Page 1

EX - 99.1 2 tm217517d1_ex99-1.htm EXHIBIT 99.1 Cracker Barrel OLD COUNTRY STORE Investor Contact : Media Contact : Adam Hanan ( 615 ) 443-9887 Heidi Pearce ( 615 ) 235-4135 Exhibit 99.1 POST OFFICE BOX 787 LEBANON , TENNESSEE 37088-0787 CRACKER BARREL REPORTS SECOND QUARTER FISCAL 2021 RESULTS LEBANON , Tenn . - February 23 , 2021 – Cracker Barrel Old Country Store , Inc. ( “ Cracker Barrel " or the " Company " ) ( Nasdaq : CBRL ) today reported its financial results for the second quarter of fiscal 2021 ended January 29 , 2021 . Second Quarter Fiscal 2021 Highlights Dining room service was adversely impacted by the nationwide resurgence of COVID - 19 during the quarter , resulting in increased dining room closures and capacity restrictions compared to the first quarter . For the second quarter , comparable store restaurant sales decreased 21.9 % and comparable store retail sales decreased 15.3 % compared to the prior year quarter . Comparable store off - premise sales grew 78 % over the prior year quarter and represented approximately 30 % of restaurant sales . GAAP operating income in the second quarter was $ 14.4 million , or 2.1 % of total revenue . Adjusted operating income was $ 17.6 million , or 2.6 % of total revenue , compared to prior year quarter GAAP operating income of $ 79.1 million , or 9.4 % of total revenue . ( See non - GAAP reconciliation below . ) GAAP earnings per diluted share were $ 0.59 , and adjusted earnings per diluted share were $ 0.70 , compared to prior year quarter GAAP earnings per diluted share of $ 2.55 . ( See non - GAAP reconciliation below . ) Commenting on the second quarter results , Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said , “ The resurgence of COVID - 19 during the busy holiday and travel season impacted our business on a variety of fronts , but I was proud that our teams were able to provide a hospitable and safe experience for our guests and especially pleased at the number of guests who made us a part of their holiday celebrations in this unprecedented environment . Despite the challenges we faced in the second quarter , we expect to return to stronger levels of performance in the back half of the year . - MORE - The COVID - 19 resurgence we experienced around the country during the second quarter impacted our guests and our employees and produced headwinds for both sales and margins . While our sales were largely in line with expectations coming out of the first quarter , monthly sales in the second quarter were volatile , as the resurgence forced unanticipated dining room closures , increased capacity restrictions , and disrupted typical holiday seasonal travel patterns . These closures and capacity restrictions also shifted our mix to a higher percentage of off - premise business during the busy holiday season , including a higher percentage of Heat n ' Serve sales , which is a lower margin offering and plays an outsized role in our holiday sales , particularly this year . Further , the shift to off - premise and the operational and staffing challenges caused by increased cases of COVID - 19 negatively impacted food waste and labor efficiency during the quarter . Although we were pleased with our strong retail sales performance , the shift to a higher percent of total sales increased our cost of goods sold .