Cracker Barrel Old Country Store (CBRL) Investor presentation summary

Business profile and reach

• Founded in 1969 in Middle Tennessee; operates a full-service homestyle restaurant and retail brand plus Maple Street Biscuit Company, acquired in 2019.

• The core concept spans 45 states, with 665 company-owned stores, three dayparts and $12.13 average check.

• Guest mix is multigenerational; sales by daypart are lunch 39%, dinner 36% and breakfast 25%.

Growth strategy

• Strategic priorities: earn one additional annual visit from existing guests, attract new customers through occasions and revenue sources, and build a scalable, resilient model.

• Maple Street targets underserved fast-casual breakfast occasions; its smaller footprint supports urban and suburban growth, with franchising and shared capabilities supporting unit expansion.

• Menu initiatives included a breakfast refresh and Barrel Bites, a dinner revamp featuring the Signature Fried Chicken platform, and beer and wine rollout to most of the system.

• Off-premise sales mix: individual to-go ~40%, third-party delivery ~40%, and catering and occasions ~20%.

• Technology priorities include personalized digital marketing, frictionless digital ordering, connecting digital and in-store experiences, loyalty, and improved store systems and analytics.

Performance and outlook

• Comparable restaurant sales rose 7.1% for the quarter ended Oct. 28, 2022, versus the prior-year period; comparisons from Apr. 30 to Oct. 29, 2021, were versus FY19.

• Comparable retail sales rose 3.0% for the quarter ended Oct. 28, 2022, versus the prior-year period; comparisons from Apr. 30 to Oct. 29, 2021, were versus FY19.

• FY23 outlook: total revenue growth of 6%–8%, commodity inflation of 8%–9% with sequential moderation each quarter, GAAP operating margin in the low 4% range and adjusted margin in the high 4% range.

• Q2 FY23 outlook: revenue growth ~6%; low-double-digit commodity inflation; GAAP operating margin 3.3%–3.7% and adjusted margin 3.6%–4.0%, both expected meaningfully below prior year.