Cracker Barrel Files 2024 10-K

Ticker: CBRL · Form: 10-K · Filed: Sep 27, 2024 · CIK: 1067294

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

CRACKER BARREL 2024 10-K FILED. FINANCIALS LOOK STABLE.

AI Summary

Cracker Barrel Old Country Store, Inc. filed its 2024 10-K report, detailing its fiscal year ending August 2, 2024. The company, identified by Central Index Key 0001067294, operates in the retail-eating places sector. The filing includes financial data such as retained earnings and additional paid-in capital for the fiscal years ending in 2021, 2022, 2023, and 2024.

Why It Matters

This annual report provides investors and analysts with a comprehensive overview of Cracker Barrel's financial health and operational performance for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate red flags or significant negative disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Cracker Barrel Old Country Store, Inc.?

Cracker Barrel Old Country Store, Inc. operates in the RETAIL-EATING PLACES sector, as indicated by its Standard Industrial Classification code 5812.

When did Cracker Barrel Old Country Store, Inc. file its 2024 10-K report?

The 10-K report was filed on September 27, 2024.

What fiscal year does this 10-K filing cover?

This filing covers the fiscal year ending on August 2, 2024.

What are some of the financial elements reported for Cracker Barrel in this filing?

The filing references financial elements such as Retained Earnings and Additional Paid In Capital for fiscal years ending in 2021, 2022, 2023, and 2024.

What is the company's Central Index Key (CIK)?

The Central Index Key for Cracker Barrel Old Country Store, Inc. is 0001067294.

Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 14.4 · Accepted 2024-09-27 10:29:16

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 6 ITEM 1A.

RISK FACTORS

RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 29 ITEM 1C. CYBERSECURITY 30 ITEM 2.

PROPERTIES

PROPERTIES 31 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 4. MINE SAFETY DISCLOSURES 32 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 33 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 34 ITEM 6. RESERVED 35 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 50 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 52 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 79 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 79 ITEM 9B. OTHER INFORMATION 83 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 83 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 83 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 83 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 83 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 83 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 84 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 84 INDEX TO EXHIBITS 84

SIGNATURES

SIGNATURES 88 3 Table of Contents INTRODUCTION General Unless the context otherwise requires, references to "Company," "we," "us," and "our" refer to Cracker Barrel Old Country Store, Inc. and its direct and indirect wholly owned subsidiaries. This report contains references to years that are the Company's 52-week or 53-week fiscal year, which ends on the Friday nearest July 31 st in the calendar year. The periods presented in our financial statements are the fiscal years ended August 02, 2024 ("2024"), July 28, 2023 ("2023") and July 29, 2022 ("2022"), respectively. Each of these periods has 52 weeks except for 2024, which consisted of 53 weeks. All of the discussion in this report should be read with, and is qualified in its entirety by, the Consolidated Financial Statements and the notes thereto. All amounts other than share and certain statistical information (e.g., number of units) are in thousands unless the context clearly indicates otherwise. Similarly, references to a year or quarter are to our fiscal year or quarter unless expressly noted or the context clearly indicates otherwise. 4 Table of Contents

Forward-Looking Statements/Risk Factors

Forward-Looking Statements/Risk Factors Except for specific historical information, many of the matters discussed in this Annual Report on Form 10-K, as well as other documents incorporated herein by reference, may express or imply projections of items such as revenues or expenditures, estimated capital expenditures, compliance with debt covenants, plans and objectives for future operations, store economics, inventory shrinkage, growth or initiatives, expected future economic performance or the expected outcome or impact of pending or threatened litigation. 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 our actual results and performance 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. We believe 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, and th

BUSINESS

ITEM 1. BUSINESS OVERVIEW Cracker Barrel Old Country Store, Inc. is principally engaged in the operation and development of the Cracker Barrel Old Country Store concept ("Cracker Barrel"). Originally founded in 1969, we are headquartered in Lebanon, Tennessee and are organized under the laws of the State of Tennessee. We maintain a website at crackerbarrel.com. We make available free of charge through our website our periodic and other reports filed with or furnished to the SEC pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we file such material with, or furnish it to, the SEC. Information on our website is not deemed to be incorporated by reference into this Annual Report on Form 10-K or any other filings that we make from time to time with the SEC. As of September 13, 2024, we operated 658 Cracker Barrel stores in 44 states and 68 Maple Street Biscuit Company stores in 10 states. The following description of our business should be read in conjunction with the information in Part II of this report under the caption "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 8. Financial Statements and Supplementary Data." Cracker Barrel Old Country Store Concept Our Cracker Barrel stores are intended to appeal to both the traveler and the local customer, and we believe they have consistently been a consumer favorite. We pride ourselves on our consistent quality, value and friendly service. As of September 13, 2024, no Cracker Barrel stores were franchised. In 2024, we announced our strategic transformation plan. The strategic transformation plan is anchored on three overarching business imperatives: driving relevancy, delivering food and an experience guests love, and growing profitability. We have undertaken certain initiatives as part of these imperatives, including modifying capital allocation to support increased investment in the bus

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