☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Tennessee
(State or other jurisdiction of incorporation
or organization)
|
62‑0812904
(I.R.S. Employer Identification
Number)
|
|
305 Hartmann Drive
Lebanon, Tennessee
(Address of principal executive offices)
|
37087-4779
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock (Par Value $0.01)
Rights to Purchase Series A Junior Participating
Preferred Stock (Par Value $0.01)
|
CBRL
|
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
|
Large accelerated filer ☑
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
PART I. FINANCIAL INFORMATION
|
Page
|
|
ITEM 1. Condensed Consolidated Financial Statements (Unaudited)
|
||
3 |
||
|
||
4 | ||
|
||
5 | ||
|
||
6 | ||
|
||
7 | ||
|
||
8 | ||
17 | ||
27 | ||
28 | ||
PART II. OTHER INFORMATION
|
||
28 | ||
28 | ||
29 |
ITEM 1.
|
Financial Statements
|
ASSETS
|
May 3,
2019
|
August 3,
2018*
|
||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
167,585
|
$
|
114,656
|
||||
Accounts receivable
|
22,190
|
19,496
|
||||||
Inventories
|
152,582
|
156,253
|
||||||
Prepaid expenses and other current assets
|
18,811
|
16,347
|
||||||
Total current assets
|
361,168
|
306,752
|
||||||
Property and equipment
|
2,291,149
|
2,212,601
|
||||||
Less: Accumulated depreciation and amortization of capital leases
|
1,124,724
|
1,063,466
|
||||||
Property and equipment – net
|
1,166,425
|
1,149,135
|
||||||
Other assets
|
67,477
|
71,468
|
||||||
Total assets
|
$
|
1,595,070
|
$
|
1,527,355
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
115,317
|
$
|
122,332
|
||||
Other current liabilities
|
248,439
|
242,287
|
||||||
Total current liabilities
|
363,756
|
364,619
|
||||||
|
||||||||
Long-term debt
|
400,000
|
400,000
|
||||||
Long-term interest rate swap liability
|
1,684
|
--
|
||||||
Other long-term obligations
|
131,130
|
128,794
|
||||||
Deferred income taxes
|
50,477
|
52,161
|
||||||
|
||||||||
Commitments and Contingencies (Note 12)
|
||||||||
Shareholders’ Equity:
|
||||||||
Preferred stock – 100,000,000 shares of $.01 par value authorized; 300,000 shares
designated as Series A Junior Participating Preferred Stock; no shares issued
|
--
|
--
|
||||||
Common stock – 400,000,000 shares of $.01 par value authorized; 24,044,402 shares
issued and outstanding at May 3, 2019, and 24,011,550 shares issued and outstanding at August 3, 2018
|
241
|
240
|
||||||
Additional paid-in capital
|
47,500
|
44,049
|
||||||
Accumulated other comprehensive income (loss)
|
(281
|
)
|
4,685
|
|||||
Retained earnings
|
600,563
|
532,807
|
||||||
Total shareholders’ equity
|
648,023
|
581,781
|
||||||
Total liabilities and shareholders’ equity
|
$
|
1,595,070
|
$
|
1,527,355
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019 |
April 27,
2018 |
May 3,
2019 |
April 27,
2018 |
|||||||||||||
Total revenue
|
$
|
739,603
|
$
|
721,413
|
$
|
2,284,853
|
$
|
2,219,552
|
||||||||
Cost of goods sold (exclusive of depreciation and rent)
|
217,073
|
217,719
|
704,545
|
689,420
|
||||||||||||
Labor and other related expenses
|
267,641
|
257,360
|
802,574
|
769,154
|
||||||||||||
Other store operating expenses
|
152,679
|
147,616
|
461,976
|
441,843
|
||||||||||||
Store operating income
|
102,210
|
98,718
|
315,758
|
319,135
|
||||||||||||
General and administrative expenses
|
37,125
|
35,409
|
112,284
|
108,314
|
||||||||||||
Operating income
|
65,085
|
63,309
|
203,474
|
210,821
|
||||||||||||
Interest expense
|
4,111
|
3,594
|
12,637
|
10,892
|
||||||||||||
Income before income taxes
|
60,974
|
59,715
|
190,837
|
199,929
|
||||||||||||
Provision for income taxes
|
10,560
|
10,968
|
32,461
|
13,663
|
||||||||||||
Net income
|
$
|
50,414
|
$
|
48,747
|
$
|
158,376
|
$
|
186,266
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
2.10
|
$
|
2.03
|
$
|
6.59
|
$
|
7.76
|
||||||||
Diluted
|
$
|
2.09
|
$
|
2.03
|
$
|
6.57
|
$
|
7.74
|
||||||||
Weighted average shares:
|
||||||||||||||||
Basic
|
24,041,673
|
24,003,611
|
24,034,878
|
24,013,435
|
||||||||||||
Diluted
|
24,104,432
|
24,065,783
|
24,090,626
|
24,075,834
|
||||||||||||
Dividends declared per share
|
$
|
1.25
|
$
|
1.20
|
$
|
3.75
|
$
|
3.60
|
||||||||
Dividends paid per share
|
$
|
1.25
|
$
|
1.20
|
$
|
3.75
|
$
|
3.60
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019 |
April 27,
2018 |
May 3,
2019 |
April 27,
2018 |
|||||||||||||
Net income
|
$
|
50,414
|
$
|
48,747
|
$
|
158,376
|
$
|
186,266
|
||||||||
Other comprehensive (loss) income before income tax (benefit) expense:
|
||||||||||||||||
Change in fair value of interest rate swaps
|
(2,957
|
)
|
4,330
|
(6,629
|
)
|
12,779
|
||||||||||
Income tax (benefit) expense
|
(737
|
)
|
1,076
|
(1,663
|
)
|
4,099
|
||||||||||
Other comprehensive (loss) income, net of tax
|
(2,220
|
)
|
3,254
|
(4,966
|
)
|
8,680
|
||||||||||
Comprehensive income
|
$
|
48,194
|
$
|
52,001
|
$
|
153,410
|
$
|
194,946
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at January 26, 2018
|
24,003,611
|
$
|
240
|
$
|
41,849
|
$
|
1,197
|
$
|
572,339
|
$
|
615,625
|
|||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
48,747
|
48,747
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
--
|
--
|
--
|
3,254
|
--
|
3,254
|
||||||||||||||||||
Total comprehensive income (loss)
|
--
|
--
|
--
|
3,254
|
48,747
|
52,001
|
||||||||||||||||||
Cash dividends declared - $1.20 per share
|
--
|
--
|
--
|
--
|
(28,987
|
)
|
(28,987
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
1,742
|
--
|
--
|
1,742
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Purchases and retirement of common stock
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Balances at April 27, 2018
|
24,003,611
|
$
|
240
|
$
|
43,591
|
$
|
4,451
|
$
|
592,099
|
$
|
640,381
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at July 28, 2017
|
24,055,682
|
$
|
241
|
$
|
55,659
|
$
|
(4,229
|
)
|
$
|
492,836
|
$
|
544,507
|
||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
186,266
|
186,266
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
--
|
--
|
--
|
8,680
|
--
|
8,680
|
||||||||||||||||||
Total comprehensive income (loss)
|
--
|
--
|
--
|
8,680
|
186,266
|
194,946
|
||||||||||||||||||
Cash dividends declared - $3.60 per share
|
--
|
--
|
--
|
--
|
(87,003
|
)
|
(87,003
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
6,063
|
--
|
--
|
6,063
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
47,929
|
--
|
(3,360
|
)
|
--
|
--
|
(3,360
|
)
|
||||||||||||||||
Purchases and retirement of common stock
|
(100,000
|
)
|
(1
|
)
|
(14,771
|
)
|
--
|
--
|
(14,772
|
)
|
||||||||||||||
Balances at April 27, 2018
|
24,003,611
|
$
|
240
|
$
|
43,591
|
$
|
4,451
|
$
|
592,099
|
$
|
640,381
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at February 1, 2019
|
24,041,374
|
$
|
240
|
$
|
46,125
|
$
|
1,939
|
$
|
580,314
|
$
|
628,618
|
|||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
50,414
|
50,414
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
--
|
--
|
--
|
(2,220
|
)
|
--
|
(2,220
|
)
|
||||||||||||||||
Total comprehensive income (loss)
|
--
|
--
|
--
|
(2,220
|
)
|
50,414
|
48,194
|
|||||||||||||||||
Cash dividends declared - $1.25 per share
|
--
|
--
|
--
|
--
|
(30,165
|
)
|
(30,165
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
1,539
|
--
|
--
|
1,539
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
3,028
|
1
|
(164
|
)
|
--
|
--
|
(163
|
)
|
||||||||||||||||
Purchases and retirement of common stock
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Balances at May 3, 2019
|
24,044,402
|
$
|
241
|
$
|
47,500
|
$
|
(281
|
)
|
$
|
600,563
|
$
|
648,023
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at August 3, 2018
|
24,011,550
|
$
|
240
|
$
|
44,049
|
$
|
4,685
|
$
|
532,807
|
$
|
581,781
|
|||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
158,376
|
158,376
|
||||||||||||||||||
Other comprehensive income (loss), net of tax
|
--
|
--
|
--
|
(4,966
|
)
|
--
|
(4,966
|
)
|
||||||||||||||||
Total comprehensive income (loss)
|
--
|
--
|
--
|
(4,966
|
)
|
158,376
|
153,410
|
|||||||||||||||||
Cash dividends declared - $3.75 per share
|
--
|
--
|
--
|
--
|
(90,620
|
)
|
(90,620
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
5,672
|
--
|
--
|
5,672
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
32,852
|
1
|
(2,221
|
)
|
--
|
--
|
(2,220
|
)
|
||||||||||||||||
Purchases and retirement of common stock
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Balances at May 3, 2019
|
24,044,402
|
$
|
241
|
$
|
47,500
|
$
|
(281
|
)
|
$
|
600,563
|
$
|
648,023
|
Nine Months Ended
|
||||||||
May 3,
2019 |
April 27,
2018 |
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
158,376
|
$
|
186,266
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
78,499
|
68,297
|
||||||
Loss on disposition of property and equipment
|
7,522
|
4,757
|
||||||
Share-based compensation
|
5,672
|
6,063
|
||||||
Changes in assets and liabilities:
|
||||||||
Inventories
|
3,671
|
(624
|
)
|
|||||
Other current assets
|
(5,158
|
)
|
(562
|
)
|
||||
Accounts payable
|
(7,015
|
)
|
(13,693
|
)
|
||||
Other current liabilities
|
6,822
|
(9,269
|
)
|
|||||
Other long-term assets and liabilities
|
4,197
|
(20,260
|
)
|
|||||
Net cash provided by operating activities
|
252,586
|
220,975
|
||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(103,862
|
)
|
(101,985
|
)
|
||||
Proceeds from insurance recoveries of property and equipment
|
603
|
300
|
||||||
Proceeds from sale of property and equipment
|
134
|
393
|
||||||
Net cash used in investing activities
|
(103,125
|
)
|
(101,292
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of long-term debt
|
400,000
|
--
|
||||||
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net
|
(2,220
|
)
|
(3,360
|
)
|
||||
Principal payments under long-term debt
|
(400,000
|
)
|
--
|
|||||
Purchases and retirement of common stock
|
--
|
(14,772
|
)
|
|||||
Deferred financing costs
|
(3,022
|
)
|
--
|
|||||
Dividends on common stock
|
(91,290
|
)
|
(88,258
|
)
|
||||
Net cash used in financing activities
|
(96,532
|
)
|
(106,390
|
)
|
||||
Net increase in cash and cash equivalents
|
52,929
|
13,293
|
||||||
Cash and cash equivalents, beginning of period
|
114,656
|
161,001
|
||||||
Cash and cash equivalents, end of period
|
$
|
167,585
|
$
|
174,294
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$
|
11,881
|
$
|
10,213
|
||||
Income taxes
|
$
|
31,129
|
$
|
32,940
|
||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||
Capital expenditures accrued in accounts payable
|
$
|
4,980
|
$
|
6,291
|
||||
Change in fair value of interest rate swaps
|
$
|
(6,629
|
)
|
$
|
12,779
|
|||
Change in deferred tax asset for interest rate swaps
|
$
|
1,663
|
$
|
(4,099
|
)
|
|||
Dividends declared but not yet paid
|
$
|
31,106
|
$
|
30,035
|
1.
|
Condensed Consolidated Financial Statements
|
2.
|
Fair Value Measurements
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
|||||||||||||
Cash equivalents*
|
$
|
100,446
|
$
|
--
|
$
|
--
|
$
|
100,446
|
||||||||
Interest rate swap asset (see Note 5)
|
--
|
38
|
--
|
38
|
||||||||||||
Total
|
$
|
100,446
|
$
|
38
|
$
|
--
|
$
|
100,484
|
||||||||
Deferred compensation plan assets**
|
32,218
|
|||||||||||||||
Total assets at fair value
|
$
|
132,702
|
Interest rate swap liability (see Note 5)
|
$
|
--
|
$
|
1,684
|
$
|
--
|
$
|
1,684
|
||||||||
Total liabilities at fair value
|
$
|
--
|
$
|
1,684
|
$
|
--
|
$
|
1,684
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
|||||||||||||
Cash equivalents*
|
$
|
38,446
|
$
|
--
|
$
|
--
|
$
|
38,446
|
||||||||
Interest rate swap asset (see Note 5)
|
--
|
6,255
|
--
|
6,255
|
||||||||||||
Total
|
$
|
38,446
|
$
|
6,255
|
$
|
--
|
$
|
44,701
|
||||||||
Deferred compensation plan assets**
|
32,669
|
|||||||||||||||
Total assets at fair value
|
$
|
77,370
|
Interest rate swap liability (see Note 5)
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||
Total liabilities at fair value
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
3.
|
Inventories
|
May 3, 2019
|
August 3, 2018
|
|||||||
Retail
|
$
|
112,390
|
$
|
117,606
|
||||
Restaurant
|
21,701
|
20,659
|
||||||
Supplies
|
18,491
|
17,988
|
||||||
Total
|
$
|
152,582
|
$
|
156,253
|
4.
|
Debt
|
5.
|
Derivative Instruments and Hedging Activities
|
Trade Date
|
Effective Date
|
Term
(in Years)
|
Notional Amount
|
Fixed
Rate
|
|||||||||
January 30, 2015
|
May 3, 2019
|
2
|
$
|
60,000
|
2.16
|
%
|
|||||||
January 30, 2015
|
May 4, 2021
|
3
|
120,000
|
2.41
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
60,000
|
2.15
|
%
|
||||||||
January 30, 2015
|
May 4, 2021
|
3
|
80,000
|
2.40
|
%
|
||||||||
January 16, 2019
|
May 3, 2019
|
3
|
115,000
|
2.63
|
%
|
||||||||
January 16, 2019
|
May 3, 2019
|
2
|
115,000
|
2.68
|
%
|
(See Note 2)
|
Balance Sheet Location
|
May 3, 2019
|
August 3, 2018
|
||||||
Interest rate swaps
|
Prepaid expenses and other current assets
|
$
|
--
|
$
|
169
|
||||
Interest rate swaps
|
Other assets
|
38
|
6,086
|
||||||
Total assets
|
|
$
|
38
|
$
|
6,255
|
||||
Interest rate swaps
|
Long-term interest rate swap liability
|
$
|
1,684
|
$
|
--
|
||||
Total liabilities
|
|
$
|
1,684
|
$
|
--
|
Gross Asset Amounts
|
Liability Amount Offset
|
Net Asset Amount Presented
in the Balance Sheets
|
||||||||||||||||||||||
(See Note 2)
|
May 3,
2019
|
August 3,
2018
|
May 3,
2019
|
August 3,
2018
|
May 3,
2019
|
August 3,
2018
|
||||||||||||||||||
Interest rate swaps
|
$
|
295
|
$
|
6,255
|
$
|
(257
|
)
|
$
|
--
|
$
|
38
|
$
|
6,255
|
Gross Liability Amounts
|
Asset Amount Offset
|
Net Liability Amount Presented
in the Balance Sheets
|
||||||||||||||||||||||
(See Note 2)
|
May 3,
2019
|
August 3,
2018
|
May 3,
2019
|
August 3,
2018
|
May 3,
2019
|
August 3,
2018
|
||||||||||||||||||
Interest rate swaps
|
$
|
1,966
|
$
|
--
|
$
|
(282
|
)
|
$
|
--
|
$
|
1,684
|
$
|
--
|
Amount of (Loss) Income Recognized in
AOCIL on Derivatives (Effective Portion)
|
||||||||
Nine Months Ended
May 3, 2019
|
Year Ended
August 3, 2018
|
|||||||
Cash flow hedges:
|
||||||||
Interest rate swaps
|
$
|
(6,629
|
)
|
$
|
13,103
|
|
Location of Loss
(Gain) Reclassified
from AOCIL into
Income (Effective
Portion)
|
Amount of Loss (Gain) Reclassified from AOCIL into Income
(Effective Portion)
|
|||||||||||||||
Quarter Ended
|
Nine Months Ended
|
||||||||||||||||
May 3,
2019
|
April 27,
2018
|
May 3,
2019
|
April 27,
2018
|
||||||||||||||
Cash flow hedges:
|
|||||||||||||||||
Interest rate swaps
|
Interest expense
|
$
|
(99
|
)
|
$
|
865
|
$
|
43
|
$
|
2,852
|
Changes in AOCIL
|
||||
AOCIL balance at August 3, 2018
|
$
|
4,685
|
||
Other comprehensive loss before reclassifications
|
(4,934
|
)
|
||
Amounts reclassified from AOCIL
|
(32
|
)
|
||
Other comprehensive loss, net of tax
|
(4,966
|
)
|
||
AOCIL balance at May 3, 2019
|
$
|
(281
|
)
|
Amount Reclassified from AOCIL
|
Affected Line Item in the
|
||||||||
Quarter Ended
|
Nine Months Ended
|
Condensed Consolidated
Financial Statements
|
|||||||
Gain (loss) on cash flow hedges:
|
|||||||||
Interest rate swaps
|
$
|
99
|
$
|
(43
|
)
|
Interest expense
|
|||
Tax benefit (expense)
|
(25
|
)
|
11
|
Provision for income taxes
|
|||||
$
|
74
|
$
|
(32
|
)
|
Net of tax
|
6.
|
Seasonality
|
7.
|
Segment Information
|
8.
|
Revenue Recognition
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019
|
April 27,
2018
|
May 3,
2019
|
April 27,
2018
|
|||||||||||||
Revenue:
|
||||||||||||||||
Restaurant
|
$
|
610,120
|
$
|
592,677
|
$
|
1,832,273
|
$
|
1,774,112
|
||||||||
Retail
|
129,483
|
128,736
|
452,580
|
445,440
|
||||||||||||
Total revenue
|
$
|
739,603
|
$
|
721,413
|
$
|
2,284,853
|
$
|
2,219,552
|
9.
|
Share-Based Compensation
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019
|
April 27,
2018
|
May 3,
2019
|
April 27,
2018
|
|||||||||||||
Nonvested stock awards
|
$
|
1,539
|
$
|
1,495
|
$
|
5,672
|
$
|
5,414
|
||||||||
Performance-based market stock units (“MSU Grants”)
|
--
|
247
|
--
|
649
|
||||||||||||
$
|
1,539
|
$
|
1,742
|
$
|
5,672
|
$
|
6,063
|
10.
|
Income Taxes
|
11.
|
Net Income Per Share and Weighted Average Shares
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019
|
April 27,
2018
|
May 3,
2019
|
April 27,
2018
|
|||||||||||||
Net income per share numerator
|
$
|
50,414
|
$
|
48,747
|
$
|
158,376
|
$
|
186,266
|
||||||||
Net income per share denominator:
|
||||||||||||||||
Weighted average shares
|
24,041,673
|
24,003,611
|
24,034,878
|
24,013,435
|
||||||||||||
Add potential dilution:
|
||||||||||||||||
Stock options, nonvested stock awards and MSU Grants
|
62,759
|
62,172
|
55,748
|
62,399
|
||||||||||||
Diluted weighted average shares
|
24,104,432
|
24,065,783
|
24,090,626
|
24,075,834
|
12.
|
Commitments and Contingencies
|
• |
Enhancing the core business through a heightened focus on the guest experience, food and value, and the continued expansion of our off-premise
business;
|
• |
Expanding the footprint in new and developing markets while replenishing our store opening pipeline. We anticipate opening eight Cracker Barrel
stores during 2019, of which seven opened in the first nine months of 2019; and
|
• |
Extending the brand by optimizing long-term drivers, such as Holler & Dash Biscuit HouseTM, to further drive shareholder value.
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019 |
April 27,
2018 |
May 3,
2019 |
April 27,
2018 |
|||||||||||||
Total revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
Cost of goods sold (exclusive of depreciation and rent)
|
29.3
|
30.2
|
30.8
|
31.1
|
||||||||||||
Labor and other related expenses
|
36.2
|
35.7
|
35.1
|
34.6
|
||||||||||||
Other store operating expenses
|
20.7
|
20.4
|
20.3
|
19.9
|
||||||||||||
Store operating income
|
13.8
|
13.7
|
13.8
|
14.4
|
||||||||||||
General and administrative expenses
|
5.0
|
4.9
|
4.9
|
4.9
|
||||||||||||
Operating income
|
8.8
|
8.8
|
8.9
|
9.5
|
||||||||||||
Interest expense
|
0.6
|
0.5
|
0.5
|
0.5
|
||||||||||||
Income before income taxes
|
8.2
|
8.3
|
8.4
|
9.0
|
||||||||||||
Provision for income taxes
|
1.4
|
1.5
|
1.5
|
0.6
|
||||||||||||
Net income
|
6.8
|
%
|
6.8
|
%
|
6.9
|
%
|
8.4
|
%
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
|
April 27,
|
May 3,
|
April 27,
|
|||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Open at beginning of the period
|
664
|
654
|
660
|
649
|
||||||||||||
Opened during the period
|
2
|
5
|
7
|
10
|
||||||||||||
Closed during the period
|
--
|
--
|
(1
|
)
|
--
|
|||||||||||
Open at end of the period
|
666
|
659
|
666
|
659
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019
|
April 27,
2018
|
May 3,
2019
|
April 27,
2018
|
|||||||||||||
Revenue in dollars:
|
||||||||||||||||
Restaurant
|
$
|
610,120
|
$
|
592,677
|
$
|
1,832,273
|
$
|
1,774,112
|
||||||||
Retail
|
129,483
|
128,736
|
452,580
|
445,440
|
||||||||||||
Total revenue
|
$
|
739,603
|
$
|
721,413
|
$
|
2,284,853
|
$
|
2,219,552
|
||||||||
Total revenue by percentage relationships:
|
||||||||||||||||
Restaurant
|
82.5
|
%
|
82.2
|
%
|
80.2
|
%
|
79.9
|
%
|
||||||||
Retail
|
17.5
|
%
|
17.8
|
%
|
19.8
|
%
|
20.1
|
%
|
||||||||
Average unit volumes(1):
|
||||||||||||||||
Restaurant
|
$
|
916.3
|
$
|
902.7
|
$
|
2,760.2
|
$
|
2,715.5
|
||||||||
Retail
|
194.5
|
196.1
|
681.8
|
681.8
|
||||||||||||
Total revenue
|
$
|
1,110.8
|
$
|
1,098.8
|
$
|
3,442.0
|
$
|
3,397.3
|
||||||||
Comparable store sales increase (decrease):
|
||||||||||||||||
Restaurant
|
1.3
|
%
|
1.5
|
%
|
2.2
|
%
|
1.0
|
%
|
||||||||
Retail
|
(2.6
|
%)
|
0.9
|
%
|
0.0
|
%
|
(0.6
|
%)
|
||||||||
Restaurant and retail
|
0.6
|
%
|
1.4
|
%
|
1.8
|
%
|
0.6
|
%
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
May 3,
2019
|
April 27,
2018
|
May 3,
2019
|
April 27,
2018
|
|||||||||||||
Cost of Goods Sold in dollars:
|
||||||||||||||||
Restaurant
|
$
|
153,947
|
$
|
151,953
|
$
|
468,996
|
$
|
453,016
|
||||||||
Retail
|
63,126
|
65,766
|
235,549
|
236,404
|
||||||||||||
Total Cost of Goods Sold
|
$
|
217,073
|
$
|
217,719
|
$
|
704,545
|
$
|
689,420
|
||||||||
Cost of Goods Sold by percentage of revenue:
|
||||||||||||||||
Restaurant
|
25.2
|
%
|
25.6
|
%
|
25.6
|
%
|
25.5
|
%
|
||||||||
Retail
|
48.8
|
%
|
51.1
|
%
|
52.0
|
%
|
53.1
|
%
|
Third Quarter
Decrease as a Percentage
of Retail Revenue
|
||||
Inventory shrinkage
|
(0.9
|
%)
|
||
Markdowns
|
(0.8
|
%)
|
||
Provision for obsolete inventory
|
(0.6
|
%)
|
First Nine Months
(Decrease) Increase as a< |