operating lease or a finance lease. Additionally, as our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the time of commencement or modification date in determining the present value of lease payments.
Assumptions used in determining our incremental borrowing rate include our implied credit rating and an estimate of secured borrowing rates based on comparable market data. We assess the impairment of the right-of-use asset whenever
events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.
Changes in these assumptions and management judgments may produce materially different amounts in the recognition of the right-of-use assets and lease liabilities. Additionally, any loss resulting
from an impairment of the right-of-use assets is recognized by a charge to income, which could be material. In the third quarter of 2024, we recorded an impairment charge of $1,832 related to a right-of-use asset for a Cracker Barrel location.
This amount is included in the impairment and store closing costs line item on the Condensed Consolidated Statement of Income (Loss).
| ITEM 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
There have been no material changes in our quantitative and qualitative market risks since July 28, 2023. For a discussion of the Company’s exposure to market risk, refer to the Company’s market
risk disclosures set forth in Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk” of the 2023 Form 10-K.
Interest Rate Risk. We have interest rate risk relative to our outstanding borrowings under our revolving credit facility. At April 26, 2024, our
outstanding borrowings totaled $176,000 under our 2022 Revolving Credit Facility (see Note 4 to the Condensed Consolidated Financial Statements). Loans under the 2022 Revolving Credit Facility bear interest, at our election, either at (1) the Term
Secured Overnight Financing Rate (SOFR) or (2) a base rate equal to the greater of (i) the prime rate, (ii) a rate that is 0.5% in excess of the Federal Funds Rate, and (iii) Term SOFR plus 1.0%, in each case plus an applicable margin based on the
Company’s consolidated total leverage ratio. Our policy has been to manage interest cost using a mix of fixed and variable rate debt (see Notes 4 and 8 to our Condensed Consolidated Financial Statements). In the fourth quarter of 2021, we issued
and sold the 0.625% Convertible Senior Notes due in 2026 (the “Notes”). The impact of a one-percentage point increase or decrease in the $176,000 of our outstanding borrowings under our revolving credit facility is approximately $1,800 on a
pre-tax annualized basis.
Credit Risk. In the fourth quarter of 2021, the Company issued the Notes and entered into the Convertible Note Hedge Transactions and the Warrant
Transactions with the Hedge Counterparties. Subject to the changes in the market price of the Company’s common stock price, the Company could be exposed to credit risk arising out of the net settlement of the Convertible Note Hedge Transactions
and the Warrant Transactions in its favor. Based on the Company’s review of the possible net settlements and the creditworthiness of the Hedge Counterparties and their affiliates, the Company believes it does not have a material exposure to credit
risk as a result of these transactions at this time.
| ITEM 4. |
Controls and Procedures
|
Our management, including our principal executive and principal financial officers, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer each concluded that as of April 26, 2024, our disclosure controls
and procedures were effective for the purposes set forth in the definition thereof in Exchange Act Rule 13a-15(e).
There have been no changes (including corrective actions with regard to significant deficiencies and material weaknesses) during the quarter ended April 26, 2024 in our internal control over
financial reporting (as defined in Exchange Act Rule 13a-15(f)) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
There have been no material changes in the risk factors previously disclosed in “Item 1A. Risk Factors” of our 2023 Form 10-K.
| ITEM 5. |
Other Information
|
During the quarter ended April 26, 2024, no director or officer of the Company adopted
or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408
of Regulation S-K).
INDEX TO EXHIBITS
|
Exhibit
|
|
| |
|
|
3.1
|
|
| |
|
|
3.2
|
|
| |
|
|
4.1
|
|
| |
|
|
4.2
|
|
| |
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
| |
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
| |
|
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
| |
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
|
| |
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema
|
| |
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase
|
| |
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase
|
| |
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase
|
| |
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase
|
| |
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CRACKER BARREL OLD COUNTRY STORE, INC.
| |
|
|
|
Date: May 30, 2024
|
By:
|
/s/Craig A. Pommells
|
| |
|
Craig A. Pommells, Senior Vice President, Chief Financial Officer
|
| |
|
|
|
Date: May 30, 2024
|
By:
|
/s/Brian T. Vaclavik
|
| |
|
Brian T. Vaclavik, Vice President, Corporate Controller and
|
| |
|
Principal Accounting Officer
|
33