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Cracker Barrel Reports Third Quarter Fiscal 2021 Results

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Declares Quarterly Dividend

Delivers Sequential Improvement in Operating Income Margin Compared to Fiscal 2021 Second Quarter

LEBANON, Tenn., May 25, 2021 /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 2021 ended April 30, 2021.

Third Quarter Fiscal 2021 Highlights

  • The Company continued its sales recovery during the third quarter with both restaurant and retail comparable store sales improvements compared to the second quarter. Driven by the reopening of dining rooms and strategic sales initiatives, the Company further rebuilt its sales volumes.

  • GAAP operating income in the third quarter was $52.5 million, or 7.4% of total revenue, and adjusted2 operating income was $55.7 million, or 7.8% of total revenue.

  • GAAP net income was $33.5 million, or 4.7% of total revenue. EBITDA was $82.8 million, or 11.6% of total revenue; this represented an 84% sequential improvement compared to fiscal 2021 second quarter EBITDA of $45.0 million.

  • GAAP earnings per diluted share were $1.41, and adjusted2 earnings per diluted share were $1.51.

  • The Company's Board of Directors declared a quarterly dividend of $1.00 per share on the Company's common stock payable on August 6, 2021 to shareholders of record on July 16, 2021.

Commenting on the third quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "The pace of our sales and margin recovery in the quarter exceeded expectations as we welcomed guests back into our dining rooms and our off-premise business remained strong. I'm pleased with the way our teams continue to deliver on our mission of Pleasing People as they care for guests and care for one another. As the ongoing recovery from the pandemic brings us closer to 2019 sales levels, I am confident our solid execution, unique brand, and the strategic initiatives implemented during the pandemic will support growth in long-term shareholder value."

Third Quarter Fiscal 2021 Results
Revenue
The Company reported total revenue of $713.4 million for the third quarter of fiscal 2021, representing an increase of 64.9% compared to the third quarter of the prior year, and a decrease of 3.5% compared to the third quarter of 2019. With the easing of dining room capacity restrictions, average weekly sales volumes increased significantly, driven by improvements in dine-in traffic, retained off-premise volumes, and strong retail performance. Cracker Barrel average per-store restaurant sales volumes grew from approximately $55,500 per fiscal week in fiscal January to approximately $70,000 per fiscal week in April.

Cracker Barrel comparable store restaurant and retail sales growth versus fiscal February, March, April, and the third quarter of fiscal 20191 and versus the third quarter of fiscal 2020 as a whole were as follows:


Versus FY19

Comparable Period1


Versus FY20 Comparable Period


Month Ended
2/26/21

Month Ended
3/26/21

Month Ended
4/30/21

Third Quarter Ended
4/30/21


Third Quarter

Ended 4/30/21

Comparable restaurant sales

-16.2%

-8.5%

-3.1%

-8.6%


56.5%

Comparable retail sales

-8.6%

16.3%

20.1%

10.8%


102.8%

Operating Income (EBIT)
GAAP operating income in the third quarter was $52.5 million, or 7.4% of total revenue. Excluding the approximately $3.2 million in non-cash amortization related to the gains on the previously disclosed sale-leaseback transactions, adjusted2 operating income was $55.7 million, or 7.8% of total revenue. Sales recovery was the primary driver of the improved operating income trend over the course of fiscal 2021 year-to-date.

Net Income, EBITDA and Earnings per Diluted Share
GAAP net income was $33.5 million, or 4.7% of total revenue, and EBITDA was $82.8 million, or 11.6% of total revenue, in the third quarter. GAAP earnings per diluted share were $1.41, and adjusted2 earnings per diluted share were $1.51.

Quarterly Dividend Declared
The Company's Board of Directors declared a quarterly dividend to common shareholders of $1.00 per share, payable on August 6, 2021 to shareholders of record on July 16, 2021.

"I am pleased that our strong third quarter performance enabled us to restart our dividend program in keeping with our history of prudent capital management and allocation. As it always does, our Board will evaluate our capital structure and allocation priorities as we move past the pandemic and into our next fiscal year," said Ms. Cochran.

Fiscal 2021 Fourth Quarter Outlook
The Company is providing the following selected components of its fiscal 2021 fourth quarter outlook:

  • Total revenues of approximately flat to fiscal 2019 fourth quarter total revenues.

  • Continued sequential improvement in operating income margin above fiscal 2021 third quarter operating income margin.

  • Commodity inflation of approximately 5.0% and wage inflation on a constant mix basis of between 3.0% and 3.5%.

  • Capital expenditures of approximately $25 million.

  • Effective tax rate for the quarter in the range of 11% to 12%.

Additionally, the Company now expects to repay up to a total of $500 million of its third-party borrowings for the 2021 fiscal year, including up to $165 million during the fourth quarter.

The Company reminds investors that its outlook for fiscal 2021 reflects a number of assumptions, many of which are outside the Company's control, and a continued uncertain environment occasioned by the pandemic and increasing food and wage inflationary pressures.

1 For the purpose of comparing to fiscal 2019, comparable stores are defined as restaurants open a full 30 months before the beginning of the applicable period.
2 For Non-GAAP reconciliations, please refer to the Reconciliation of GAAP-basis operating results to non-GAAP operating results section of this release.

Fiscal 2021 Third 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 June 8, 2021.

About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a caring and friendly home-away-from-home experience while offering guests high-quality homestyle food to enjoy in-store or to-go and unique shopping — all at a fair price. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its affiliates operate more than 660 company-owned Cracker Barrel Old Country Store® locations in 45 states and own the fast-casual Maple Street Biscuit Company. 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 information is subject to completion of our financial procedures for Q3 FY 2021 and 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 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 COVID-19 on our business, financial condition and results of operations and 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: risks and uncertainties associated with the COVID-19 pandemic, including the duration of the COVID-19 pandemic and its ultimate impact on our business, levels of consumer confidence in the safety of dine-in restaurants, restrictions (including occupancy restrictions) imposed by governmental authorities, the effectiveness of cost saving measures undertaken throughout our operations, disruptions to our operations as a result of the spread of COVID-19 in our workforce, and our increased level of indebtedness, or constraints on our expenditures or cash management, brought on by additional borrowing necessitated by the COVID-19 pandemic; general or regional economic weakness, business and societal conditions, 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 acquired businesses, strategic investments and other initiatives that we may pursue now or in the future; 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; 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 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 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 or our ability to manage the impact of social media associated with these activities; economic or psychological effects of natural disasters or unforeseen events such as terrorist acts, social unrest or war and the military or government responses to such events; disruptions to our restaurant or retail supply chain, including as a result of COVID-19; changes in foreign exchange rates affecting our future retail inventory purchases; the impact of activist shareholders; our reliance on limited distribution facilities and certain significant vendors; 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 and in thousands, except share and per share amounts, percentages and ratios)



Third Quarter Ended


Nine Months Ended






Percentage






Percentage

4/30/21


5/1/20


Change


4/30/21


5/1/20


Change

Total revenue

$713,416


$432,544


65%


$2,037,039


$2,027,727


0%

Cost of goods sold, (exclusive of

depreciation and rent)

205,379


137,138


50


629,507


629,159


0

Labor and other related expenses

250,368


189,118


32


714,418


737,209


(3)

Other store operating expenses

167,823


138,920


21


495,968


473,466


5

General and administrative expenses

37,356


28,008


33


110,877


106,025


5

Gain on sale and leaseback transaction

0


0




(217,722)


0



Impairment and store disposition

0


18,336




0


18,336



Operating income (loss)

52,490


(78,976)


166


303,991


63,532


378

Interest expense

9,614


5,298


81


31,144


12,383


152

Income (loss) before income taxes

42,876


(84,274)


151


272,847


51,149


433

Provision for income taxes (income tax benefit)

9,406


(55,220)


117


54,697


(33,752)


262

Loss from unconsolidated subsidiary

0


(132,878)




0


(142,442)



Net income (loss)

$33,470


($161,932)


121


$218,150


($57,541)


479













Earnings (loss) per share – Basic:

$1.41


($6.81)


122


$9.20


($2.41)


482

Earnings (loss) per share – Diluted:

$1.41


($6.81)


121


$9.17


($2.41)


480













Weighted average shares:












Basic

23,725,185


23,777,916


(0)


23,718,777


23,922,360


(1)

Diluted

23,807,410


23,777,916


0


23,788,005


23,922,360


(1)













Ratio Analysis












Total revenue:












Restaurant

79.8%


83.3%




78.8%


80.4%



Retail

20.2


16.7




21.2


19.6



Total revenue

100.0


100.0




100.0


100.0



Cost of goods sold, (exclusive of depreciation and rent)

28.8


31.7




30.9


31.0



Labor and other related expenses

35.1


43.7




35.1


36.4



Other store operating expenses

23.5


32.1




24.3


23.3



General and administrative expenses

5.2


6.5




5.5


5.3



Gain on sale and leaseback transaction

0.0


0.0




(10.7)


0.0



Impairment and store disposition

0.0


4.3




0.0


0.9



Operating income (loss)

7.4


(18.3)




14.9


3.1



Interest expense

1.4


1.2




1.5


0.6



Income (loss) before income taxes

6.0


(19.5)




13.4


2.5



Provision for income taxes (income tax benefit)

1.3


(12.8)




2.7


(1.7)



Loss from unconsolidated subsidiary

0.0


(30.7)




0.0


(7.0)



Net income (loss)

4.7%


(37.4%)




10.7%


(2.8%)




CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share amounts)


4/30/21


5/1/20

Assets




Cash and cash equivalents

$384,587


$363,330

Accounts receivable

27,070


12,476

Inventories

132,382


146,279

Prepaid expenses and other current assets

49,826


35,323

Property and equipment, net

983,192


1,151,624

Operating lease right-of-use assets, net

984,317


455,179

Intangible assets

21,391


19,460

Other assets

55,469


45,844

Goodwill

4,690


6,364

Total assets

$2,642,924


$2,235,879





Liabilities and Shareholders' Equity




Accounts payable

$113,665


$88,052

Other current liabilities

335,285


265,374

Long-term debt

575,349


940,000

Long-term operating lease liabilities

753,792


456,273

Other long-term obligations

116,219


93,565

Deferred income taxes

100,501


406

Shareholders' equity, net

648,113


392,209

Total liabilities and shareholders' equity

$2,642,924


$2,235,879






Common shares issued and outstanding

23,726,372


23,693,981

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(Unaudited and in thousands)



Nine Months Ended


4/30/21


5/1/20

Cash flows from operating activities:




Net income (loss)

$218,150


($57,541)

Loss from unconsolidated subsidiary

0


142,442

Depreciation and amortization

80,932


88,292

Loss on disposition of property and equipment

2,669


5,083

Gain on sale and leaseback transaction

(217,722)


0

Impairment

0


19,000

Share-based compensation

7,188


4,171

Noncash lease expense

41,601


47,045

Amortization of asset recognized from gain on sale and leaseback transactions

9,551


0

(Increase) decrease in inventories

6,709


8,906

Increase (decrease) in accounts payable

10,161


(46,045)

Net changes in other assets and liabilities

53,298


(124,121)

Net cash provided by operating activities

212,537


87,232

Cash flows from investing activities:




Purchase of property and equipment, net of insurance recoveries

(44,115)


(82,645)

Proceeds from sale of property and equipment

149,910


1,827

Notes receivable from unconsolidated subsidiary

0


(35,500)

Acquisition of business, net of cash acquired

(1,500)


(32,971)

Net cash provided by (used in) investing activities

104,295


(149,289)

Cash flows from financing activities:




Net (payments) proceeds from long-term debt

(335,049)


540,000

(Taxes withheld) from issuance of share-based compensation awards

(2,127)


(2,005)

Purchases and retirement of common stock

0


(55,007)

Deferred financing costs

(420)


0

Dividends on common stock

(31,645)


(94,485)

Net cash (used in) provided by financing activities

(369,241)


388,503





Net increase (decrease) in cash and cash equivalents

(52,409)


326,446

Cash and cash equivalents, beginning of period

436,996


36,884

Cash and cash equivalents, end of period

$384,587


$363,330

CRACKER BARREL OLD COUNTRY STORE, INC.

Supplemental Information (Unaudited)





Third Quarter Ended





4/30/21


5/1/20




Net Change in Company-Owned Units During Quarter:







Cracker Barrel

1


3




Maple Street Biscuit Company

1


0




Company-Owned Units in Operation at End of Quarter:







Cracker Barrel

664


664




Maple Street Biscuit Company

37


28






Third Quarter Ended


Nine Months Ended



4/30/21


5/1/20


4/30/21


5/1/20


Total revenue*: (In thousands)









Restaurant

$ 559,391


$ 355,521


$ 1,578,896


$ 1,615,907


Retail

143,967


72,166


431,113


397,213


Total revenue

$ 703,358


$ 427,687


$ 2,010,009


$ 2,013,120











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









Restaurant

$ 136,280


$ 92,997


$ 405,591


$ 412,467


Retail

66,862


42,904


217,908


212,776


Total cost of goods sold

$ 203,142


$ 135,901


$ 623,499


$ 625,243











Average unit volume*: (In thousands)









Restaurant

$ 842.5


$ 535.7


$ 2,380.1


$ 2,442.9


Retail

216.8


108.7


649.9


600.5


Total

$ 1,059.3


$ 644.4


$ 3,030.0


$ 3,043.4



Operating weeks*:

8,632


8,628


25,871


25,797



Note*: This information is for Cracker Barrel stores only and excludes Maple Street Biscuit Company and Holler & Dash


Q3 2021 vs. Q3 2020


9 mo. 2021 vs. 9 mo. 2020

Comparable Cracker Barrel store sales period to period increase (decrease):




Restaurant

56.5%


(2.6%)

Retail

102.8%


8.4%





Number of Cracker Barrel locations in comparable store base

658


655

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 Operating Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its third quarter fiscal 2020 and fiscal 2021 adjusted operating income and earnings per share. In regards to fiscal 2021, this reconciliation excludes the gain on sale of assets from the sale-leaseback transaction that closed in the first quarter, non-cash amortization of the asset recognized from the gains on sale-leaseback transactions, expenses related to the proxy contest initiated by affiliates of Sardar Biglari in connection with the Company's 2020 annual meeting of shareholders, and the related tax impacts of these items. In regards to fiscal 2020, this reconciliation excludes non-cash asset impairment charges related to store assets, expenses related to COVID-19, an impairment charge related to its equity investment in Punch Bowl Social and the related tax impacts of these items. The Company believes excluding these items from its financial results provides 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 operating income or earnings per share information prepared in accordance with GAAP.



Third Quarter Ended April 30, 2021


Nine Months Ended April 30, 2021



As Reported

Adjustment

As Adjusted


As Reported

Adjustments

As Adjusted




(1) (2)




(1) (3) (4) (5)


Total Revenue


$713,416

-

$713,416


$2,037,039

-

$2,037,039

Store operating expense


623,570

(3,183)

620,387


1,839,893

(9,551)

1,830,342

General and administrative expense


37,356

-

37,356


110,877

(5,154)

105,723

Gain on sale-leaseback


-

-

-


(217,722)

217,722

-

Operating income


52,490

3,183

55,673


303,991

(203,017)

100,974

Interest expense


9,614

-

9,614


31,144

-

31,144

Income before income taxes


42,876

3,183

46,059


272,847

(203,017)

69,830

(Income tax benefit) Provision for income taxes


9,406

748

10,154


54,697

(53,760)

937

Net income


$33,470

$2,435

$35,905


$218,150

($149,257)

$68,893

Earnings per share – basic


$1.41

$0.10

$1.51


$9.20

($6.29)

$2.90

Earnings per share – diluted


$1.41

$0.10

$1.51


$9.17

($6.27)

$2.90


(1) Adjusted for the non-cash amortization of asset recognized from the gain on sale-leaseback transactions.

(2) Adjusted for the tax impacts of (1) above.

(3) Adjusted for proxy contest-related expenses.

(4) Adjusted for the gain on sale of assets related to the sale-leaseback transaction.

(5) Adjusted for the tax impacts of (1), (3), and (4) above.


Third Quarter Ended May 1, 2020


Nine Months Ended May 1, 2020



As Reported

Adjustment

As Adjusted


As Reported

Adjustments

As Adjusted




(1) (2)




(1) (2)


Total Revenue


$432,544

-

$432,544


$2,027,727

-

$2,027,727

Store operating expense


465,176

(3,947)

461,229


1,839,834

(3,947)

1,835,887

Impairment


18,336

(18,336)

-


18,336

(18,336)

-

General and administrative expense


28,008

(3,122)

24,886


106,025

(3,122)

102,903

Operating income (loss)


(78,976)

25,405

(53,571)


63,532

25,405

88,937

Interest expense


5,298

-

5,298


12,383

-

12,383

Income (loss) before income taxes


(84,274)

25,405

(58,869)


51,149

25,405

76,554

(Income tax benefit) Provision for income taxes


(55,220)

39,321

(15,899)


(33,752)

41,569

7,817

Loss from unconsolidated subsidiary


(132,878)

132,878

-


(142,442)

142,442

-

Net income (loss)


($161,932)

$118,962

($42,970)


($57,541)

$126,278

$68,737

Earnings (loss) per share – basic


($6.81)

$5.00

($1.81)


($2.41)

$5.28

$2.87

Earnings (loss) per share – diluted


($6.81)

$5.00

($1.81)


($2.41)

$5.28

$2.87


(1) Adjusted for non-cash impairment charges related to store assets, expenses related to COVID-19, and impairment charge related to the Company's equity investment in its unconsolidated subsidiary, Punch Bowl Social. This adjustment does not excluded from the Company's results the approximately $17 million one-time payment the Company made to its hourly store employees during the third quarter of 2020 to provide short-term financial assistance as their hours were being reduced as a result of dining room closures.

(2) These adjustments include the tax impacts on the actual tax benefits recorded in the Condensed Consolidated Income Statement, including the deferral of recognition for the tax benefits of capital loss on impairment of the unconsolidated subsidiary.

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

EBITDA
In the accompanying press release, the Company makes reference to its third quarter fiscal 2021 EBITDA. The Company defines EBITDA as net income excluding depreciation and amortization, non-cash amortization of the asset recognized from the gains on sale-leaseback transaction, interest expense and tax expense. This information is not intended to be considered in isolation or as a substitute for net income prepared in accordance with GAAP.


Second Quarter Ended
January 29, 2021

Third Quarter Ended
April 30, 2021

Net Income

$ 14,000

$ 33,470

(+) Depreciation & amortization

27,419

27,162

(+) Amortization of asset recognized from the gains on sale-leaseback transaction

3,184

3,183

(+) Interest expense

10,815

9,614

(+) Tax expense (benefit)

(10,420)

9,406

EBITDA

$ 44,998

$ 82,835


Investor Contact:

Jessica Hazel


(615) 235-4367



Media Contact:

Heidi Pearce


(615) 235-4135

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Cracker Barrel Old Country Store logo
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SOURCE Cracker Barrel Old Country Store, Inc.