he wanted to get on the board and was for a special $20.00 dividend.If they approved the div he would have SOLD after.The stock will take a hit short term,but if the grocery stores catch on like I think they will,it will rocket higher..Bye bye biglari.....
Your management has thin skins, which is why they are unwelcoming to a 20% shareholder and have wasted millions on worthless proxy wars to prevent that shareholder from acquiring more stock. What kind of public company doesn't want their stock to be bought ? Why is CBRL afraid to allow BH 2 seats on the Board ? Thin skins and incompetence in Lebanon, Tenn. Proxy wars to prevent a large shareholder to have Board seats is a waste of capital by entrenched weak management. Why was capital wasted on a proxy war to prevent a special dividend. CBRL 'management' may be winning the battles, but BH is winning the war, because the stock position has greatly increased in value, and BH collects MIllions in cash dividends Every year from Lebanon, Tenn. LOL!
It depends. Getting rid of BH would be a positive for CBRL. If CBRL bought the stock at current price it would probably push CBRL up as people these days seem to like leverage.
Of course. How could it not drop? Even is it is a private transaction, a 20% owner of any company that sells out will depress stock prices.
CBRL would love nothing more that getting rid of the little unwelcomed poke-in-the-eye guy named Sardar.
The question is...is CBRL at $110 the highest & best use of BHs capital ?
Could that money be better used in other opportunities ?
I own BH shares and Id like to see him take some or all his money out of CBRL if he can do so without killing the share price.
Why does BH have to do anything other than laugh all the way to the bank with $14 MILLION in cash dividends every year (maybe more...smirk) from CBRL, and watch the CBRL stock rise? CBRL owners should be dumping CBRL stock in favor of BH which already owns 20% of CBRL and was only stopped from buying more by a lame weak insulated chum club in Lebanon, Tennessee. It's puzzling to me that CBRL is a public company that doesn't want shareholders to buy the stock. Once Biglari's recommendations about wasted capital on billboard advertising and opening new stores are fully implemented, you will see CBRL over $250 per share by 2017. Notice the CBRL wasted money on a proxy war ? That immediately falls to the bottom line as BH does a victory march down the golden road to successful long term investing.
sl90045, are you saying kcdq54 is not high class? I don't think it is a question of richer people not going, but of whom the majority of the customers are.
Funny that you mention Capital Grille..Yes we go there and have also bought DRI which owns them..But in all fairness, CBRL located along the big highways (1-95) etc seems to always have a lot of cars in their lots..Someone has to be eating..Semper Fi..
the volume yesterday was 529 K, today a lot less...After all the appreciation the stock has had lately I expected some major profit taking.Bottom line,great managed company,excellent food and priced fairly.How the grocery stores do in the future will have something to say about the stock price,their packaged good should do well,it's only been a little over a month.
One sniff of less that positive news and I believe that CBRL is oversold. The next couple of weeks transactions will prove me right or wrong.
I think the street was just looking for more.
Interestingly, BH has not fallen a similar amount which is surprising to me.
Will be interesting to see what BH does and how he gets out of part or all of his position.
I dont think he is interested in "burning" anyone, just doing whats best for him and his investors.
And I cant think that continuing to hold 20% of CBRL at these levels is a good idea. Compared to what he might find elsewhere in undervalued stocks.
A high class family does not frequent low-to-middle class establishments. But I am sure your family enjoys the food, atmosphere and a place they can keep their work boots on while they eat.
I can not understand the reason for such a big sell off. I thought the results were great. Any ideas that I am missing? I am not sure why they guided cautiously. When families get together, they often go to Cracker Barrel. I know my family does. I am very biased because I love the store but the sell off seems extreme and not warranted.
I was against the $20 dividend, don't want a taxable dividend like that and then the share price just falls, BUT I do believe with all he owns he deserves a seat on the board. It is one or 2 votes. At some point he decides to move on and dumps out of all his shares. Below $100 we fall. His average is real low, he can afford to burn us and move on. Don't see the reason for this large sell off today. You have to wonder.......
Search for "SEC Live Filings Digest" to find out more.
Cracker Barrel Old Country Store, Inc. (CBRL) announced its financial results for the first fiscal quarter of 2014, reporting an earnings increase of 17%. The restaurant and retail-store chain saw increases in comparable store restaurant sales and comparable store retail sales of 2.8% and 2.5% respectively. The 2.8% increase in restaurant sales reflects a 0.1% decrease in traffic but a 2.9% increase in average check. Revenue improved 3.5% to $649.1M, beating analyst expectations of $647M. Company earnings were up from $23.2M and $0.97 a year ago to $27.2M and $1.14 per share. Cracker Barrel activist shareholder Sardar Biglari has made repeated attempts to gain more control of the company, attempting to gain seats on the board. His latest efforts to increase his power in the company were voted down by shareholders.
whats so hard to understand about this ? Fed policies of 0% interest are hurting the main customer segment of Cracker barrel and let me give you a hint it won;t get better with the new Fed Governer who was mentored by Big Ben..
Your new stores are not performing as well as existing footprint, which means capital is being misallocated by 'management.' You would have had a blow out quarter but you wasted money on a proxy war that prevented a large stockholder from gaining board seats. The thin skins of Lebanon, Tennessee are preventing larger benefits to flow to the OWNERS of this stock. I'd like to see their overpaid salaries cut by 75% and they be paid in common stock ONLY if they meet certain capital return targets. By the way, I notice this board is devoid of comments about Kraft kicking your butts. Just another sign of lame insulated isolated management. Why is this a public company? So the top 5 can send their grandchildren to Ivy League ?
November 26, 2013
Cracker Barrel Reports Results for First Quarter Fiscal 2014
Positive Comparable Restaurant and Retail Sales in the Quarter
LEBANON, Tenn.--(BUSINESS WIRE)-- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported financial results for the first quarter of fiscal 2014 ended November 1, 2013.
First-Quarter Fiscal 2014 Highlights
Compared to the prior year first quarter, comparable store restaurant sales increased 2.8% and comparable store retail sales increased 2.5%.
Eighth consecutive quarter of positive comparable restaurant sales and retail sales, and outperformance of the Knapp-TrackTM casual dining index.
On a GAAP basis, operating income margin was 6.8% of total revenue, compared with 7.2% in the prior year quarter. Adjusted for proxy contest expenses, adjusted operating income margin was 7.2% of total revenue, compared with 7.8% in the prior year quarter. (See non-GAAP reconciliation below.)
On a GAAP basis, earnings per diluted share were $1.14, or $1.22 when adjusted for proxy contest expenses, compared with adjusted EPS of $1.08 in the prior year quarter.
Commenting on the first-quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "We are pleased with our first quarter results, which represent our eighth consecutive quarter of increased year-over-year comparable store sales. Although the government shutdown challenged our consumer and added to an already difficult environment, this quarter's financial results exceeded our expectations and reflect our initial success in executing our business priorities for fiscal 2014."
First-Quarter Fiscal 2014 Results
The Company reported total revenue of $649.1 million for the first quarter of fiscal 2014, representing an increase of 3.5% over the first quarter of the prior year. Comparable store restaurant sales increased 2.8%, including a 2.9% increase in average check. The