Cracker Barrel Old Country Store Inc

NASDAQ:CBRLUnited States

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• DJ Cracker Barrel Aims to Fix Traffic Declines -- Market Talk, from 6 hours ago by Dow Jones

  6 hours ago by Dow Jones
  Companies Mentioned: CBRL
  
  1659 ET - Cracker Barrel Old Country Store is losing market share, particularly at dinner, the company says during a strategic update. Traffic so far this year is down 16% compared with 2019 levels, the chain says. Cracker Barrel is slashing its dividend to invest hundreds of millions of dollars into store remodels and a brand refresh to help improve its business and grow. Cracker Barrel shares decline 8.5% in after-market trading. (heather.haddon@wsj.com; @heatherhaddon)
  

• --Cracker Barrel Old Country Store Trims Dividend to $0.25 per Share, Payable Aug. 6 to Holders of Record July 19, from 7 hours ago by MT Newswires

  7 hours ago by MT Newswires
  Companies Mentioned: CBRL
  04:46 PM EDT, 05/16/2024 (MT Newswires) -- Price: 52.01, Change: -5.26, Percent Change: -9.18 ...

• CRACKER BARREL PROVIDES UPDATE ON STRATEGIC TRANSFORMATION PLAN AND ANNOUNCES CAPITAL ALLOCATION CHANGES TO DRIVE SUSTAINABLE LONG-TERM VALUE CREATION, from 7 hours ago by PR Newswire

  7 hours ago by PR Newswire
  Companies Mentioned: CBRL

  Organic growth investments expected to accelerate financial performance in late fiscal 2026 and into fiscal 2027

  Company provides update on third and fourth quarter fiscal 2024

  Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq:CBRL) today provided an update on its strategic transformation plan and announced changes to its capital allocation.

• CRACKER BARREL PROVIDES UPDATE ON STRATEGIC TRANSFORMATION PLAN AND ANNOUNCES CAPITAL ALLOCATION CHANGES TO DRIVE SUSTAINABLE LONG-TERM VALUE CREATION, from 7 hours ago by Dow Jones

  7 hours ago by Dow Jones
  Companies Mentioned: CBRL
  
  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; the effects of increased competition at the Company's locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of the Company's food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease, as well as the possible effects of such events on the price or availability of ingredients used in the Company's restaurants; the effects of the Company's indebtedness and associated restrictions on the Company's financial and operating flexibility and ability to execute or pursue its operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting the Company's financing costs and ability to refinance its indebtedness, in whole or in part; the Company's reliance on limited distribution facilities and certain significant vendors; information technology-related incidents, including data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors, or actions of third parties; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the effects of plans intended to promote or protect our brands and products; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity or the Company's ability to manage the impact of social media associated with these activities; the impact of activist shareholders; the Company's ability to enter successfully into new geographic markets that may be less familiar to it; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and the Company's ability to identify those sites; the Company's ability to retain key personnel; the ability of and cost to the Company to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that the Company may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions and the weather impact on sales and customer travel; discretionary income or personal expenditure activity of the Company's customers; economic or psychological effects of natural disasters or other unforeseen events such as terrorist acts, social unrest or war and the military or government responses to such events; changes in foreign exchange rates affecting the Company's future retail inventory purchases; workers' compensation, group health and utility price changes; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America ("GAAP"); and other factors described from time to time in our filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which made. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
  

• DJ Cracker Barrel Drastically Cuts Dividend to Pay for Brand Overhaul -- WSJ, from 7 hours ago by Dow Jones

  7 hours ago by Dow Jones
  Companies Mentioned: CBRL
  By Heather Haddon Cracker Barrel Old Country Store is slashing its dividend by around 80% as the family-dining chain intends to plow hundreds of millions of dollars into overhauling its restaurants and updating its brand. -- The Tennessee-based chain said in a strategic update Thursday that it will reduce its quarterly dividend to investors to 25 cents a share in August, from $1.30 a share in February. -- The company also revised its long-term fiscal outlook, saying it expects adjusted earnings next fiscal year to be flat or slightly below this year's levels before increasing in 2026 and 2027. CEO Julie Masino said the 54-year-old brand needs to update its image, menu and retail selection to be able to grow in an increasingly tough environment for restaurants. We have so much competition out there," Masino said in an interview. "We have to be better than everyone else." Cracker Barrel has traditionally appealed to older customers who like its homestyle food and retail shop. The pandemic hit the company hard as many customers were skittish about returning. The company's shares have declined about 47% in the last 12 months through Wednesdays close. Masino, a former Taco Bell executive who took the helm of Cracker Barrel in November, has signaled to investors that the company needs to put more money into its restaurants, and some Wall Street analysts have expected a dividend cut. Masinos plan also includes: -- Remodeling 25 to 30 of the companys 660 Cracker Barrel locations in its 2025 fiscal year. -- Slimming down the chains retail selection and menu offerings to make stores easier to operate. -- Updating the chains menu while maintaining its southern-comfort identity. Cracker Barrel got pushback after putting a plant-based sausage on its menus in 2022, spurring a social media roasting from fans who felt it strayed too far from the chains brand. Masino said the sausage has sold well and that the chain should have taken a different approach to introducing it. This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). (END) Dow Jones Newswires May 16, 2024 16:05 ET (20:05 GMT)