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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cracker Barrel Old Country Store Inc | NASDAQ:CBRL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.88 | -1.54% | 56.30 | 56.26 | 56.83 | 59.46 | 56.06 | 58.59 | 623,374 | 01:00:00 |
☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Tennessee
(State or other jurisdiction of incorporation or organization)
|
62-0812904
(I.R.S. Employer Identification Number)
|
|
305 Hartmann Drive, Lebanon, Tennessee
(Address of principal executive offices)
|
37087-4779
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock (Par Value $0.01)
Rights to Purchase Series A Junior Participating
Preferred Stock (Par Value $0.01)
|
CBRL
|
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
|
Large accelerated filer ☑
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
PART I. FINANCIAL INFORMATION
|
Page
|
|
|
ITEM 1. Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
3
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
20
|
|
|
|
29
|
|
|
|
30
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
30
|
|
|
|
30
|
|
32
|
|
33
|
ASSETS
|
November 1,
2019
|
August 2,
2019*
|
||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
43,209
|
$
|
36,884
|
||||
Accounts receivable
|
22,104
|
22,757
|
||||||
Income taxes receivable
|
11,366
|
9,449
|
||||||
Inventories
|
188,719
|
154,958
|
||||||
Prepaid expenses and other current assets
|
28,015
|
18,332
|
||||||
Total current assets
|
293,413
|
242,380
|
||||||
Property and equipment
|
2,341,135
|
2,312,815
|
||||||
Less: Accumulated depreciation and amortization
|
1,163,166
|
1,143,850
|
||||||
Property and equipment – net
|
1,177,969
|
1,168,965
|
||||||
Operating lease right-of-use assets, net
|
473,488
|
—
|
||||||
Investment in unconsolidated subsidiary
|
83,120
|
89,100
|
||||||
Goodwill
|
6,364
|
—
|
||||||
Other assets
|
103,533
|
80,780
|
||||||
Total assets
|
$
|
2,137,887
|
$
|
1,581,225
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
145,945
|
$
|
132,221
|
||||
Current operating lease liabilities
|
50,684
|
—
|
||||||
Other current liabilities
|
246,028
|
260,253
|
||||||
Total current liabilities
|
442,657
|
392,474
|
||||||
Long-term debt
|
485,000
|
400,000
|
||||||
Long-term operating lease liabilities
|
467,085
|
—
|
||||||
Long-term interest rate swap liability
|
11,098
|
10,483
|
||||||
Other long-term obligations
|
70,079
|
129,439
|
||||||
Deferred income taxes
|
56,184
|
44,119
|
||||||
Commitments and Contingencies (Note 13)
|
|
|
||||||
Shareholders’ Equity:
|
||||||||
Preferred stock – 100,000,000 shares of $0.01 par value authorized; 300,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued
|
—
|
—
|
||||||
Common stock – 400,000,000 shares of $0.01 par value authorized; 23,975,958 shares issued and outstanding at November 1, 2019, and 24,049,240 shares issued and outstanding at August 2, 2019
|
240
|
241
|
||||||
Additional paid-in capital
|
35,349
|
49,732
|
||||||
Accumulated other comprehensive loss
|
(7,351
|
)
|
(6,913
|
)
|
||||
Retained earnings
|
577,546
|
561,650
|
||||||
Total shareholders’ equity
|
605,784
|
604,710
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,137,887
|
$
|
1,581,225
|
|
Quarter Ended
|
|||||||
November 1,
2019
|
November 2,
2018
|
|||||||
Total revenue
|
$
|
749,040
|
$
|
733,543
|
||||
Cost of goods sold (exclusive of depreciation and rent)
|
219,814
|
222,293
|
||||||
Labor and other related expenses
|
263,314
|
258,159
|
||||||
Other store operating expenses
|
162,908
|
152,478
|
||||||
Store operating income
|
103,004
|
100,613
|
||||||
General and administrative expenses
|
39,631
|
38,935
|
||||||
Operating income
|
63,373
|
61,678
|
||||||
Interest expense, net
|
3,580
|
4,349
|
||||||
Income before income taxes
|
59,793
|
57,329
|
||||||
Provision for income taxes
|
10,590
|
10,122
|
||||||
Loss from unconsolidated subsidiary
|
(5,980
|
)
|
—
|
|||||
Net income
|
$
|
43,223
|
$
|
47,207
|
||||
Net income per share:
|
||||||||
Basic
|
$
|
1.80
|
$
|
1.97
|
||||
Diluted
|
$
|
1.79
|
$
|
1.96
|
||||
Weighted average shares:
|
||||||||
Basic
|
24,038,354
|
24,022,586
|
||||||
Diluted
|
24,103,922
|
24,073,722
|
||||||
|
Quarter Ended
|
|||||||
November 1,
2019
|
November 2,
2018
|
|||||||
Net income
|
$
|
43,223
|
$
|
47,207
|
||||
Other comprehensive income (loss) before income tax expense:
|
||||||||
Change in fair value of interest rate swaps
|
(545
|
)
|
1,699
|
|||||
Income tax expense (benefit)
|
(107
|
)
|
406
|
|||||
Other comprehensive income (loss), net of tax
|
(438
|
)
|
1,293
|
|||||
Comprehensive income
|
$
|
42,785
|
$
|
48,500
|
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
|||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at August 2, 2019
|
24,049,240
|
$
|
241
|
$
|
49,732
|
$
|
(6,913
|
)
|
$
|
561,650
|
$
|
604,710
|
||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
43,223
|
43,223
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
—
|
—
|
—
|
(438
|
)
|
—
|
(438
|
)
|
||||||||||||||||
Total comprehensive income
|
—
|
—
|
—
|
(438
|
)
|
43,223
|
42,785
|
|||||||||||||||||
Cash dividends declared - $1.30 per share
|
—
|
—
|
—
|
—
|
(31,452
|
)
|
(31,452
|
)
|
||||||||||||||||
Share-based compensation
|
—
|
—
|
1,798
|
—
|
—
|
1,798
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
18,466
|
—
|
(1,994
|
)
|
—
|
—
|
(1,994
|
)
|
||||||||||||||||
Purchases and retirement of common stock
|
(91,748
|
)
|
(1
|
)
|
(14,187
|
)
|
—
|
—
|
(14,188
|
)
|
||||||||||||||
Cumulative-effect of change in accounting principle
|
—
|
—
|
—
|
—
|
4,125
|
4,125
|
||||||||||||||||||
Balances at November 1, 2019
|
23,975,958
|
$
|
240
|
$
|
35,349
|
$
|
(7,351
|
)
|
$
|
577,546
|
$
|
605,784
|
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
|||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at August 3, 2018
|
24,011,550
|
$
|
240
|
$
|
44,049
|
$
|
4,685
|
$
|
532,807
|
$
|
581,781
|
|||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
47,207
|
47,207
|
||||||||||||||||||
Other comprehensive income, net of tax
|
—
|
—
|
—
|
1,293
|
—
|
1,293
|
||||||||||||||||||
Total comprehensive income
|
—
|
—
|
—
|
1,293
|
47,207
|
48,500
|
||||||||||||||||||
Cash dividends declared - $1.25 per share
|
—
|
—
|
—
|
—
|
(30,176
|
)
|
(30,176
|
)
|
||||||||||||||||
Share-based compensation
|
—
|
—
|
2,089
|
—
|
—
|
2,089
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
22,825
|
—
|
(2,016
|
)
|
—
|
—
|
(2,016
|
)
|
||||||||||||||||
Balances at November 2, 2018
|
24,034,375
|
$
|
240
|
$
|
44,122
|
$
|
5,978
|
$
|
549,838
|
$
|
600,178
|
|
Three Months Ended
|
|||||||
November 1,
2019
|
November 2,
2018
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
43,223
|
$
|
47,207
|
||||
Net loss from unconsolidated subsidiary
|
5,980
|
—
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
28,678
|
24,838
|
||||||
Loss on disposition of property and equipment
|
1,740
|
3,056
|
||||||
Impairment
|
664
|
—
|
||||||
Share-based compensation
|
1,798
|
2,089
|
||||||
Noncash lease expense
|
15,330
|
—
|
||||||
Changes in assets and liabilities:
|
||||||||
Inventories
|
(33,534
|
)
|
(25,316
|
)
|
||||
Other current assets
|
(10,875
|
)
|
(6,691
|
)
|
||||
Accounts payable
|
11,848
|
8,824
|
||||||
Other current liabilities
|
(18,000
|
)
|
3,633
|
|||||
Other long-term assets and liabilities
|
(2,017
|
)
|
1,987
|
|||||
Net cash provided by operating activities
|
44,835
|
59,627
|
||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(27,901
|
)
|
(37,070
|
)
|
||||
Proceeds from insurance recoveries of property and equipment
|
73
|
324
|
||||||
Proceeds from sale of property and equipment
|
1,534
|
80
|
||||||
Notes receivable from unconsolidated subsidiary
|
(16,000
|
)
|
—
|
|||||
Acquisition of business, net of cash acquired
|
(32,971
|
)
|
—
|
|||||
Net cash used in investing activities
|
(75,265
|
)
|
(36,666
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of long-term debt
|
129,000
|
400,000
|
||||||
Taxes withheld from issuance of share-based compensation awards
|
(1,994
|
)
|
(2,016
|
)
|
||||
Principal payments under long-term debt
|
(44,000
|
)
|
(400,000
|
)
|
||||
Purchases and retirement of common stock
|
(14,188
|
)
|
—
|
|||||
Deferred financing costs
|
—
|
(3,022
|
)
|
|||||
Dividends on common stock
|
(32,063
|
)
|
(30,948
|
)
|
||||
Net cash provided by (used in) financing activities
|
36,755
|
(35,986
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
6,325
|
(13,025
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
36,884
|
114,656
|
||||||
Cash and cash equivalents, end of period
|
$
|
43,209
|
$
|
101,631
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$
|
4,174
|
$
|
2,570
|
||||
Income taxes
|
$
|
167
|
$
|
219
|
||||
Supplemental schedule of non-cash investing and financing activities*:
|
||||||||
Capital expenditures accrued in accounts payable
|
$
|
4,866
|
$
|
10,075
|
||||
Change in fair value of interest rate swaps
|
$
|
(545
|
)
|
$
|
1,699
|
|||
Change in deferred tax asset for interest rate swaps
|
$
|
107
|
$
|
(406
|
)
|
|||
Dividends declared but not yet paid
|
$
|
32,248
|
$
|
31,010
|
1. |
Condensed Consolidated Financial Statements
|
2. |
Acquisition
|
Fair value of total consideration transferred
|
$
|
36,000
|
||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
||||
Financial assets
|
$
|
96
|
||
Property and equipment
|
13,580
|
|||
Operating lease right-of-use assets, net
|
14,280
|
|||
Indefinite-lived intangible asset*
|
19,460
|
|||
Other current and noncurrent assets
|
394
|
|||
Financial liabilities
|
(1,876
|
)
|
||
Operating lease liabilities
|
(15,973
|
)
|
||
Other noncurrent liabilities
|
(325
|
)
|
||
Total identifiable net assets
|
29,636
|
|||
Goodwill
|
$
|
6,364
|
|
Revenue
|
Earnings
|
||||||
Actual from acquisition date of October 10, 2019 to the quarter ended November 1, 2019
|
$
|
1,208
|
$
|
58
|
||||
Supplemental pro forma for the quarter ended November 1, 2019
|
752,891
|
43,017
|
||||||
Supplemental pro forma for the quarter ended November 2, 2018
|
738,222
|
46,876
|
3. |
Equity Method Investment
|
4. |
Fair Value Measurements
|
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
||||||||||||
Cash equivalents*
|
$
|
10,046
|
$
|
—
|
$
|
—
|
$
|
10,046
|
||||||||
Interest rate swap asset (see Note 7)
|
—
|
189
|
—
|
189
|
||||||||||||
Total
|
$
|
10,046
|
$
|
189
|
$
|
—
|
$
|
10,235
|
||||||||
Deferred compensation plan assets**
|
31,765
|
|||||||||||||||
Total assets at fair value
|
$
|
42,000
|
||||||||||||||
Interest rate swap liability (see Note 7)
|
$
|
—
|
$
|
11,098
|
$
|
—
|
$
|
11,098
|
||||||||
Total liabilities at fair value
|
$
|
—
|
$
|
11,098
|
$
|
—
|
$
|
11,098
|
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
||||||||||||
Cash equivalents*
|
$
|
46
|
$
|
—
|
$
|
—
|
$
|
46
|
||||||||
Interest rate swap asset (see Note 7)
|
—
|
—
|
—
|
—
|
||||||||||||
Total
|
$
|
46
|
$
|
—
|
$
|
—
|
$
|
46
|
||||||||
Deferred compensation plan assets**
|
30,593
|
|||||||||||||||
Total assets at fair value
|
$
|
30,639
|
||||||||||||||
Interest rate swap liability (see Note 7)
|
$
|
—
|
$
|
10,483
|
$
|
—
|
$
|
10,483
|
||||||||
Total liabilities at fair value
|
$
|
—
|
$
|
10,483
|
$
|
—
|
$
|
10,483
|
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
||||||||||||
Property and equipment
|
$
|
—
|
$
|
—
|
$
|
13,580
|
$
|
13,580
|
||||||||
Tradename*
|
—
|
—
|
19,460
|
19,460
|
||||||||||||
Goodwill
|
—
|
—
|
6,364
|
6,364
|
||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
39,404
|
$
|
39,404
|
5. |
Inventories
|
|
November 1, 2019
|
August 2, 2019
|
||||||
Retail
|
$
|
145,273
|
$
|
116,990
|
||||
Restaurant
|
25,168
|
20,648
|
||||||
Supplies
|
18,278
|
17,320
|
||||||
Total
|
$
|
188,719
|
$
|
154,958
|
6. |
Debt
|
7. |
Derivative Instruments and Hedging Activities
|
Trade Date
|
Effective Date
|
Term
(in Years)
|
Notional Amount
|
Fixed
Rate
|
|||||||||
January 30, 2015
|
May 3, 2019
|
2.0
|
$
|
60,000
|
2.16
|
%
|
|||||||
January 30, 2015
|
May 4, 2021
|
3.0
|
120,000
|
2.41
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2.0
|
60,000
|
2.15
|
%
|
||||||||
January 30, 2015
|
May 4, 2021
|
3.0
|
80,000
|
2.40
|
%
|
||||||||
January 16, 2019
|
May 3, 2019
|
3.0
|
115,000
|
2.63
|
%
|
||||||||
January 16, 2019
|
May 3, 2019
|
2.0
|
115,000
|
2.68
|
%
|
||||||||
August 6, 2019
|
November 4, 2019
|
1.5
|
50,000
|
1.50
|
%
|
||||||||
August 7, 2019
|
May 3, 2021
|
1.0
|
35,000
|
1.32
|
%
|
||||||||
August 7, 2019
|
May 3, 2022
|
2.0
|
100,000
|
1.40
|
%
|
||||||||
August 7, 2019
|
May 3, 2022
|
2.0
|
100,000
|
1.36
|
%
|
(See Note 4)
|
Balance Sheet Location
|
November 1, 2019
|
August 2, 2019
|
||||||
Interest rate swaps
|
Other assets
|
$
|
189
|
$
|
—
|
||||
Total assets
|
$
|
189
|
$
|
—
|
|||||
Interest rate swaps
|
Long-term interest rate swap liability
|
$
|
11,098
|
$
|
10,483
|
||||
Total liabilities
|
$
|
11,098
|
$
|
10,483
|
|
Gross Asset Amounts
|
Liability Amount Offset
|
Net Asset Amount Presented
in the Balance Sheets
|
|||||||||||||||||||||
(See Note 4)
|
November 1,
2019
|
August 2,
2019
|
November 1,
2019
|
August 2,
2019
|
November 1,
2019
|
August 2,
2019
|
||||||||||||||||||
Interest rate swaps
|
$
|
189
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
189
|
$
|
—
|
|
Gross Liability Amounts
|
Asset Amount Offset
|
Net Liability Amount Presented
in the Balance Sheets
|
|||||||||||||||||||||
(See Note 4)
|
November 1,
2019
|
August 2,
2019
|
November 1,
2019
|
August 2,
2019
|
November 1,
2019
|
August 2,
2019
|
||||||||||||||||||
Interest rate swaps
|
$
|
11,241
|
$
|
10,483
|
$
|
(143
|
)
|
$
|
—
|
$
|
11,098
|
$
|
10,483
|
|
Amount of Loss Recognized in
AOCL on Derivatives
|
|||||||
Three Months Ended
November 1, 2019
|
Year Ended
August 2, 2019
|
|||||||
Cash flow hedges:
|
||||||||
Interest rate swaps
|
$
|
(545
|
)
|
$
|
(15,466
|
)
|
|
Location of Gain Reclassified
from AOCL into Income
|
Amount of Gain Reclassified
from AOCL into Income
|
||||||
Quarter Ended
|
||||||||
November 1,
2019
|
November 2,
2018
|
|||||||
Cash flow hedges:
|
|
|
||||||
Interest rate swaps
|
Interest expense
|
$
|
(82)
|
$
|
—
|
|
Changes in AOCL
|
|||
AOCL balance at August 2, 2019
|
$
|
(6,913
|
)
|
|
Other comprehensive income before reclassifications
|
(500
|
)
|
||
Amounts reclassified from AOCL
|
62
|
|||
Other comprehensive income, net of tax
|
(438
|
)
|
||
AOCL balance at November 1, 2019
|
$
|
(7,351
|
)
|
8. |
Seasonality
|
9. |
Segment Information
|
10. |
Revenue Recognition
|
|
Quarter Ended
|
|||||||
November 1,
2019
|
November 2,
2018
|
|||||||
Revenue:
|
||||||||
Restaurant
|
$
|
607,079
|
$
|
590,978
|
||||
Retail
|
141,961
|
142,565
|
||||||
Total revenue
|
$
|
749,040
|
$
|
733,543
|
Operating lease cost
|
$
|
19,856
|
||
Short term lease cost
|
384
|
|||
Variable lease cost
|
451
|
|||
Total lease cost
|
$
|
20,691
|
Weighted-average remaining lease term
|
18.11 Years
|
|||
Weighted-average discount rate
|
3.85
|
%
|
Year
|
Total
|
|||
Remainder of 2020
|
$
|
58,082
|
||
2021
|
46,975
|
|||
2022
|
40,480
|
|||
2023
|
36,676
|
|||
2024
|
36,530
|
|||
Thereafter
|
532,648
|
|||
Total future minimum lease payments
|
751,391
|
|||
Less imputed remaining interest
|
(233,622
|
)
|
||
Total present value of operating lease liabilities
|
$
|
517,769
|
Year
|
Total
|
|||
2020
|
$
|
69,249
|
||
2021
|
40,962
|
|||
2022
|
36,280
|
|||
2023
|
33,639
|
|||
2024
|
34,020
|
|||
Thereafter
|
515,169
|
|||
Total
|
$
|
729,319
|
12. |
Net Income Per Share and Weighted Average Shares
|
|
Quarter Ended
|
|||||||
November 1,
2019
|
November 2,
2018
|
|||||||
Net income per share numerator
|
$
|
43,223
|
$
|
47,207
|
||||
Net income per share denominator:
|
||||||||
Weighted average shares
|
24,038,354
|
24,022,586
|
||||||
Add potential dilution:
|
||||||||
Nonvested stock awards and units
|
65,568
|
51,136
|
||||||
Diluted weighted average shares
|
24,103,922
|
24,073,722
|
13. |
Commitments and Contingencies
|
● |
Enhancing the core business by introducing craveable, signature food, accelerating our off-premise business, improving the employee and guest experience and by achieving ongoing cost reductions through business model improvements;
|
● |
Expanding the footprint in new and developing markets while replenishing our store opening pipeline. We anticipate opening six Cracker Barrel stores during 2020; and
|
● |
Extending the brand to further drive shareholder value by developing new platforms to drive growth, such as our acquisition of Maple Street Biscuit Company (“MSBC”) and through our strategic relationship with Punch Bowl Social (“PBS”).
|
|
Quarter Ended
|
|
||||||
|
|
November 1,
2019
|
|
|
November 2,
2018
|
|
||
Total revenue
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
Cost of goods sold (exclusive of depreciation and rent)
|
|
|
29.3
|
|
|
|
30.3
|
|
Labor and other related expenses
|
|
|
35.2
|
|
|
|
35.2
|
|
Other store operating expenses
|
|
|
21.7
|
|
|
|
20.8
|
|
Store operating income
|
|
|
13.8
|
|
|
|
13.7
|
|
General and administrative expenses
|
|
|
5.3
|
|
|
|
5.3
|
|
Operating income
|
|
|
8.5
|
|
|
|
8.4
|
|
Interest expense
|
|
|
0.5
|
|
|
|
0.6
|
|
Income before income taxes
|
|
|
8.0
|
|
|
|
7.8
|
|
Provision for income taxes
|
|
|
1.4
|
|
|
|
1.4
|
|
Net loss from unconsolidated subsidiary
|
|
|
(0.8
|
)
|
|
|
—
|
|
Net income
|
|
|
5.8
|
%
|
|
|
6.4
|
%
|
Quarter Ended
|
|||
|
November 1,
2019
|
|
November 2,
2018
|
Open at beginning of period
|
667
|
|
660
|
Opened during period
|
—
|
|
3
|
Open at end of period
|
667
|
|
663
|
|
Quarter Ended
|
|||||||
|
November 1,
2019
|
November 2,
2018
|
||||||
Revenue in dollars:
|
||||||||
Restaurant
|
$
|
607,079
|
$
|
590,978
|
||||
Retail
|
141,961
|
142,565
|
||||||
Total revenue
|
$
|
749,040
|
$
|
733,543
|
||||
Total revenue by percentage relationships:
|
||||||||
Restaurant
|
81.0
|
%
|
80.6
|
%
|
||||
Retail
|
19.0
|
%
|
19.4
|
%
|
||||
Average unit volumes(1):
|
||||||||
Restaurant
|
$
|
908.4
|
$
|
893.5
|
||||
Retail
|
212.8
|
215.5
|
||||||
Total revenue
|
$
|
1,121.2
|
$
|
1,109.0
|
||||
Comparable store sales increase (decrease)(2):
|
||||||||
Restaurant
|
2.1
|
%
|
1.4
|
%
|
||||
Retail
|
(0.9
|
)%
|
4.3
|
%
|
||||
Restaurant and retail
|
1.5
|
%
|
2.0
|
%
|
Quarter Ended
|
||||||||
|
November 1,
2019
|
November 2,
2018
|
||||||
Cost of Goods Sold in dollars:
|
||||||||
Restaurant
|
$
|
149,457
|
$
|
149,188
|
||||
Retail
|
70,357
|
73,105
|
||||||
Total Cost of Goods Sold
|
$
|
219,814
|
$
|
222,293
|
||||
Cost of Goods Sold by percentage of revenue:
|
||||||||
Restaurant
|
24.6
|
%
|
25.2
|
%
|
||||
Retail
|
49.6
|
%
|
51.3
|
%
|
First Quarter
Decrease as a Percentage
of Retail Revenue
|
|
Higher initial margin
|
(1.3%)
|
Markdowns
|
(0.4%)
|
|
First Quarter
Increase (Decrease) as a
Percentage of Total Revenue
|
|
||
Store hourly labor
|
|
|
0.3
|
%
|
Store bonus expense
|
|
|
(0.2
|
%)
|
Preopening labor
|
|
|
(0.1
|
%)
|
|
Quarter Ended
|
|
||||||
|
|
November 1,
2019
|
|
|
November 2,
2018
|
|
||
Other store operating expenses
|
|
|
21.7
|
%
|
|
|
20.8
|
%
|
|
First Quarter
Increase (Decrease) as a
Percentage of Total Revenue
|
|
||
Depreciation expense
|
|
|
0.5
|
%
|
Advertising expense
|
|
|
0.3
|
%
|
Utilities expense
|
|
|
0.1
|
%
|
Preopening expenses
|
|
|
(0.1
|
%)
|
Quarter Ended
|
||||||||
|
November 1,
2019
|
November 2,
2018
|
||||||
Interest expense, net
|
$
|
3,580
|
$
|
4,349
|
● |
management believes are most important to the accurate portrayal of both our financial condition and operating results, and
|
● |
require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.
|
● |
Impairment of Long-Lived Assets
|
● |
Insurance Reserves
|
● |
Retail Inventory Valuation
|
● |
Lease Accounting
|
● |
Goodwill and Other Intangibles
|
Period
|
Total Number
of Shares
Purchased
|
Average Price
Paid Per
Share (1)
|
Total Number of
Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
Maximum Number of
Shares (or Approximate
Dollar Value) that May
Yet Be Purchased
Under the Plans or
Programs
|
|||||||||
8/3/19 – 8/30/19
|
—
|
$
|
—
|
—
|
Indeterminate (2)
|
||||||||
8/31/19 – 9/27/19
|
—
|
$
|
—
|
Indeterminate (2)
|
|||||||||
9/28/19 – 11/1/19
|
91,748
|
$
|
154.63
|
91,748
|
Indeterminate (2)
|
||||||||
Total for the quarter
|
91,748
|
$
|
154.63
|
91,748
|
Indeterminate (2)
|
(1) |
Average price paid per share is calculated on a settlement basis and includes commissions and fees.
|
(2) |
On June 3, 2019, our Board of Directors approved the repurchase of up to $50,000 of our common stock, with such authorization to expire on June 2, 2020.
|
INDEX TO EXHIBITS
|
|
|
|
Exhibit
|
|
|
|
3.1
|
Amended and Restated Charter of Cracker Barrel Old Country Store, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on April 10, 2012 (Commission File No. 001-25225)
|
|
|
3.2
|
Amended and Restated Bylaws of Cracker Barrel Old Country Store, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on February 24, 2012 (Commission File No. 001-25225)
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase
|
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
|
CRACKER BARREL OLD COUNTRY STORE, INC.
|
|
|
|
|
Date: November 26, 2019
|
By:
|
/s/ Jill M. Golder
|
|
|
Jill M. Golder, Senior Vice President and
Chief Financial Officer
|
|
|
|
Date: November 26, 2019
|
By:
|
/s/ Jeffrey M. Wilson
|
|
|
Jeffrey M. Wilson, Vice President, Corporate Controller and
Principal Accounting Officer
|
1 Year Cracker Barrel Old Count... Chart |
1 Month Cracker Barrel Old Count... Chart |
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