• Think of it as a Denny's or IHOP (for family-style American comfort food) that has a large, attached country general store for gifts and nostalgic items.
• It's like a Hallmark store (for unique gifts and charming decor) that also includes a full-service, homestyle restaurant serving comfort food.
• A Bob Evans (for country-style American comfort food) with a prominent, attached country gift shop selling nostalgic items and regional treats.

• Restaurant Dining: Provides traditional Southern comfort food and American cuisine in a family-friendly, themed restaurant setting.
• Retail Merchandise: Offers a diverse selection of gifts, home decor, old-fashioned candy, apparel, and proprietary food items through an attached country store.

Major Customers of Cracker Barrel Old Country Store (CBRL)

Cracker Barrel Old Country Store (CBRL) primarily sells its products and services directly to individual consumers rather than to other businesses. As a restaurant and retail chain, its core business involves serving meals and selling merchandise to the general public.

The company serves the following categories of individual customers:

• Families and Travelers: Cracker Barrel restaurants are often strategically located near interstate highways, making them a popular stop for families on road trips, vacationers, and travelers seeking a consistent, sit-down meal with a distinct American comfort food menu and a unique retail shopping experience. The family-friendly atmosphere and diverse menu appeal to a broad range of ages.
• Seniors and Retirees: The nostalgic "Old Country Store" theme, traditional American comfort food offerings, and generally perceived good value often resonate strongly with an older demographic, including seniors and retirees. Many appreciate the familiar menu, welcoming atmosphere, and the opportunity to browse unique gift items.
• Local Communities and Regulars: While well-known among travelers, Cracker Barrel also serves as a regular dining destination for residents in the communities where its stores are located. These customers may frequent the restaurant for breakfast, lunch, or dinner, special occasions, or to purchase specific items from the retail store, appreciating the consistent quality and unique offerings.

• Sysco Corporation (SYY)
• US Foods Holding Corp. (USFD)
• Performance Food Group Company (PFGC)

Julie Felss Masino President and Chief Executive Officer

Julie Felss Masino was named President and Chief Executive Officer for Cracker Barrel in July 2023 and assumed the position on November 1, 2023. She has over 30 years of experience in the restaurant and retail industries. Prior to Cracker Barrel, Ms. Masino served as President, International of Taco Bell (from January 2020 to June 2023) and President, North America of Taco Bell (from January 2018 to December 2019). She also held leadership roles as President and CEO of Sprinkles Cupcakes (2014 to 2017), Senior Vice President and General Manager of Fisher-Price at Mattel, Inc. (2017 to 2018), and various leadership positions at Starbucks Corporation (2002 to 2014). Her early career included corporate positions at Godiva Chocolatier, Coach, J. Crew, and Macy's. She currently serves on the board of directors of Vivid Seats Inc.

Craig Pommells Senior Vice President and Chief Financial Officer

Craig Pommells joined Cracker Barrel as Senior Vice President and Chief Financial Officer in December 2021. He is responsible for Internal Audit, Investor Relations, Financial Planning and Analysis, and all Accounting functions. Mr. Pommells has over 20 years of experience in the restaurant industry. Before joining Cracker Barrel, he served as Executive Vice President and Chief Financial Officer of Red Lobster. Prior to Red Lobster, he spent more than 10 years with Darden Restaurants in various finance and business analytics roles.

Chris Edwards Senior Vice President, Chief Strategy Officer

Chris Edwards joined Cracker Barrel in March 2024 as Senior Vice President, Chief Strategy Officer. He is responsible for leading the company's strategy and fueling long-term growth, overseeing areas such as the Transformation Management Office, Real Estate and Development, Construction, Innovation, Corporate Communications, Consumer Insights, and Margin Transformation. Mr. Edwards has extensive experience as a strategy leader, having served as Chief Strategy Officer at Canopy Growth Corporation and working at Boston Consulting Group and Constellation Brands.

Doug Hisel Senior Vice President, Store Operations

Doug Hisel was promoted to Senior Vice President of Store Operations in October 2025. In this role, he oversees Field Operations and Operations Services. Mr. Hisel is a nearly 20-year veteran of Cracker Barrel, having started his career with the company as an Associate Manager in 2007 and serving in various other operations roles of increasing responsibility.

Donna L. Roberts Senior Vice President, Chief Human Resources Officer

Donna L. Roberts was named Senior Vice President, Chief Human Resources Officer for Cracker Barrel in May 2020. She is responsible for the overall strategic leadership and management of Human Resources. Ms. Roberts joined Cracker Barrel in April 2012 as Associate General Counsel, advising the company on labor and employment law, and was promoted to Vice President and Deputy General Counsel in 2018, and then Vice President of Human Resources in 2019.

Key Risks to Cracker Barrel Old Country Store (CBRL)

1. Declining Customer Traffic and Evolving Consumer Preferences: Cracker Barrel is experiencing a significant decline in consumer traffic, with a 7.3% decrease reported in Q1 fiscal 2026. This trend is exacerbated by softening consumer sentiment and a shift in dining habits, as consumers increasingly seek unique dining experiences, healthier options, and greater convenience. The company's traditional offerings risk misalignment with these evolving tastes, leading to reduced sales and revenue.

2. High Financial Leverage and Persistent Macroeconomic Headwinds: Cracker Barrel carries a substantial debt load, totaling $550.3 million as of the end of Q1 fiscal 2026, which includes convertible senior notes due in 2026 and 2030. This significant leverage limits financial flexibility and poses refinancing risks at potentially higher interest costs. The company is also heavily impacted by macroeconomic pressures such as commodity and wage inflation, with projected commodity inflation of 2.5% to 3.5% and hourly wage inflation of 3.0% to 4.0% for fiscal 2026. These factors put considerable pressure on operating costs and overall profitability.

3. Intense Competitive Landscape: The casual dining industry is highly competitive, with numerous restaurant chains offering comparable menu items and experiences. Cracker Barrel faces strong competition from rivals such as Denny's, IHOP, and Bob Evans, which poses a constant threat to its market share. This competitive pressure contributes to the challenges in attracting and retaining customers, impacting the company's ability to grow sales and maintain its market position in an industry where switching costs for diners are effectively zero.

A significant and accelerating cultural shift in consumer food preferences towards healthier, plant-based, and sustainably sourced options.

Cracker Barrel Old Country Store, Inc. (CBRL) operates a chain of restaurant and gift stores primarily across the United States. Its main products and services include full-service casual dining and the sale of gifts, nostalgic items, and specialty food products in its retail stores.

The addressable markets for Cracker Barrel's main products and services in the U.S. are as follows:

• Full-Service Restaurant Market (U.S.): The United States Full Service Restaurants Market is projected to reach approximately USD 360.91 billion in 2025. This market is expected to grow further, reaching USD 617.47 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 11.33% from 2025 to 2030.
• Gifts Retailing Market (U.S.): The U.S. Gifts Retailing Market was valued at USD 24.18 billion in 2024. It is projected to grow at a CAGR of 5.49% during the forecast period of 2025 to 2032, reaching an estimated USD 25.51 billion in 2025.
• Specialty Food Stores Market (U.S.): The market size for Specialty Food Stores in the U.S. is estimated at USD 32.3 billion in 2025. While the market experienced a slight decrease of 0.3% in 2025, it has seen a CAGR of 11.6% between 2020 and 2025.

Cracker Barrel Old Country Store (CBRL) is focusing on several key drivers to stimulate future revenue growth over the next two to three years, primarily through a strategic transformation plan aimed at enhancing the guest experience and optimizing operations.

1. Menu Innovation and Optimization: The company has embarked on its most significant menu overhaul in decades, introducing new dishes designed to appeal to both loyal customers and new, younger diners. This strategy includes a "barbell pricing" approach, offering affordable staple items alongside new premium options. The aim is to balance nostalgia with modernity, reduce back-of-house costs, and improve dinner sales margins.

2. Enhanced Guest Experience and Brand Refinement: Cracker Barrel is prioritizing operational execution and refining the overall brand to deliver an experience guests love. This involves a strategic pivot back to its traditional, nostalgic appeal following mixed customer reactions to earlier modernization attempts, including reverting to the "Old Timer" logo and traditional interiors in some pilot locations. The focus is on improving food quality, service, and the overall atmosphere to drive increased customer traffic.

3. Digital and Off-Premise Growth & Loyalty Program Expansion: A significant driver involves winning in digital channels and growing off-premise sales, which accounted for approximately 17.2% of restaurant sales in Q4 2024. The company's loyalty program has quickly amassed millions of users, demonstrating its effectiveness in driving incremental sales and traffic. Investments in technology and data-driven customer engagement are key to these efforts.

4. Targeted Store Refreshes and New Store Openings: While the company has paused widespread modern remodels due to guest feedback, it continues to invest in targeted store refreshes that align with its traditional brand identity, aiming to improve the dining and retail environment. Additionally, Cracker Barrel plans for modest expansion by opening a small number of new Cracker Barrel stores, with two new locations projected for fiscal year 2026.

Share Repurchases

• A new share repurchase program was authorized in September 2025, allowing for the repurchase of up to $100 million of outstanding common stock.
• As of May 2024, Cracker Barrel maintained a share repurchase authorization with $138 million of remaining availability.
• In June 2021, the company expected to repurchase approximately $35 million of its common stock through privately negotiated transactions.

Share Issuance

• During the fourth quarter of fiscal 2025, Cracker Barrel completed the issuance and sale of $345 million aggregate principal amount of 1.75% Convertible Senior Notes due 2030.
• In June 2021, Cracker Barrel announced the pricing of $275 million aggregate principal amount of 0.625% convertible senior notes due 2026.

Capital Expenditures

• In fiscal year 2025, Cracker Barrel invested $158.6 million in capital expenditures, which included approximately $105 million for store maintenance, $20 million for remodels, $19 million for technology and other strategic initiatives, and $15 million for new stores.
• Expected capital expenditures for fiscal year 2026 are projected to range from $135 million to $150 million, with the majority allocated to maintenance and no spending on new remodels.
• For fiscal year 2025, capital expenditures were initially projected between $160 million and $180 million, later refined to a range of $160 million to $170 million.