What were the key takeaways from Cracker Barrel Old Country Store's earnings call?

What were the key takeaways from Cracker Barrel Old Country Store’s earnings call?

What is Cracker Barrel Old Country Store's latest dividend and current dividend yield?

What guidance did Cracker Barrel Old Country Store's management provide for the next earnings period?

What is the market's earnings forecast for Cracker Barrel Old Country Store next quarter?

What does Cracker Barrel Old Country Store do and what are its main business segments?

What is the revenue and EPS growth rate for Cracker Barrel Old Country Store year over year?

What factors drove the changes in Cracker Barrel Old Country Store's revenue and profit?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CBRL

CBRL fundamentals

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