Cracker Barrel Old Country Store Earnings Call Transcripts
Fiscal Year 2026
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Q3 exceeded expectations with $797M in sales and $40M adjusted EBITDA, driven by cost control, improved guest metrics, and strong retail performance. Fiscal 2026 guidance was raised for revenue and EBITDA, with continued focus on value, loyalty, and operational efficiency.
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Q2 revenue declined 7.9% year-over-year to $874.8 million, with traffic down 10.1% but guest experience metrics improving. Fiscal 2026 guidance anticipates $3.24–$3.27 billion in revenue and $85–$100 million in Adjusted EBITDA, supported by cost savings and targeted marketing.
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Q1 revenue and traffic declined year-over-year, with Adjusted EBITDA dropping sharply due to sales weakness and higher costs. Fiscal 2026 guidance was lowered, reflecting a slower recovery and challenging macro conditions, while cost savings and menu innovation are expected to support future performance.
Fiscal Year 2025
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Revenue and adjusted EBITDA grew year-over-year, with Q4 restaurant sales up 5.4% and retail down 0.8%. 2026 guidance anticipates lower traffic but sequential improvement, with $150–$190 million adjusted EBITDA and $135–$150 million CapEx. Brand refresh paused, and capital allocation remains disciplined.
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Q3 saw modest revenue growth and positive restaurant comps, with adjusted EBITDA exceeding expectations. Transformation initiatives, menu innovation, and loyalty engagement are driving results, while tariff mitigation and cost controls remain key focus areas.
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Second quarter revenue grew 1.5% to $949.4M, with adjusted EBITDA up to $74.6M and comp restaurant sales rising 4.7%. Full-year EBITDA guidance was raised to $210–$220M, reflecting strong execution in catering and menu innovation, despite macro uncertainty and higher egg costs.
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A three-year transformation plan is underway, focusing on brand refinement, menu innovation, operational excellence, digital growth, and employee experience. Early results show improved sales, guest metrics, and employee retention, with significant investments planned to drive revenue and EBITDA growth by 2027.
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Q1 saw positive comparable store sales, strong menu innovation, and improved dinner traffic, with revenue up 2.6% and adjusted EBITDA rising to $45.8 million. Retail margins improved, but full-year guidance anticipates headwinds from gift card breakage and higher interest expense.
Fiscal Year 2024
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Q4 revenue and Adjusted EBITDA met guidance, with strong progress on strategic transformation and loyalty program growth. Fiscal 2025 is an investment year, with margin expansion and EBITDA growth targeted for 2026–27. Value and operational improvements remain central.