0001140361-22-022215 | 10-Q | XBRL Viewer | Cracker Barrel OLD Country Store INC

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Apr. 29, 2022	May 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 29, 2022
Current Fiscal Year End Date	--07-29
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-25225
Entity Registrant Name	Cracker Barrel Old Country Store, Inc.
Entity Central Index Key	0001067294
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-0812904
Entity Address, Address Line One	305 Hartmann Drive
Entity Address, City or Town	Lebanon
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37087-4779
City Area Code	615
Local Phone Number	444-5533
Title of 12(b) Security	Common Stock (Par Value $0.01)
Trading Symbol	CBRL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,788,597

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Apr. 29, 2022

Jul. 30, 2021

^[1]

Current Assets:

Cash and cash equivalents

$ 24,773

$ 144,593

Accounts receivable

31,238

27,372

Income taxes receivable

20,787

21,123

Inventories

192,360

138,320

Prepaid expenses and other current assets

24,938

22,188

Total current assets

294,096

353,596

Property and equipment

2,278,823

2,234,489

Less: Accumulated depreciation and amortization

1,319,895

1,254,639

Property and equipment - net

958,928

979,850

Operating lease right-of-use assets, net

946,813

974,477

Goodwill

4,690

Intangible assets

21,229

21,285

Other assets

53,378

57,796

Total assets

2,279,134

2,391,694

Current Liabilities:

Accounts payable

125,436

135,176

Dividends payable

30,303

23,970

Other current liabilities

309,866

306,116

Total current liabilities

465,605

465,262

Long-term debt

372,894

327,253

Long-term operating lease liabilities

731,300

748,305

Other long-term obligations

145,106

187,241

Commitments and Contingencies (Note 10)

Shareholders' Equity:

Preferred stock - 100,000,000 shares of $0.01 par value authorized; 300,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued

Common stock - 400,000,000 shares of $0.01 par value authorized; 22,912,320 shares issued and outstanding at April 29, 2022, and 23,497,166 shares issued and outstanding at July 30, 2021

229

235

Retained earnings

564,000

663,398

Total shareholders' equity

564,229

663,633

Total liabilities and shareholders' equity

$ 2,279,134

$ 2,391,694

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 30, 2021, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 30, 2021.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 29, 2022	Jul. 30, 2021
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	22,912,320	23,497,166
Common stock, shares outstanding (in shares)	22,912,320	23,497,166
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2022	Apr. 30, 2021	Apr. 29, 2022	Apr. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Total revenue	$ 790,196	$ 713,416	$ 2,437,386	$ 2,037,039
Cost of goods sold (exclusive of depreciation and rent)	250,048	205,379	776,460	629,507
Labor and other related expenses	283,664	250,368	854,647	714,418
Other store operating expenses	185,870	167,823	561,715	495,968
General and administrative expenses	40,160	37,356	124,533	110,877
Gain on sale and leaseback transaction	0	0	0	(217,722)
Operating income	30,454	52,490	120,031	303,991
Interest expense, net	2,171	9,614	7,000	31,144
Income before income taxes	28,283	42,876	113,031	272,847
Provision for income taxes	767	9,406	14,515	54,697
Net income	$ 27,516	$ 33,470	$ 98,516	$ 218,150
Net income per share:
Basic (in dollars per share)	$ 1.19	$ 1.41	$ 4.22	$ 9.20
Diluted (in dollars per share)	$ 1.19	$ 1.41	$ 4.21	$ 9.17
Weighted average shares:
Basic (in shares)	23,089,521	23,725,185	23,330,093	23,718,777
Diluted (in shares)	23,170,900	23,807,410	23,409,118	23,788,005

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2022	Apr. 30, 2021	Apr. 29, 2022	Apr. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 27,516	$ 33,470	$ 98,516	$ 218,150
Other comprehensive income before income tax expense:
Change in fair value of interest rate swaps	0	3,941	0	8,827
Income tax expense	0	983	0	2,202
Other comprehensive income, net of tax	0	2,958	0	6,625
Comprehensive income	$ 27,516	$ 36,428	$ 98,516	$ 224,775

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-In Capital [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Retained Earnings [Member]

Total