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EX - 99.1 3 tm2117369d1_ex99-1.htm EXHIBIT 99.1 Tracker Parrel OLD COUNTRY STORE Investor Contact : Media Contact : Jessica Hazel ( 615 ) 235-4367 - Heidi Pearce ( 615 ) 235-4135 CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2021 RESULTS Declares Quarterly Dividend Delivers Sequential Improvement in Operating Income Margin Compared to Fiscal 2021 Second Quarter Exhibit 99.1 POST OFFICE BOX 787 LEBANON , TENNESSEE 37088-0787 LEBANON , Tenn . May 25 , 2021 - Cracker Barrel Old Country Store , Inc. ( " Cracker Barrel " or the " Company " ) ( Nasdaq : CBRL ) today reported its financial results for the third quarter of fiscal 2021 ended April 30 , 2021 . Third Quarter Fiscal 2021 Highlights The Company continued its sales recovery during the third quarter with both restaurant and retail comparable store sales improvements compared to the second quarter . Driven by the reopening of dining rooms and strategic sales initiatives , the Company further rebuilt its sales volumes . 0 Versus the third quarter of fiscal 2019¹ , comparable store restaurant sales decreased 8.6 % and comparable store retail sales increased 10.8 % . 0 Comparable store off - premise sales grew 144.0 % compared to the third quarter of 2019¹ and represented approximately 23 % of restaurant sales . GAAP operating income in the third quarter was $ 52.5 million , or 7.4 % of total revenue , and adjusted² operating income was $ 55.7 million , or 7.8 % of total revenue . GAAP net income was $ 33.5 million , or 4.7 % of total revenue . EBITDA was $ 82.8 million , or 11.6 % of total revenue ; this represented an 84 % sequential improvement compared to fiscal 2021 second quarter EBITDA of $ 45.0 million . GAAP earnings per diluted share were $ 1.41 , and adjusted² earnings per diluted share were $ 1.51 . The Company's Board of Directors declared a quarterly dividend of $ 1.00 per share on the Company's common stock payable on August 6 , 2021 to shareholders of record on July 16 , 2021 . - MORE - Commenting on the third quarter results , Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said , " The pace of our sales and margin recovery in the quarter exceeded expectations as we welcomed guests back into our dining rooms and our off - premise business remained strong . I'm pleased with the way our teams continue to deliver on our mission of Pleasing People as they care for guests and care for one another . As the ongoing recovery from the pandemic brings us closer to 2019 sales levels , I am confident our solid execution , unique brand , and the strategic initiatives implemented during the pandemic will support growth in long - term shareholder value . "