Cracker Barrel Old Country Store (CBRL) AGM 2019 presentation summary

Strategic priorities and guest experience

• Enhance the core, expand the footprint and extend the brand remained the roadmap for shareholder returns, supported by employee and guest experience and improved sales and traffic.

• New, craveable food and the Signature Fried Chicken platform were key initiatives; marketing highlighted food variety and everyday value.

• Off-premise business was described as a major topline growth driver, supported by To Go, catering and delivery.

• Retail focused on unique merchandise at compelling values, while employee experience initiatives aimed to improve the guest experience.

Expansion and brand initiatives

• Eight stores opened in FY19 across Oregon, California, Kansas, Missouri and Texas.

• Punch Bowl Social was a strategic relationship; the Maple Street Biscuit Company acquisition was expected to drive long-term value creation.

• The 50th-anniversary campaign included participation in the Macy’s Thanksgiving Day Parade and a vintage red truck tour with a mobile “tiny store.”

• The “Five Decades, One Voice” music program honored country music artists; $1 per qualifying CD sale was pledged to She Is The Music during the stated promotional period.

Performance and shareholder returns

• Adjusted EPS increased from $4.34 in FY12 to $8.87 in FY19.

• Sales performance outpaced the restaurant industry across the FY12–FY19 chart period.

• The presentation highlighted shareholder returns through regular and special dividends, share repurchases and share-price growth.