Cracker Barrel Old Country Store, Inc. (CBRL): history, ownership, mission, how it works & makes money

A Brief History of Cracker Barrel Old Country Store, Inc. (CBRL)

Founding and Early Years

Cracker Barrel Old Country Store, Inc. was founded in 1969 by Dan Evins in Lebanon, Tennessee. The original store was designed to serve as a gas station and restaurant, featuring a gift shop filled with various country-themed items.

Expansion and Growth

By 1981, Cracker Barrel had expanded to 13 locations. The company went public in 1981 as well, trading on the NASDAQ under the ticker symbol CBRL.

As of 2022, Cracker Barrel operates over 660 locations across the United States, with a concentration in the Southeastern region.

Financial Performance

Menu and Offerings

• Country-style breakfast items
• Fried chicken
• Homemade biscuits
• Country ham
• Fried catfish

Community and Social Responsibility

Cracker Barrel engages in various community activities, including support for the U.S. military through initiatives such as hiring veterans. As of 2022, they reported employing over 10,000 veterans.

Crisis Management

In 2020, Cracker Barrel faced challenges due to the COVID-19 pandemic, resulting in a significant drop in revenue. The company responded by enhancing its takeout services, which contributed to a recovery in 2021.

Recent Developments

As of 2023, Cracker Barrel has announced investments in enhancing their digital ordering capabilities and sustainability practices, aiming to attract a younger demographic.

Stock Performance

A Who Owns Cracker Barrel Old Country Store, Inc. (CBRL)

Ownership Structure

As of October 2023, Cracker Barrel Old Country Store, Inc. (CBRL) is publicly traded, which means its ownership is distributed among various shareholders, including institutional and individual investors.

Major Shareholders

Key Institutional Shareholders

Executive Leadership

The CEO and President of Cracker Barrel, Leslie Y. Nash, holds approximately 0.5% of the company’s shares, which translates to around 0.2 million shares.

Recent Stock Performance

As of the end of the third quarter of 2023, Cracker Barrel’s stock price was approximately $39.00 per share, with a market capitalization of roughly $1.32 billion.

Financial Metrics

Recent Developments

In September 2023, Cracker Barrel announced a share buyback program worth $100 million, indicating a focus on returning value to shareholders.

Cracker Barrel Old Country Store, Inc. (CBRL) Mission Statement

Core Mission Statement

The mission statement of Cracker Barrel Old Country Store, Inc. is centered around “Pleasing People”. This reflects their commitment to providing a unique dining experience alongside the sale of various merchandise.

Vision and Values

Cracker Barrel emphasizes the importance of hospitality, community, and comfort. Their core values include:

• Authenticity: Emphasis on traditional Southern hospitality.
• Quality: Commitment to food and service quality.
• Inclusiveness: Welcoming all guests and team members.

Financial Overview

As of the fiscal year 2023, Cracker Barrel reported:

• Annual Revenue: $3.03 billion
• Net Income: $78.9 million
• Gross Profit Margin: 25.9%
• Operating Income: $164 million
• Number of Locations: 660

Customer Experience Initiatives

Cracker Barrel invests in various initiatives aimed at enhancing customer experience, including:

• Community involvement programs.
• Seasonal menu offerings.
• Online ordering and delivery services.

Employee Engagement and Culture

Cracker Barrel promotes a positive workplace culture with a strong focus on employee satisfaction:

• Employee retention rate: 75%
• Average hourly wage for staff: $15.00
• Training programs: Over 50 hours of training per employee annually.

Table: Key Financial Statistics

Community and Philanthropy

In alignment with its mission, Cracker Barrel engages in various community support initiatives:

• Donation of over $1 million annually to local charities.
• Volunteer hours contributed by employees: 100,000+ hours.
• Scholarship programs for employees worth $500,000 annually.

Future Initiatives

Looking ahead, Cracker Barrel aims to expand its reach and enhance its offerings:

• Plans to add 20 new locations annually.
• Introduction of plant-based menu options by 2024.
• Investment of $10 million in store renovations over the next two years.

How Cracker Barrel Old Country Store, Inc. (CBRL) Works

Company Overview

Cracker Barrel Old Country Store, Inc., founded in 1969, operates a chain of restaurants and gift shops in the United States. As of fiscal year-end 2022, the company reported:

• Number of locations: 665
• Total revenue: $3.6 billion
• Net income: $141 million
• Market capitalization: $3.5 billion

Revenue Streams

The primary revenue streams for Cracker Barrel are derived from:

• Restaurant Sales: 85% of total revenue
• Retail Sales: 15% of total revenue

Menu Offerings

Cracker Barrel features a menu that combines traditional Southern fare and classic American dishes. Key menu categories include:

• Breakfast items: 30% of sales
• Lunch/Dinner items: 50% of sales
• Retail merchandise: 20% of sales

Financial Performance

As of the end of fiscal year 2022, the financial performance metrics include:

Operational Strategy

Cracker Barrel’s operational strategy focuses on:

• Enhancing guest experience
• Maintaining high-quality food and service
• Community involvement and local sourcing

Marketing Approach

Cracker Barrel employs a multi-channel marketing strategy including:

• Social Media Engagement: 1.5 million followers on Facebook
• Email Marketing: Approximately 5 million subscribers
• Promotions: Seasonal promotional campaigns contributing to a 10% increase in foot traffic during promotional periods

Financial Ratios

Key financial ratios for Cracker Barrel as of 2022 include:

Real Estate and Expansion

Cracker Barrel continues expanding its footprint with a focus on specific markets. Recent statistics include:

• New store openings (2022): 10 stores
• Targeted states for expansion: Texas, Florida, and Tennessee
• Average cost to open a new location: $3 million

Employee Metrics

As of 2022, Cracker Barrel employs:

• Total employees: Approximately 50,000
• Average hourly wage: $14.50
• Employee turnover rate: 45%

Challenges and Opportunities

Key challenges and opportunities facing Cracker Barrel include:

• Supply chain issues affecting food costs
• Opportunity for online retail growth, with a 25% increase in e-commerce sales in 2022
• Health and wellness trends influencing menu adjustments

How Cracker Barrel Old Country Store, Inc. (CBRL) Makes Money

Revenue Streams

Cracker Barrel Old Country Store, Inc. generates revenue through several primary channels:

• Restaurant Sales: In Fiscal Year 2022, Cracker Barrel reported $3.1 billion in total restaurant sales.
• Retail Sales: The retail segment contributed approximately $746 million to the total revenue in Fiscal Year 2022.
• Franchise Fees: While Cracker Barrel primarily operates company-owned locations, franchise fees also contribute to its revenue, generating around $3 million in 2022.

Operational Model

Cracker Barrel operates a unique hybrid model combining dining and retail experiences:

• Dine-in Services: Offering a family-style dining atmosphere, Cracker Barrel has approximately 660 locations across the U.S.
• Takeout and Delivery Services: The company has expanded to include takeout and third-party delivery options, which saw a growth of 10% in 2022.
• Onsite Retail Stores: Each restaurant features a retail store selling home goods, gifts, and specialty food items.

Financial Performance

Cracker Barrel's financial performance can be observed through key metrics from recent fiscal years:

Cost Management

Managing costs effectively is crucial for Cracker Barrel’s profitability:

• Food and Beverage Costs: These accounted for 31% of total revenue in 2022.
• Labor Costs: Labor expenses represented about 30% of total costs.
• Operational Efficiency: The company implemented cost-saving measures that led to a 2% reduction in expenses in 2022.

Marketing Strategy

Cracker Barrel employs several marketing strategies to enhance revenue:

• Promotions and Discounts: Events such as "Kids Eat Free" nights and seasonal promotions increase foot traffic.
• Digital Marketing: The company invested over $5 million in digital advertising in 2022.
• Loyalty Programs: The “Cracker Barrel Rewards” program saw participation from over 2 million members in 2022.

Investment and Future Growth

Cracker Barrel is focused on strategic investments for future growth:

• New Locations: The company plans to open 10-15 new locations annually through 2025.
• Menu Innovation: Over 20 new menu items were introduced in 2022 to attract diverse customer preferences.
• Technology Upgrades: Implemented POS system improvements costing around $8 million to enhance customer experience.