CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS (2024)

LEBANON, Tenn., May 30, 2024 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq:CBRL) today reported its financial results for the third quarter of fiscal 2024 ended April 26, 2024.

Third Quarter Fiscal 2024 Highlights

  • The Company reported third quarter total revenue of $817.1 million. Compared to the prior year third quarter, total revenue decreased 1.9%.

    • Comparable store restaurant sales decreased 1.5%, while comparable store retail sales decreased 3.8%.

  • GAAP earnings (loss) per diluted share were ($0.41), and adjusted1 earnings per diluted share were $0.88.

  • GAAP net income (loss) for the third quarter was ($9.2) million, or (1.1%) of total revenue, and adjusted EBITDA1 was $47.9 million, or 5.9% of total revenue.

Commenting on the third quarter results, Cracker Barrel President and Chief Executive Officer JulieMasino said, "As we indicated in our recent business update call, our third quarter results came in below expectations due to softer traffic than we originally anticipated, which underscores the importance of executing our strategic transformation. Our teams are fully committed to bringing these plans to life while continuing to deliver an exceptional guest experience and managing our business every shift, every day."

Third Quarter Fiscal 2024 Results
Revenue
The Company reported total revenue of $817.1 million for the third quarter of fiscal 2024, representing a decrease of 1.9% compared to the third quarter of fiscal 2023.

Cracker Barrel comparable store restaurant sales decreased 1.5%, including total menu pricing increases of 4.0%. Comparable store retail sales decreased 3.8% from the prior year quarter.

Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income (loss) for the third quarter was ($9.2) million, or (1.1%) of total revenue, as compared to prior year third quarter GAAP net income of $14.0 million, or 1.7% of total revenue. Adjusted1 net income for the third quarter was $19.6million, or 2.4% of total revenue, as compared to prior year quarter adjusted1 net income of $24.6 million, or 3.0% of total revenue.

Adjusted EBITDA1 was $47.9 million, or 5.9% of total revenue, as compared to the prior year quarter adjusted EBITDA1of $59.6 million, or 7.2% of total revenue.

GAAP earnings (loss) per diluted share for the third quarter were ($0.41), as compared to the prior year third quarter GAAP earnings per diluted share of $0.63. Adjusted1earnings per diluted share were $0.88, a 20.7%decrease compared to the prior year quarter adjusted1 earnings per diluted share of $1.11.

Quarterly Dividend Declaration
The Company previously announced that its Board of Directors declared a quarterly dividend of $0.25 per share on the Company's common stock. The quarterly dividend is payable on August 6, 2024 to shareholders of record as of July 19, 2024.

Fiscal 2024 Outlook
The Company provided the following update to its fiscal 2024 outlook:

  • Total revenue of $3.47 billion to $3.51 billion

  • Two new Cracker Barrel stores and 8 to 10 new Maple Street Biscuit Company units

  • Commodity inflation that is approximately flat compared to the prior year

  • Hourly wage inflation of approximately 5% compared to the prior year

  • Adjusted EBITDA1 of $200 million to $220 million, which includes the impact from the 53rd week in the fiscal 2024 year2

  • Capital expenditures of $120 million to $125 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 bymacroeconomic 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.

1Adjusted net income, adjusted EBITDA and adjusted earnings per diluted share are non-GAAP financial measures. For definitions of these non-GAAP measures and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release.

2 The Company has determined to provide guidance focused on adjusted EBITDA because the Company believes it will be more useful to investors to evaluate the Company's performance prior to the impact of depreciation (given the expected increase in investments and the resulting higher expected depreciation expense), taxes, closure and impairment charges, and other items that management believes are not reflective of the Company's current operations. The Company is not able to reconcile the forward-looking estimate of adjusted EBITDA set forth above to a forward-looking estimate of net income, the most directly comparable estimated measure calculated in accordance with GAAP, without unreasonable efforts because the Company is unable to predict, forecast or determine the probable significance of certain items impacting these estimates, including interest expense, taxes, closure and impairment charges and share-based compensation, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.

Fiscal 2024 Third 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 June 14, 2024.

About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) is on a mission to bring craveable, delicious homestyle food and unique retail products to all guests while serving up memorable, distinctive experiences that make everyone feel welcome. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate approximately 660 company-owned Cracker Barrel Old Country Store® locations in 44 states and own the fast-casual Maple Street Biscuit Company. For more information about the company, visit www.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 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, including the Company's previously announced strategic transformation plan; 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 the Company's 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 the Company's filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by the Company herein, or elsewhere, speaks only as of the date on which made. The Company expressly disclaims any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circ*mstances 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)

Third Quarter Ended

Nine Months Ended

4/26/2024

4/28/2023

Percentage
Change

4/26/2024

4/28/2023

Percentage
Change

Total revenue

$817,135

$832,689

(2%)

$2,576,375

$2,606,076

(1%)

Cost of goods sold (exclusive of depreciation & rent)

245,070

262,191

(7)

815,480

870,286

(6)

Labor and other related expenses

308,791

297,883

4

936,434

903,558

4

Other store operating expenses

200,390

196,886

2

618,131

602,447

3

General and administrative expenses

54,524

45,049

21

155,795

136,515

14

Impairment and store closing costs

22,942

13,890

65

22,942

13,890

65

Goodwill impairment

4,690

-

4,690

-

Operating income (loss)

(19,272)

16,790

(215)

22,903

79,380

(71)

Interest expense

5,187

4,536

14

15,192

12,476

22

Income (loss) before income taxes

(24,459)

12,254

(300)

7,711

66,904

(88)

Provision for income taxes (income tax benefit)

(15,260)

(1,714)

(790)

(15,080)

5,316

(384)

Net income (loss)

($9,199)

$13,968

(166)

$22,791

$61,588

(63)

Earnings per share – Basic:

($0.41)

$0.63

(165)

$1.03

$2.78

(63)

Earnings per share – Diluted:

($0.41)

$0.63

(165)

$1.02

$2.77

(63)

Weighted average shares:

Basic

22,201,964

22,152,002

22,188,191

22,173,019

Diluted

22,201,964

22,254,511

(0)

22,307,646

22,266,333

Ratio Analysis

Total revenue:

Restaurant

82.2%

81.8%

80.1%

79.1%

Retail

17.8

18.2

19.9

20.9

Total revenue

100.0

100.0

100.0

100.0

Cost of goods sold (exclusive of depreciation & 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

0.0

0.2

0.0

Operating income (loss)

(2.4)

2.0

0.9

3.0

Interest expense

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%

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share amounts)

4/26/24

4/28/23

Assets

Cash and cash equivalents

$11,852

$22,452

Accounts receivable

34,847

32,086

Income taxes receivable

21,661

2,820

Inventories

175,278

184,813

Prepaid expenses and other current assets

35,365

30,861

Property and equipment, net

944,859

963,565

Operating lease right-of-use assets, net

860,879

903,435

Goodwill

4,690

Intangible assets

24,480

22,090

Other assets

47,872

46,657

Total assets

$2,157,093

$2,213,469

Liabilities and Shareholders' Equity

Accounts payable

$137,672

$132,032

Other current liabilities

308,535

317,191

Long-term debt

472,216

444,545

Long-term operating lease liabilities

681,272

711,199

Other long-term obligations

130,841

134,634

Shareholders' equity, net

426,557

473,868

Total liabilities and shareholders' equity

$2,157,093

$2,213,469

Common shares issued and outstanding

22,202,296

22,152,432

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(Unaudited and in thousands)

Nine Months Ended

4/26/24

4/28/23

Cash flows from operating activities:

Net income

$22,791

$61,588

Depreciation and amortization

82,765

76,805

Amortization of debt issuance costs

1,312

1,296

Loss on disposition of property and equipment

8,860

4,793

Impairment

17,448

11,692

Goodwill impairment

4,690

Share-based compensation

9,189

7,585

Noncash lease expense

45,050

44,727

Amortization of asset recognized from gain on sale and leaseback transaction

9,551

9,551

Decrease in inventories

14,086

28,436

Decrease in accounts payable

(27,812)

(37,839)

Net changes in other assets and liabilities

(88,474)

(57,398)

Net cash provided by operating activities

99,456

151,236

Cash flows from investing activities:

Purchase of property and equipment, net of insurance recoveries

(80,081)

(86,898)

Proceeds from sale of property and equipment

131

250

Net cash used in investing activities

(79,950)

(86,648)

Cash flows from financing activities:

Net proceeds under long-term debt

56,000

19,951

Taxes withheld from issuance of share-based compensation awards

(1,597)

(2,400)

Purchases and retirement of common stock

(17,449)

Dividends on common stock

(87,204)

(87,343)

Net cash used in financing activities

(32,801)

(87,241)

Net decrease in cash and cash equivalents

(13,295)

(22,653)

Cash and cash equivalents, beginning of period

25,147

45,105

Cash and cash equivalents, end of period

$11,852

$22,452

CRACKER BARREL OLD COUNTRY STORE, INC.

Supplemental Information

(Unaudited)

Third Quarter Ended

4/26/24

4/28/23

Net Change in Company-Owned Units During Quarter:

Cracker Barrel

(4)

(4)

Maple Street Biscuit Company

Company-Owned Units in Operation at End of Quarter:

Cracker Barrel

658

661

Maple Street Biscuit Company

63

56

Third Quarter Ended

Nine Months Ended

4/26/24

4/28/23

4/26/24

4/28/23

Total revenue*: (In thousands)

Restaurant

$654,410

$665,468

$2,013,609

$2,015,420

Retail

145,430

151,278

512,981

544,158

Total revenue

$799,840

$816,746

$2,526,590

$2,559,578

Cost of goods sold* (exclusive of depreciation and rent): (In thousands)

Restaurant

$169,373

$182,421

$540,553

$577,341

Retail

71,432

76,013

262,430

281,337

Total cost of goods sold

$240,805

$258,434

$802,983

$858,678

Average unit volume*: (In thousands)

Restaurant

$994.6

$1,003.0

$3,049.4

$3,035.3

Retail

221.0

228.0

776.8

819.5

Total

$1,215.6

$1,231.0

$3,826.2

$3,854.8

Operating weeks*:

8,554

8,625

25,753

25,896

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 Net Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its third quarter fiscal 2023 and fiscal 2024 adjusted net income (loss) and earnings (loss) per share. The Company defines adjusted net income (loss) as net income (loss), calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges and store closing costs, (ii) expenses related to the proxy contest and settlement in connection with the Company's 2022 annual meeting of shareholders, (iii) expenses related to the Company's CEO transition, (iv) expenses associated with the Company's strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, and (viii) the related tax impacts of the foregoing. 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. The Company calculates adjusted net income margin by dividing adjusted net income by consolidated GAAP revenue. Beginning with the Company's third quarter fiscal 2024, the Company is no longer adjusting its non-GAAP financial measures for the non-cash amortization of the asset recognized from the gains on sale and leaseback transactions (approximately $3.2M in each fiscal quarter since the beginning of fiscal 2021 and expected to remain at a similar level over the remaining life of these leases). The Company believes this modification to its adjusted net income definition will improve comparability to similar measures presented by peers and enhance investors' understanding of the Company's operating performance. Prior period results have been restated in accordance with this revised definition. This information is not intended to be considered in isolation or as a substitute for net income (loss) or earnings (loss) per share information prepared in accordance with GAAP.

Third Quarter Ended

Nine Months Ended

4/26/24

Margin

4/28/23

Margin

4/26/24

Margin

4/28/23

Margin

Revenue

$817,135

100%

$832,689

100%

$2,576,375

100%

$2,606,076

100%

GAAP net income (loss)

($9,199)

(1.1)

$13,968

1.7

$22,791

0.9

$61,588

2.4

Expenses related to the Company's CEO transition

3,465

0.4

0.0

8,574

0.3

0.0

Expenses associated with a strategic transformation initiative

6,590

0.8

0.0

11,546

0.4

0.0

Employee benefits policy change

0.0

0.0

(5,284)

(0.2)

0.0

Corporate restructuring charge

0.0

0.0

1,643

0.1

0.0

Expenses related to the proxy contest and settlement in connection
with the Company's 2022 annual meeting of shareholders

0.0

0.0

0.0

3,198

0.1

Impairment and store closing costs

22,942

2.8

13,890

1.7

22,942

0.9

13,890

0.5

Goodwill impairment

4,690

0.6

0.0

4,690

0.2

0.0

Tax impacts of the foregoing

(8,856)

(1.1)

(3,264)

(0.4)

(10,366)

(0.4)

(4,016)

(0.2)

Adjusted net income

$19,632

2.4%

$24,594

3.0%

$56,536

2.2%

$74,660

2.9%

GAAP Earnings per share - basic

($0.41)

$0.63

$1.03

$2.78

GAAP Earnings per share - diluted

($0.41)

$0.63

$1.02

$2.77

Adjusted Earnings per share - basic

$0.88

$1.11

$2.55

$3.37

Adjusted Earnings per share - diluted

$0.88

$1.11

$2.53

$3.35

Weighted average shares - basic

22,201,964

22,152,002

22,188,191

22,173,019

Weighted average shares - diluted

22,201,964

22,254,511

22,307,646

22,266,333

CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands)

EBITDA/Adjusted EBITDA
In the accompanying press release and the below reconciliation tables, the Company makes reference to EBITDA and adjusted EBITDA. The Company defines EBITDA as net income (loss), calculated in accordance with GAAP, excluding depreciation and amortization, interest expense and tax expense. The Company further adjusts EBITDA to exclude, to the extent the following items occurred during the periods presented: (i) expenses related to share-based compensation, (ii) impairment charges and store closing costs, (iii) the proxy contest and settlement in connection with the Company's 2022 annual meeting of shareholders, (iv) goodwill impairment charges, (v) the Company's CEO transition, (vi) expenses associated with the Company's strategic transformation initiative, (vii) a corporate restructuring charge, and (viii) an employee benefits policy change. Beginning with the Company's third quarter fiscal 2024, the Company includes an adjustment for share-based compensation expense in its adjusted EBITDA definition, and the Company is no longer adjusting EBITDA for the non-cash amortization of the asset recognized from the gains on sale and leaseback transactions (approximately $3.2M in each fiscal quarter since the beginning of fiscal 2021 and expected to remain at a similar level over the remaining life of these leases). The Company believes these modifications to its calculation of EBITDA and Adjusted EBITDA will improve comparability to similar measures presented by peers and enhance investors' understanding of the Company's operating performance. The Company calculates EBITDA and adjusted EBITDA margin by dividing EBITDA and adjusted EBITDA by consolidated GAAP revenue. Prior period results have been restated in accordance with these revised definitions. The Company believes that presentation of EBITDA and adjusted EBITDA (together with related margin figures) 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 (loss), 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 (loss) or net income (loss) margin prepared in accordance with GAAP.

Third Quarter Ended
April 26, 2024

Margin

Nine Months Ended
April 26, 2024

Margin

Revenue

$817,135

100%

$2,576,375

100%

GAAP Net income (loss)

($9,199)

(1.1)

$22,791

0.9

(+) Depreciation & amortization

28,337

3.5

82,765

3.2

(+) Interest expense

5,187

0.6

15,192

0.6

(+) Tax expense (tax benefit)

(15,260)

(1.9)

(15,080)

(0.6)

EBITDA

$9,065

1.1%

$105,668

4.1%

Adjustments

(+) CEO transition expenses

3,465

0.4

8,574

0.3

(+) Strategic transformation initiative expenses

6,590

0.8

11,546

0.4

(+) Corporate restructuring charge including separation with executive

0.0

1,643

0.1

(+) Share-based compensation, net

1,187

0.1

4,475

0.2

(-) Employee benefits policy change

0.0

(5,284)

(0.2)

(+) Impairment and store closing costs

22,942

2.8

22,942

0.9

(+) Goodwill impairment

4,690

0.6

4,690

0.2

Adjusted EBITDA

$47,939

5.9%

$154,254

6.0%

Third Quarter Ended
April 28, 2023

Margin

Nine Months Ended
April 28, 2023

Margin

Revenue

$832,689

100%

$2,606,076

100%

GAAP Net income

$13,968

1.7

$61,588

2.4

(+) Depreciation & amortization

26,444

3.2

76,805

2.9

(+) Interest expense

4,536

0.5

12,476

0.5

(+) Tax expense (tax benefit)

(1,714)

(0.2)

5,316

0.2

EBITDA

$43,234

5.2%

$156,185

6.0%

Adjustments

(+) Share-based compensation

2,474

0.3

7,585

0.3

(+) Impairment and store closing costs

13,890

1.7

13,890

0.5

(+) Proxy contest and settlement expenses

0.0

3,198

0.1

Adjusted EBITDA

$59,598

7.2%

$180,858

6.9%

CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands)

EBITDA/Adjusted EBITDA
The Company believes that it is beneficial to investors to recast its calculation of EBITDA and adjusted EBITDA for each completed quarter in the period beginning with the Company's first quarter fiscal 2023 through the Company's second fiscal quarter 2024, to enhance comparability of EBITDA and adjusted EBITDA calculated under the Company's modified definitions with the Company's historical results. The Company believes that the presentation of these non-GAAP financial measures, when combined with the primary presentation of net income (loss) calculated in accordance with GAAP, will enhance investors' understanding of the Company's operating performance. This information is not intended to be considered in isolation or as a substitute for net income (loss) or net income (loss) margin calculated in accordance with GAAP.

Three Months Ended

4/26/24

1/26/24

10/27/23

07/28/23

4/28/23

1/27/23

10/28/22

Revenue

$817,135

$935,401

$823,839

$836,732

$832,689

$933,868

$839,519

GAAP Net income (loss)

($9,199)

$26,534

$5,456

$37,462

$13,968

$30,491

$17,129

(+) Depreciation & amortization

28,337

27,759

26,669

27,680

26,444

25,570

24,791

(+) Interest expense

5,187

5,067

4,938

4,530

4,536

4,408

3,532

(+) Tax expense (income tax benefit)

(15,260)

(839)

1,019

(755)

(1,714)

4,072

2,958

EBITDA

$9,065

$58,521

$38,082

$68,917

$43,234

$64,541

$48,410

Adjustments

(+) CEO transition expenses

3,465

3,473

1,636

(+) Strategic transformation initiative expenses

6,590

3,815

1,141

(+) Corporate restructuring charge including separation with executive

1,643

(+) Employee benefit adjustment

(5,284)

(+) Share-based compensation, net

1,187

1,893

1,395

1,460

2,474

2,689

2,422

(+) Impairment and store closing costs

22,942

13,890

(+) Goodwill impairment

4,690

(+) Proxy contest and settlement expenses

3,198

Adjusted EBITDA

$47,939

$62,418

$43,897

$70,377

$59,598

$67,230

$54,030

Investor Contact:

Adam Hanan

(615) 443-9887

Media Contact:

Heidi Pearce

(615) 235-4135

CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS (1)

CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS (2)CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS (3)

View original content to download multimedia:https://www.prnewswire.com/news-releases/cracker-barrel-reports-third-quarter-fiscal-2024-results-302158591.html

SOURCE Cracker Barrel Old Country Store, Inc.

CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS (2024)

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