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- **Topline Struggles**: Q1 revenue down 5.7% YoY, with traffic declining 11% in Q2-to-date amid macro and industry headwinds.
- **Operational Reset**: Rolled back back-of-house initiative, retrained staff, and promoted Doug Hisel to drive food quality and service improvements.
- **Cost Savings**: $20-25M annual G&A reduction and $12-16M ad spend cut, offsetting traffic deleverage.
- **Loyalty Growth**: 10M Rewards members (40% of sales) and 10% military discount driving direct guest engagement.
- **Revised Outlook**: FY2026 EBITDA guidance lowered to $70-110M, reflecting slower recovery and elevated discounts.
- **Key Metric Correlation**: Google star ratings (highest since 2020) strongly tied to traffic recovery, with service metrics improving 3-4% in October.

**【CEO Summary Section】**
- Q1 FY2026 revenue declined 5.7% YoY to $797.2M, with adjusted EBITDA of $7.2M (0.9% of revenue) due to topline challenges and $14M in incremental costs for marketing and leadership initiatives.
- Traffic trends: -1% in early August, -9% for the remainder of the quarter, and -11% in Q2-to-date. However, Google star ratings hit their highest level since 2020, with food taste, service, and experience metrics improving 3-4% in October.
- Key initiatives:
  - **Operations**: Rolled back Phase 1 of back-of-house initiative due to execution challenges, retrained 100% of kitchen staff, and promoted Doug Hisel to Senior VP of Store Operations.
  - **Menu**: Reintroduced fan favorites (e.g., Country Fried Turkey, Hamburger Steak), launched a new breakfast burger, and expanded the Cracker Barrel Rewards program to 10M members (40% of sales).
  - **Cost Savings**: Restructuring corporate G&A to reduce expenses by $20-25M annually, and cutting Q2-Q4 advertising spend by $12-16M.
  - **Loyalty & Value**: Introduced a 10% military discount and a holiday promotion offering free toys with kids' meals.

**【CFO Financial Commentary】**
- **Revenue**: Restaurant sales down 4.8% YoY, driven by -7.3% traffic and +4.1% pricing. Retail sales declined 9.4% due to lower traffic and attachment rates.
- **Margins**: COGS increased 50bps to 31.2% of revenue (due to waste, discounts, and inflation). Labor expenses rose 140bps to 37.8% of revenue. Other operating expenses expanded 370bps to 28.7% of revenue (advertising, maintenance, and sales deleverage).
- **Outlook**: FY2026 EBITDA guidance revised to $70-110M (vs. prior $120-160M), reflecting slower traffic recovery, higher discounts, and lower retail attachment. Capital expenditures reduced to $110-125M, focusing on maintenance and strategic initiatives.
- **Liquidity**: $550M in debt, $485M in available liquidity, and a leverage ratio of 2.8x.

**【Q&A Key Highlights】**
- **Advertising Strategy**: Reduced back-half ad spend to align with traffic levels, while leveraging loyalty program for direct engagement (e.g., 40% of sales through Rewards).
- **Holiday Performance**: Thanksgiving week sales of $110M with stable traffic trends, despite macro challenges. Toy promotion expected to drive incremental traffic and retail sales.
- **Menu Innovation**: Breakfast burger and Campfire Meals performed well, with more bring-backs and innovations planned for Q2.
- **Retail Challenges**: Tariffs and mix shifts pressured retail margins, but holiday assortment execution was strong.
- **Restructuring Impact**: G&A savings will flow through in Q3+ as restructuring completes, but near-term focus on protecting guest-facing investments.


Cracker Barrel Old Country Store, Inc. (CBRL) Q1 2026 Earnings Call Transcript

- **Brand Reboot Success**: Reverted to traditional branding, pausing modern remodels, driving 300,000 new loyalty members in 4 weeks.
- **Food Innovation Growth**: 5.4% Q4 comp sales growth, 1% dinner traffic (excluding COVID), 9% EBITDA growth year-over-year.
- **FY26 Challenges**: -4% to -7% traffic decline, $150-190M EBITDA guidance, Q1 EBITDA down due to $16M marketing/training costs.
- **Cost Management**: 100bps labor expense improvement, 2.3% commodity inflation, $25M tariff mitigation via vendor negotiations and SKU reduction.
- **Loyalty Program Expansion**: 9 million members (35% of sales), launching direct feedback tool to enhance guest experience.

**【CEO Summary Section】**
- Reverted to old-timer logo and traditional store designs after guest feedback, pausing modern remodels.
- Focused on food quality improvements (e.g., biscuits, meatloaf) and menu innovation (e.g., Campfire meals).
- Launched loyalty program with 9 million members, accounting for 35% of tracked sales.
- Q4 2025 saw 5.4% comparable store sales growth, 1% dinner traffic growth (excluding COVID), and 9% EBITDA growth year-over-year.
- 2026 plan includes 4-5% menu pricing, 2 new stores, and 14 Maple Street closures.

**【CFO Financial Commentary】**
- Q4 2025: Total revenue $868M (+4.4% YoY), restaurant revenue $718.2M, retail $149.8M.
- Adjusted EBITDA $55.7M (+8% YoY, excluding 53rd week impact).
- Cost of goods sold 30.5% (+2.3% commodity inflation), labor expenses 36.5% (-100bps improvement).
- FY26 guidance: Revenue $3.35-3.45B (-4% to -7% traffic), EBITDA $150-190M.
- Q1 2026 EBITDA expected below prior year due to $16M marketing/training costs.

**【Q&A Highlights】**
- Traffic down 8% post-logo change, Q1 2026 decline 7-8%, but expects sequential improvement.
- Marketing spend as % of sales to increase in 2026, with Q1 up ~100bps.
- Tariff mitigation: $25M incremental tariffs offset via vendor negotiations, SKU reduction, and country of origin shifts.
- Food quality scores improving, with 19% hourly turnover reduction over 2 years.
- Front porch feedback initiative to gather direct guest input on dining experiences.

Cracker Barrel Old Country Store, Inc. (CBRL) Q4 2025 Earnings Call Transcript

- **4Q sales momentum**: 4 straight quarters of positive restaurant comps, driven by Campfire meals and brand refresh.
- **AI innovation**: Loyalty program AI personalization lifts revenue per member by mid-single digits.
- **Tariff resilience**: $5M Q4 impact mitigated via vendor negotiations and SKU rationalization.
- **Labor efficiency**: 70bps improvement in labor costs, enabled by back-of-house process simplification.
- **Q4 outlook**: Strong start to Q4, but cautious on comp growth due to tougher prior-year base.

**【CEO Opening Remarks】**
- Delivered 4 consecutive quarters of positive comparable store restaurant sales growth, driven by brand refinement and Campfire meal relaunch.
- Q4 initiatives include NASCAR partnership, Cracker Barrel 400 activation, and AI-driven personalization for loyalty program members.
- Tariff mitigation strategy: vendor negotiations, alternate sourcing, pricing adjustments, and SKU rationalization.
- Back-of-house optimization Phase 1 achieved 14% improvement in hourly turnover and 2.3% increase in employee sentiment scores.

**【CFO Financial Review】**
- Q3 total revenue: $821.1M (+0.5% YoY), restaurant revenue: $679.3M (+1.2%), retail: $141.8M (-2.7%).
- Comparable store restaurant sales +1%, pricing contribution 4.9%, mix +1.7%.
- EBITDA: $48.1M (5.9% of revenue), up $0.2M YoY.
- FY25 EBITDA guidance raised to $215-225M, including $5M tariff impact.
- Labor efficiency improved 70bps to 37.1% of revenue, driven by wage inflation control and back-of-house initiatives.

**【Q&A Key Takeaways】**
- Q4 off to strong start with Campfire promotion, but comparable store sales growth expected to moderate due to tougher prior-year comp.
- G&A expenses will normalize in Q4 after Q3 discretionary cost deferrals.
- Tariff impact of $5M in Q4 reflects 1/3 of retail products sourced from China; 2026 guidance to be provided in September.
- Back-of-house Phase 2 (pre-chopped ingredients) and Phase 3 (equipment upgrades) to begin in 2026.
- 8M loyalty members achieved, with AI personalization driving mid-single-digit revenue lift per member.

Cracker Barrel Old Country Store, Inc. (CBRL) Q3 2025 Earnings Call Transcript

- **Q2 EBITDA Surpass Expectations**: $74.6M (7.9% of revenue) vs. $62.4M prior year, driven by seasonal catering and Heat n' Serve channel optimization.
- **Revenue Growth Momentum**: 4.7% comparable store sales growth, with over-55 age cohort gains offsetting under-55 softness.
- **Cost Efficiency**: COGS improvement to 32.6% of revenue, labor stability at 34.4% despite 2% wage inflation.
- **Strategic Initiatives**: Back-of-house optimization to reduce labor costs in Q4, summer menu innovation, and Cracker Barrel Rewards loyalty program expansion.
- **Risks**: $4M incremental egg costs, macroeconomic uncertainty, and one-time Q3 investments in operations excellence.

**【CEO Summary Section】**
- Q2 total revenue of $949.4M, with comparable store restaurant sales growth of 4.7% and adjusted EBITDA of $74.6M, exceeding expectations.
- Key drivers: seasonal Heat n' Serve and catering channel profitability improvements, menu innovation (e.g., shrimp dishes, pancake offerings), and operational efficiency gains.
- Transformation strategy progress across five pillars: brand refinement, menu enhancement, store experience evolution, digital/off-premise growth, and loyalty program expansion.
- Q4 outlook: summer menu promotion, brand evolution, and Cracker Barrel Rewards program momentum expected to drive traffic and sales.

**【CFO Financial Commentary】**
- GAAP EPS of $0.99, Non-GAAP EPS of $1.38, up 9.5% YoY. Adjusted EBITDA of $74.6M (7.9% of revenue), vs. $62.4M (6.7%) prior year.
- Cost of goods sold (COGS) improvement to 32.6% of revenue (vs. 33.7% prior quarter), driven by menu pricing and lower commodity inflation (1.3%).
- Labor expenses at 34.4% of revenue, stable despite 2% wage inflation, due to productivity gains and menu pricing.
- Updated FY25 guidance: total revenue $3.45B-$3.5B, adjusted EBITDA $210M-$220M, capital expenditures $160M-$180M.
- Risks: $4M incremental egg costs, macroeconomic uncertainty, and one-time Q3 investments in operations excellence.

**【Q&A Highlights】**
- **Consumer Trends**: Over-55 age cohort sales growth offset under-55 softness; under-$60K income cohort performance aligned with over-$60K.
- **Heat n' Serve/Catering Impact**: Q2 EBITDA boost from channel profitability optimization, with repeatable benefits in future Q2 periods.
- **Commodity Risk**: 2%-3% FY25 inflation guidance; 1/3 of retail purchases from China, with negotiated cost-sharing and alternate sourcing.
- **Loyalty Program**: Cracker Barrel Rewards driving transactions and check frequency, with Q2 check at $15 vs. casual dining $28 and family dining $18.


Cracker Barrel Old Country Store (CBRL)-6 Mar 25-2025 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-4 Dec 24-2025 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-19 Sep 24-2024 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-30 May 24-2024 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-27 Feb 24-2024 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-30 Nov 23-2024 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-13 Sep 23-2023 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-6 Jun 23-2023 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-28 Feb 23-2023 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-2 Dec 22-2023 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-27 Sep 22-2022 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-7 Jun 22-2022 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-22 Feb 22-2022 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-23 Nov 21-2022 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-21 Sep 21-2021 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-25 May 21-2021 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-23 Feb 21-2021 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-3 Dec 20-2021 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-15 Sep 20-2020 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-2 Jun 20-2020 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-25 Feb 20-2019 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-26 Nov 19-2020 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-4 Jun 19-2019 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-26 Feb 19-2019 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-27 Nov 18-2019 Q1 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-18 Sep 18-2018 Q4 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-22 May 18-2018 Q3 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-20 Feb 18-2018 Q2 Earnings call transcript

Cracker Barrel Old Country Store (CBRL)-21 Nov 17-2018 Q1 Earnings call transcript

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