• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Cracker Barrel Reports Strong Fourth Quarter And Full Year Fiscal 2019 Results

Comparable store restaurant sales growth and traffic outperform the casual dining industry

Earnings exceeded expectations

Cracker Barrel Old Country Store logo

News provided by

Cracker Barrel Old Country Store, Inc.

Sep 17, 2019, 08:30 ET

Share this article

Share this article


LEBANON, Tenn., Sept. 17, 2019 /PRNewswire/ --  Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2019 ended August 2, 2019.

Fourth Quarter Fiscal 2019 Highlights

  • Comparable store restaurant sales growth of 3.8% and traffic growth of 0.2% outperformed the casual dining industry.
  • Earnings per diluted share were $2.70 compared to prior year fourth quarter GAAP earnings per diluted share of $2.55, or $2.19 per share when adjusting for the impact of the prior year 53rd week.
  • As previously announced, the Company entered into a strategic relationship with Punch Bowl Social ("PBS") on July 18, 2019 by acquiring a non-controlling ownership stake in PBS.

Full Year Fiscal 2019 Highlights

  • For the full fiscal year, comparable store restaurant sales growth of 2.6% and traffic of -0.7% outperformed the casual dining industry.
  • Fiscal 2019 earnings per diluted share were $9.27 compared to prior year GAAP earnings per diluted share of $10.29 (including a $1.06 per share benefit in Q2 2018 resulting from a one-time non-cash revaluation of the Company's deferred tax liability in conjunction with the Tax Cut and Jobs Act of 2017) and adjusted earnings per diluted share of $8.87 (see non-GAAP reconciliation below).
  • During fiscal 2019, the Company declared regular quarterly dividends totaling $5.05 per share. Additionally, the Company declared a special dividend of $3.00 per share, bringing the total declared dividends in fiscal 2019 to $8.05 per share.

Commenting on the fourth quarter and full year results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "In fiscal 2019, our teams drove performance through an increased focus on our menu, the guest experience, and the continued expansion of our off-premise business. We ended the fiscal year with a strong quarter, delivering comparable store restaurant sales and traffic growth in the fourth quarter that outperformed the casual dining industry, and I was especially pleased with the results of our Signature Fried Chicken initiative. As we enter our 50th year of Pleasing People, we believe our fiscal 2020 business plans will help build on our momentum and support long-term value creation."

Fourth Quarter Fiscal 2019 Results
Revenue
The Company reported total revenue of $787.1 million for the fourth quarter of fiscal 2019, representing a decrease of 2.9% over the fourth quarter of the prior year, which included a 53rd week. Adjusting for the impact of the extra week in fiscal 2018, revenue increased 4.6%. Cracker Barrel comparable store restaurant sales increased 3.8%, representing a 3.6% increase in average check and a 0.2% increase in comparable store restaurant traffic. The average menu price increase for the quarter was approximately 2.3%. Comparable store retail sales increased 0.4% from the prior year quarter.

Cracker Barrel comparable store restaurant traffic, average check, and comparable store restaurant sales and retail sales for the fourth quarter were as follows:


Fourth Quarter

Comparable restaurant traffic

0.2%

Average check

3.6%

Comparable restaurant sales

3.8%

Comparable retail sales

0.4%

Operating Income
Operating income in the fourth quarter was $79.4 million, or 10.1% of total revenue, a decrease from the prior year quarter of $82.8, or 10.2% of revenue. As a percentage of total revenue, increases in other operating expenses and general and administrative expenses were partially offset by reductions in cost of goods sold and labor and related expenses. Adjusted for the impact of the 53rd week, prior year operating income was $71.5 million, or 9.5% of sales.   

Earnings per Diluted Share
Earnings per diluted share were $2.70 compared to prior year fourth quarter GAAP earnings per diluted share of $2.55, or $2.19 per share when adjusting for the impact of the 53rd week.

Fiscal 2019 Results
The Company reported total revenue of $3.07 billion for the fiscal year, representing an increase of 1.4% over the prior year. Adjusted for the 53rd week in the prior fiscal year, total revenue increased by 3.4%. Comparable store restaurant sales increased 2.6%, including a 3.3% increase in average check partially offset by a 0.7% decrease in store traffic. Comparable store retail sales increased 0.1% for the fiscal year.

Operating income for fiscal 2019 was $282.8 million, or 9.2% of total revenue, compared to $293.6 million, or 9.7% of total revenue, in the prior year. Adjusted for the 53rd week in the prior fiscal year, operating income was $282.4 million, or 9.5% of total revenue.

Fiscal 2019 earnings per diluted share were $9.27 compared to prior year GAAP earnings per diluted share of $10.29 (including a $1.06 per share benefit in Q2 2018 resulting from a one-time non-cash revaluation of the Company's deferred tax liability in conjunction with the Tax Cut and Jobs Act of 2017) and adjusted earnings per diluted share of $8.87 (see non-GAAP reconciliation below).

Fiscal 2020 Outlook
The Company is providing the following outlook for fiscal 2020:

  • Total revenue of $3.15 billion to $3.20 billion
  • Comparable store restaurant sales growth of 2.0% to 3.0%
  • Comparable store retail sales growth of approximately 1.0%
  • Operating income margin of approximately 9.0% as a percent of total revenue
  • Depreciation expense of $110 million to $115 million
  • Net interest expense of approximately $14 million
  • Capital expenditures of $115 million to $125 million
  • An effective tax rate of approximately 17.0%, which assumes a renewal of the Work Opportunity Tax Credit
  • Earnings per diluted share, excluding any impacts from Punch Bowl Social, between $9.30 and $9.45
  • The Company anticipates its investment in Punch Bowl Social will have an unfavorable impact of approximately $0.50, driven primarily by pre-opening expenses; taking these impacts into account, the Company expects to report earnings per diluted share between $8.80 and $8.95

The Company reminds investors that its outlook for fiscal 2020 reflects a number of assumptions, many of which are outside the Company's control.

Fiscal 2019 Fourth Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public on-line at investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The on-line replay will be available at 2:00 p.m. (ET) and continue through October 2, 2019.

About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a friendly home-away-from-home in its old country stores and restaurants. Guests are cared for like family while relaxing and enjoying real homestyle food and shopping that's surprisingly unique, genuinely fun and reminiscent of America's country heritage – all at a fair price. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate 660 company-owned Cracker Barrel Old Country Store® locations in 45 states and own the fast-casual Holler and Dash® restaurants. 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 revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking statements are subject to completion of our financial procedures for Q4 FY 2019 and are 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 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 and include the expected effects of operational improvement initiatives, such as new menu items and retail offerings. Factors which could materially affect actual results include, but are not limited to: the effects of uncertain consumer confidence, higher costs for energy, general or regional economic weakness, and weather on sales and customer travel, discretionary income or personal expenditure activity of our customers; 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; 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; uncertain performance of strategic investments and other initiatives that we may pursue now or in the future, including our non-controlling ownership interest in PBS; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, pensions, insurance or other undeterminable areas; the effects of plans intended to promote or protect our brands and products; commodity price increases; the ability of and cost to us to recruit, train, and retain qualified hourly and management employees in an escalating wage environment; the effects of increased competition at our locations on sales and on labor recruiting, cost, and retention; workers' compensation, group health and utility price changes; consumer behavior based on negative publicity or concerns over nutritional or safety aspects of our food or products or those of the restaurant industry in general, including concerns about pandemics, 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 or capital market conditions affecting our financing costs and ability to refinance all or portions of our indebtedness; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; our ability to retain key personnel; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; 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 actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity associated with these activities; practical or psychological effects of natural disasters or terrorist acts or war and military or government responses; disruptions to our restaurant or retail supply chain; changes in foreign exchange rates affecting our future retail inventory purchases; 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) 



Fourth Quarter Ended  


Twelve Months Ended


8/2/19


8/3/18


Percentage
Change


8/2/19


8/3/18


Percentage
Change

Total revenue

$787,098


$810,893


(3)%


$3,071,951


$3,030,445


1%

Cost of goods sold (exclusive of

  depreciation and rent)

226,532


245,977


(8)


931,077


935,397


(0)

Labor and other related expenses

276,177


286,657


(4)


1,078,751


1,055,811


2

Other store operating expenses

164,477


160,046


3


626,453


601,889


4

Store operating income

119,912


118,213


1


435,670


437,348


(0)

General and administrative

  expenses

40,542


35,442


14


152,826


143,756


6

Operating income

79,370


82,771


(4)


282,844


293,592


(4)

Interest expense

3,851


4,277


(10)


16,488


15,169


9

Pretax income

75,519


78,494


(4)


266,356


278,423


(4)

Provision for income taxes

10,494


17,140


(39)


42,955


30,803


39

Net income

$65,025


$61,354


6


$223,401


$247,620


(10)













Earnings per share – Basic:

$2.70


$2.56


5


$9.29


$10.31


(10)

Earnings per share – Diluted:

$2.70


$2.55


6


$9.27


$10.29


(10)













Weighted average shares:












    Basic

24,044,455


24,004,826


0


24,037,272


24,011,161


0

    Diluted

24,113,705


24,074,999


0


24,096,396


24,075,614


0













Ratio Analysis












Total revenue:












    Restaurant

82.6%


82.0%




80.8%


80.5%



    Retail

17.4


18.0




19.2


19.5



            Total revenue

100.0


100.0




100.0


100.0



Cost of goods sold (exclusive of

  depreciation and rent)

28.8


30.3




30.3


30.9



Labor and other related expenses

35.1


35.4




35.1


34.8



Other store operating expenses

20.9


19.7




20.4


19.9



Store operating income

15.2


14.6




14.2


14.4



General and administrative expenses

5.1


4.4




5.0


4.7



Operating income

10.1


10.2




9.2


9.7



Interest expense

0.5


0.5




0.5


0.5



Pretax income

9.6


9.7




8.7


9.2



Provision for income taxes

1.3


2.1




1.4


1.0



Net income

8.3%


7.6%




7.3%


8.2%
















CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share amounts)

 


8/2/19


8/3/18


Assets





   Cash and cash equivalents

$36,884


$114,656


   Accounts receivable

22,757


19,496


   Inventory

154,958


156,253


   Prepaid expenses and other current assets

27,781


16,347


   Property and equipment, net

1,168,965


1,149,135


   Investment in unconsolidated subsidiary

89,100


0


   Other long-term assets

80,780


71,468


Total assets

$1,581,225


$1,527,355







Liabilities and Shareholders' Equity





   Accounts payable

$132,221


$122,332


   Other current liabilities

260,253


242,287


   Long-term debt

400,000


400,000


   Other long-term obligations

139,922


128,794


   Deferred income taxes

44,119


52,161


   Shareholders' equity, net

604,710


581,781


Total liabilities and shareholders' equity

$1,581,225


$1,527,355












Common shares issued and outstanding

24,049,240


24,011,550








         

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(Unaudited and in thousands)



Twelve Months Ended



8/2/19


8/3/18

Cash flows from operating activities:




             Net income

$223,401


$247,620

             Depreciation and amortization

107,537


93,692

             Loss on disposition of property and equipment

10,265


7,119

             Share-based compensation

8,181


6,977

             Decrease in inventories

1,295


114

            Increase in accounts payable

9,889


3,937

             Net changes in other assets and liabilities

2,228


(28,839)

                           Net cash provided by operating activities

362,796


330,620

Cash flows from investing activities:




             Purchase of property and equipment, net of insurance recoveries

(137,540)


(151,633)

             Proceeds from sale of property and equipment

151


411

             Purchase of investment in unconsolidated subsidiary

(89,100)


0

             Notes receivable from unconsolidated subsidiary

(15,085)


0

                          Net cash used in investing activities

(241,574)


(151,222)

Cash flows from financing activities:




              (Taxes withheld) from exercise of share-based compensation awards, net

(2,497)


(3,816)

              Purchases and retirement of common stock

0


(14,772)

              Deferred financing costs

(3,022)


0

              Dividends on common stock

(193,475)


(207,155)

                             Net cash used in financing activities

(198,994)


(225,743)





Net (decrease) in cash and cash equivalents

(77,772)


(46,345)

Cash and cash equivalents, beginning of period

114,656


161,001

Cash and cash equivalents, end of period

$36,884


$114,656






CRACKER BARREL OLD COUNTRY STORE, INC.

Supplemental Information

(Unaudited)

 


Fourth Quarter Ended


Twelve Months Ended


8/2/19


8/3/18


8/2/19


8/3/18









Units in operation:








     Open at beginning of period

666


659


660


649

     Opened during period

1


1


8


11

     Closed during period

0


0


(1)


0

     Open at end of period

667


660


667


660









Total revenue: (In thousands, on comparable 13 and 52 week periods)

      Restaurant

$650,104


$616,925


$2,482,377


$2,391,037

      Retail

136,994


135,615


589,574


581,055

      Total revenue

$787,098


$752,540


$3,071,951


$2,972,092









Cost of goods sold (excl. of depreciation and rent): (In thousands, on comparable 13 and 52 week periods)

      Restaurant

$159,765


$160,484


$628,761


$613,500

      Retail

66,767


68,067


302,316


304,471

      Total cost of goods sold

$226,532


$228,551


$931,077


$917,971









Average unit volume: (In thousands, on comparable 13 and 52 week periods)

      Restaurant

$974.8


$935.1


$3,735.2


$3,650.8

      Retail

205.4


205.5


887.1


887.1

      Total

$1,180.2


$1,140.6


$4,622.3


$4,537.9









Operating weeks:

8,670


8,577


34,559


34,057











Q4 2019 vs. Q4 2018


12 mo. 2019 vs. 12 mo. 2018






Comparable store sales period to period increase (decrease):







Restaurant


3.8%


2.6%

Retail


0.4%


0.1%






Number of locations in comparable store base:



644


640











CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP basis operating results to adjusted non-GAAP operating results
(Unaudited)

In the accompanying press release the Company makes reference to its full year and fourth quarter 2018 adjusted revenues, operating income and earnings per share which excluded the impact of the 53rd week during the 2018 fiscal year and the one-time non-cash revaluation of a net deferred tax liability in the 2018 fiscal year. The Tax Cuts and Jobs Act of 2017, which became effective on January 1, 2018 and prior to the end of our fiscal 2018 second quarter, lowered the federal corporate income tax rate to 21%.  During the second quarter of fiscal 2018, the Company recorded a provisional tax benefit for re-measurement of deferred tax liabilities due to this rate change of approximately $25 million. The Company believed that excluding this item from its financial results reflected the cash impact of tax reform for fiscal 2018, and as such provided investors with an enhanced understanding of the Company's financial results.  This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.


Fourth Quarter ended August 3, 2018


As Reported

Adjust

53rd week

As Adjusted






Total Revenue

$          810,893

$                  -

(58,353)

$         752,540






Store operating income

118,213

-

(13,309)

104,904

General and administrative expenses

35,442

-

(2,071)

33,371

Operating income

82,771

-

(11,238)

71,533

Interest Expense

4,277

-

(323)

3,954

Pretax income

78,494

-

(10,915)

67,579

Provision for income taxes

17,140

-

(2,383)

14,757

Net income

$       61,354

$              -

$    (8,532)

$       52,822






Earnings per share - Basic

$2.56

-

(0.36)

$2.20

Earnings per share - Diluted

$2.55

-

(0.36)

$2.19


Twelve months ended August 3, 2018


As Reported

Adjust

53rd week

As Adjusted



(1)



Total Revenue

$      3,030,445

$                   -

(58,353)

$      2,972,092






Store operating income

437,348

-

(13,309)

424,039

General and administrative expenses

143,756

-

(2,071)

141,685

Operating income

293,592

-

(11,238)

282,354

Interest Expense

15,169

-

(323)

14,846

Pretax income

278,423

-

(10,915)

267,508

Provision for income taxes

30,803

25,596

(2,383)

54,016

Net income

$     247,620

$    (25,596)

$    (8,532)

$     213,492






Earnings per share - Basic

$10.31

(1.06)

(0.36)

$8.89

Earnings per share - Diluted

$10.29

(1.06)

(0.36)

$8.87











(1) One-time Non-Cash Revaluation of Net Deferred Tax Liability



Investor Contact:

Adam Hanan


(615) 443-9887



Media Contact:

Janella Escobar


(615) 235-4618

SOURCE Cracker Barrel Old Country Store, Inc.

Related Links

http://www.crackerbarrel.com

Modal title

Also from this source

CRACKER BARREL FISCAL 2022 THIRD QUARTER CONFERENCE CALL ON THE...

CRACKER BARREL FISCAL 2022 THIRD QUARTER CONFERENCE CALL ON THE...


Chicken n' Biscuits by Cracker Barrel™ Enters the Chicken...

Chicken n' Biscuits by Cracker Barrel™ Enters the Chicken...

Explore

More news releases in similar topics

  • Restaurants
  • Retail
  • Earnings
  • Earnings Forecasts & Projections
  • Conference Call Announcements

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.