Cracker Barrel Old Country Store (CBRL) investor relations material

Executive summary

• Q4 revenue was $849.3 million, down 2.2% year-over-year, with full-year revenue at $3.32 billion, down 5%.

• New CEO Dave Deno outlined priorities on food quality, guest experience, and people, emphasizing operational improvements and engagement.

• Comparable store restaurant sales declined 2.1%, while retail sales rose 0.7% year-over-year.

• Adjusted EBITDA for Q4 was $62.1 million, up 11.4% year-over-year, benefiting from a $9.1 million tariff refund; full-year adjusted EBITDA was $147.7 million.

• Completed divestiture of Maple Street Biscuit Company and a sale-leaseback of 26 stores, generating $77 million in proceeds.

Financial highlights

• Q4 total revenue was $849.3 million; restaurant revenue was $698.5 million, retail revenue was $150.8 million.

• Comparable store restaurant sales decreased 2.1% year-over-year, with a 6.1% traffic decline and a 4.2% increase in average check.

• Retail comparable sales grew 0.7%, the strongest since Q2 2023.

• Adjusted EPS was $0.99; GAAP EPS was $0.54.

• Restaurant revenue accounted for 82.2% of Q4 total revenue; retail was 17.8%.

Outlook and guidance

• Fiscal 2027 revenue expected between $3.325 billion and $3.4 billion, with comparable restaurant sales growth of 3%-5% and no new store openings.

• Full-year adjusted EBITDA guidance is $180 million-$200 million.

• Pricing to offset inflation, with 3% total pricing highest in Q1 and tapering through the year; commodity inflation expected at 3%, wage inflation at 2.5%-3%.

• Capital expenditures projected at $110 million-$125 million.

• Anticipated full-year tax credit of $4 million-$8 million.